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 Posted: Tue Aug 09, 2005 5:59 pm Subject: Time Shares |
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I purchased a timeshare two years ago& made all payments on time until I purchased a home. I now have a collection comp.calling but i can't afford to keep the timeshare. what can I do? companies
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Cipter
Joined: 09 Aug 2005
Posts: 1
Debtcc Points: 84
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| Posted: Tue Aug 09, 2005 8:48 pm Subject: Time share |
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Hi Cipter
Welcome to the debt consolidation care forums
You have a timeshare two years ago and now you own a home. You have been paying the timeshare until you own a home. But you discontinued your payment and the collection company is calling you to recover the payments. The collection company can call you to recover the payment from you. But they cannot threat you nor can they harass you to recover the payments. This will be gross violation of the FDCPA rules and regulation.
Hence you can try to make an arrangement with the collection company to payoff the money in monthly installments. Otherwise you can go through a debt consolidation program and can consolidate your debt. After you consolidate your debt the debt consultant will negotiate with your creditor and your debt will be reduced as well as it will reduce your interest charges and late fees. So please do not stress yourself out.
Hope you will find this information useful
Regards
Peter
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peter
Joined: 20 May 2005
Posts: 294
Debtcc Points: 11312
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| Posted: Wed Aug 10, 2005 9:44 am Subject: |
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There are companies that buy and sell timeshares. You could always try and sell it.
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vwh
Joined: 22 Jul 2005
Posts: 134
Debtcc Points: 5762
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| Posted: Wed Aug 10, 2005 11:25 am Subject: |
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Cipter - Has the collection company provided you complete information about your debt? As per the FDCPA law, they will have to validate the debt first. Then, if you wish to keep the timeshares, you can arrange suitable payment plans with them.
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ben
Joined: 20 Jul 2005
Posts: 2118
Debtcc Points: 41157
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