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Posted: Wed Jan 04, 2006 6:43 pm Subject: time share deal is in fault

how do you get out of a timeshare deal if it is in fault

Posted: Wed Jan 04, 2006 6:55 pm Subject:

Based on the limited information you have provided, I am unable to suggest you with anything.

Can you please throw some more light into this situation so that I can suggest you something accurately.

Posted: Wed Jan 04, 2006 7:00 pm Subject: time share

i signed up for it and never used it i paid for it for about a year and then got into money troubles and couldnt make my payments then for about 3 years didnt here from the company and when it went to start getting my credit in order they showed up on my credit report but without taking me to court what do i do.

Posted: Wed Jan 04, 2006 7:23 pm Subject:

I suggest you to call the company and work out some payment plan with them. Your debt might have caught up with some financial charges and other late fees since you have defaulted in the account for quite some time. Negotiate with them and show your willingness to pay the debt. After you have paid this amount, your credit ratings will improve from the present stage. Scores will also rise higher and lenders will be interested in entering into any financial agreement with you.

All these things will happen if you pay off your debt. If you opt for a consolidation program, the consultant will do the negotiations with your creditors. He will also manage in wiping off the financial charges, late fees from the total amount. Thus, you will be offered an amount that will be much easier to pay.

Discuss this situation with the consultant also. He will analyze this situation and work out a payment plan for you. The budgeting tips offered by him will help you in contributing large payments towards your debt account. You will be able to pay off your debt in a reasonable period of time through this program.

Posted: Wed Jan 04, 2006 8:52 pm Subject: ok

thank you very much

Posted: Thu Jan 05, 2006 10:13 am Subject:

Hi mlbspree857! Do check the SOL period in your state before making any payment agreement. Based on the state laws, every state has specific statutes. If the date of last activity of this debt has passed the SOL period in your state, you can refuse to pay it and can't be forced into any legal actions. Just make sure that you have checked the SOL before making any payment towards this account or even if you are agreeing to pay it. If you make any written terms with the company, the debt will come back within the legal collection period.

Posted: Thu Jan 05, 2006 10:46 am Subject:

What was the timeshare company? I co-own a timeshare...inn season resorts. It is part of the Interval International Vacation Club. Just wondering just in case I ever default with them...not planning on it though Smile

Posted: Thu Jan 05, 2006 10:58 am Subject:

shopaholic5, contact your agency and you will get the actual status of this account. By chance, if you have defaulted, you can pay it off and save it from adding with extra financial charges. Doesn't the company send you any itemized statement?

Posted: Fri Jan 06, 2006 10:08 am Subject:

No, I am not at default with this company at all. We've never even been late paying them. I was just wondering what timeshare he had...just in case it ever happens to me.

lisa annello · Posted: Mon Jan 30, 2006 2:39 pm Subject: timeshare default

what's the worst case scenario if i simply stopped paying for my timeshare? they've drained me for three years now and i simply cannot keep up any longer. i'm resigned to the fact that my credit will be ruined. i live in pennsylvania (6 years SOL), but timeshare is in florida (5 years SOL). which state applies to how long it will be on my credit report. will anything else happen to me besides ruined credit (wage garnishment; lawsuits, etc.)?

Posted: Mon Jan 30, 2006 2:51 pm Subject:

Lisa, SOL will be applicable of that state where the account was opened.

As you are prepared to face the legal actions, I will advice you with something. Maybe you don't have to go through embarrassments lined up in the future. Consolidate them! It will be helpful to you and you will avoid all such legal phases. Take a free counseling, perhaps from this website and take control of your credit. There is still a lot of hope here from this stage.

Scott · Posted: Tue Jan 31, 2006 3:02 pm Subject: Time Share

Guys, Timeshare is one of the strongest contracts ever written. Not to mention that the IRS has classified all T.S's to be worth 0$. Look it up. Now, your Maintainance fees are perpetual... PERPETUAL. Read your policy that they sent you with your deed. It will go on forever. Bankruptcy won't help. The law of Joint and Several applys. They are allowed to go after your kids, spouse, family members, etc. That's also why dying won't help either. Same law applys. You own this thing. You could try and donate it but they recently passed a law that non-profits can't legally take in a T.S. You can try and give it to a buddy...but is that what you want to do to them? Saddle them with your problem? Besides, if there is not a deed release from YOUR resort (like if you got it from Chicago Title, etc) and the new owner doesn't pay, your name is still on the deed and they will come after both of you. ALSO, they will eventually put a non-judicial default judgement against you (which you agreed to in your documents you signed at purchase) which means they don't even have to take you to court. You owe it. Period. Maintainance fees, court fees, attorney costs, taxes, and the maximum amount of interest allowed by law...until you pay it. That's not the worst. They will put a lien your house. If you ever plan to refi, sell, take out a second mortgage, they will get theirs first, trust me. The only way to do it, imo, is pay out of the property. There are companies that you can pay that will get the deed out of your name and into theirs, get a deed release from YOUR deed office and get it to you, pay any maintainance fees, assessments, misc fees but for them to do this, there is a cost because there is a lot of crap to deal with taking in a liability like a T.S. With that though is a silver lining on that dark cloud. Everything you paid for it, what you paid to list it, and what you paid to get rid of it....is all a write off. It's called a schedule D. You can write off a loss in real estate up to $3000 per annum. if you are in a 25% tax bracket, that's $750. AND because you don't have to pay your Maintainance fee (which on average is $500 a year), that's a net change of $1250 to the POSITIVE each year for a few years, then a net change to the positive of around $500 (your maintainance fee) per year FOREVER. Good Luck and don't EVER buy a timeshare again!!!

Mikki · Posted: Wed May 10, 2006 12:03 pm Subject: Is there a SOL on a TimeShare?

I just received a first notice from a debt collector for an amount due for a FL timeshare. I signed for this with my now ex-husband appoximately 10 years ago, but never made another payment on the balance. He paid the maintenance for the first 2 years, but nothing after that. Now over 7 years later, I received this demand payment addressed to both of our names for the total cost plus the fees. Neither of us have returned to FL, ever used it, and since has forgotten about it. So much so that it was not even referenced within the divorce decree for responsibility. Is there any allowances for the SOL on this? Have you heard of just relinquishing the title back to avoid this debt? At this point, I haven't contacted the collection agency? Should I request documentation of the validity of this debt?
I know that this has not appeared on my credit report anytime within the past 10 years. And I have not recieved any correspondance from the timeshare Company in over the past 7 years. This is the first notice from a outside collection company.

Also, I have an extremely antagonistic relationship with the ex, so he not be of ANY assistance.

Posted: Wed May 10, 2006 1:13 pm Subject:

Hi Mikki

There is no legal requirement for you to pay this timeshare. It is out of the statutes and well past the seven year period as per the FCRA laws. If the company tries to enter the info in your file, you can file charges for hurting your credit worthiness. Monitor your credit report closely in this regard.

Mikki · Posted: Wed May 10, 2006 1:37 pm Subject: Is there a SOL on a Timeshare?

Wow, that puts my mind a little more at ease. Thank You.
As I am over-analysing, I was wondering if there is any way that the timeshare company can use the "Annual" maintenance" as a re-establishment of the debt?
Should I contact this collection agency to advise them to cease collection efforts based on the SOL as the reason? Or the timeshare company? Or would contacting them be another form of re-establishing the debt?

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