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  • A few of the most common links here on the forums for newbies and guests!
  • The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!

credit ruined by [defaulting on] timeshare

The OP has one post and has never commented again or addressed any of the concerns/suggestions/ideas posted on a thread they started. I'm thinking the OP isn't interested in advice and just wanted to post random junk to get people talking.
 
weegie57 said:
I purchased a timeshare nearly 30 years ago. used it once, paid the ever increasing maintenance fees for a few years until I gave up and quit paying. Finally, as of last month, they filed a collections on my credit report and apparently intend to sue and garnish my wages. I spoke to an attorney who said he could make it go away for $3800. I owe over 27k in maintenance and "special" fees. Anyone have any advice?
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Where do you live, where is the timeshare located, and when did you quit paying the maintenance fees?
 
dougp26364 said:
The OP has one post and has never commented again or addressed any of the concerns/suggestions/ideas posted on a thread they started. I'm thinking the OP isn't interested in advice and just wanted to post random junk to get people talking.
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Or it is some SD'er here among us that created a duplicate BBS account to make a single post to cause a ruckus. This is what I think is much more likely.
 
I think the OP actually thought he was going to get some sage advice on how to get out from under the TS. I know it's only been a day or so, but I doubt we'll be seeing ol' weezie hereabouts, and not as a regular participant on 'how to enjoy your timeshare'.
 
Passepartout said:
I think the OP actually thought he was going to get some sage advice on how to get out from under the TS. I know it's only been a day or so, but I doubt we'll be seeing ol' weezie hereabouts, and not as a regular participant on 'how to enjoy your timeshare'.
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I wish we had a like button. :clap:

lee
 
Passepartout said:
I think the OP actually thought he was going to get some sage advice on how to get out from under the TS. I know it's only been a day or so, but I doubt we'll be seeing ol' weezie hereabouts, and not as a regular participant on 'how to enjoy your timeshare'.
Click to expand...

There are definately those who believe anything timeshare on the internet is a complaint forum. Unfortunately for them TUG is an informative forum that can provide advise ranging from how to get rid of your unwanted timeshare to how to get the most out of using your timeshare. TUG is definately not a group of unhappy timeshare owners. TUG is a group of informed timeshare owners.
 
Bankruptcy will rid a person of debt, but they'll have terrible credit - and possibly no job - for 10 years. I looked it up, a company is allowed to discriminate and not hire a person who filed bankruptcy. My wife and I are working towards Bankruptcy, mainly because our mortgage holder/bank refuses to work with us to fix the mortgage, and they filed Foreclosure.

With the Foreclosure, we and our attorneys sent them paperwork. The bank changed their requirements, and told us to redo them. When we did the paperwork, they sent them back and needed to be redone. This happened every few months over the last 2 years. The attorneys were as frustrated as we were. Finally, they filed the Foreclosure, demanding the full payoff (house lost $20,000 in value). So, our "final straw" is to file Bankruptcy.

So, filing bankruptcy for a debt (like a timeshare) is like demolishing a home for a broken doorknob. But, in our case, we have a need for it.

TS
 
dougp26364 said:
There are definately those who believe anything timeshare on the internet is a complaint forum. Unfortunately for them TUG is an informative forum that can provide advise ranging from how to get rid of your unwanted timeshare to how to get the most out of using your timeshare. TUG is definately not a group of unhappy timeshare owners. TUG is a group of informed timeshare owners.
Click to expand...

However we still provide advice how to get out from under timeshares that people no longer have no use for. The OP simply asked for advice, and neither support nor judgement.
 
thanks!

Wow, just posted this last night, and you guys are all over it. Here's the history in a nutshell:
It's at the Nob Hill Inn, SF, CA. Bought it when I was young and stupid. Wife and I paid several KK's out of pocket for the downpayment, then maint. fees for several years (probably 5 or so). We used the time share once, and never could book weeks anywhere we wanted to go as we had jobs and a young daughter, and when we tried for the weeks we could go, everything was always booked. Anyone who has had to travel based around a kid in school knows what I mean. I was advised, since I was moving out of state, to ignore it as the statute of limitations was 7 years. Which I did, even when they tracked me down and started sending main. fee bills to my new address. I received the annual maintenance bills, which I ignored until a year or so ago a collections agency asked me if I wanted to pay it of for 14k, and since it had been over 30+ years I declined. It was only when attempting to obtain a home mortgage last month that I found out about the hit on my credit. It knocked me down about 100 points. So I can still get a loan, but after having over 800+ credit most of my adult life, it's kind of sucks to have to pay more interest and have this blemish..So, you all seem to think I should get a lawyer??And thanks for your help and input, by the way.
 
none denise, I'm not even sure how to do that and that's why I posted here
 
Scott, I live in VA, timeshare is in SF, CA, and I probably only paid for about 5 years
 
Don't need to file bankruptcy, it's just put me in a poor credit area
 
What you pay extra in interest will be far less than that 14K, I bet. Buy a house you can truly afford, or even less, and pay ahead on principle. Get that debt taken care of. Your credit shouldn't be affected any more by the timeshare. How long does it stay on your credit report anyway?
I'm thinking the resort hired some new accountant who looked through the files, and wants to get what he can from the cold cases. Just move on. Tell them they can have a deedback, no fees involved.
 
Denise, they filed a collection in the amount of 27K, it was Meridian Financial of Asheville, NC, and it is definitely on my credit report. I was hoping someone here had been through this before and could recommend a way out..
 
I'm confused - are they actually CURRENTLY going after you, or are you just concerned about your credit rating?
 
Patri, you are right, they hired some kind of headhunter to see what they could recoup from delinquents like me..Problem is, I'm trying to purchase property and I have to get my credit score back!

Oh well, I was OK for 30 years..
 
denise, I'm not sure how much further they will go on the credit issue. I have a "KD", which I believe is "key derogatory", and again, it knocked me down about 100 pts. Than might be the only result of non-payment of this debt, which on the surface seems reasonable, but I need my credit back.
 
If you were 800+ on your credit rating and went down a hundred, it won't
Take long to get back up to 740. There's basically no advantage to being
Over 740. Depending on when you took the 100 point hit, it should take long.
 
A bankruptcy can only stay on 7 - 10 years from the discharge date

Is the timeshare still in your name or are they pursuing a deficiency claim

Based on the time frame a simple dispute claim should get this off your credit report
 
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Actually here is a little info on the company that is doing the collecting
right on their homepage

A subsidiary of Interval International

Are uncollected debts taking money
off your bottom line? And, if so, how
do you get that money back?

Meridian Financial Services has been providing first- and third-party collections for more than a decade, combining proven collection techniques with state-of-the-art technologies designed specifically for the vacation ownership industry. We deliver an extensive array of services that helps our clients lower bad-debt write-offs, minimize costs related to debt collection, and increase cash flow. At the same time, we keep owners satisfied by re-educating and reselling them on the timeshare product itself. It’s this knowledge and experience in the industry that makes us a powerful resource for resort developers, property management companies, and homeowner associations.

So it is a third party and Statue of Limitations is in place. PROTEST THE HIT on the bureau and ask them to provide proof of the debt and add the statue in the protest. More than likely old paper gets lost.
 
weegie57 said:
Denise, they filed a collection in the amount of 27K, it was Meridian Financial of Asheville, NC, and it is definitely on my credit report. I was hoping someone here had been through this before and could recommend a way out..
Click to expand...

You'e gotten a lot of advice so far. Maybe no one here has been in exactly this situation but plenty of us have had some dealings one way or other with debt collectors, credit score issues, etc.

You have lots of options:
- pay the lawyer who offered to make it go away and hope that works
- try to negotiate the debt down to an amount you can pay and get it settled and cleared from your credit report
- just ignore it and dare them to come after you
- try to fight it directly with the collections agency

Hearing more of the story... since your goal is to buy property and you want a good credit score for that, your best bet may be to simply dispute the collection with the credit reporting agencies. You have to do all three agencies at the same time and it may not be a permanent fix but it might buy you enough time to get a loan. It's as simple as sending three certified letters with specific legalese in them. It's worth a try, anyway. Google this!

Also... CASH. You don't need good credit if you have cash. What are you trying to buy and why are you trying to get a loan to buy it? Can you buy it with cash instead? Or can you buy the interest rate down?
 
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