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not paying maintance fees

Feeling Brave Tonight...

Rick and Dave...my thoughts exactly. When I first read the part about 'admitting' to having done this thing, I felt if I were to respond to the question regarding 'real life' experience in this matter -- I would open myself to personal humiliation and ridicule at the hands (keyboards) of my fellow Tug members.

Tonight I've decided to just go for it and let the chips fall where they may.

First, can we establish there is a difference between 'choosing' one day to walk away from a timeshare commitment -- and choosing whether or not we can pay the annual maintenance fee OR eat, or pay utilities.

That would be my starting point.
 
Rent_Share said:
In eight years of reading here I have no recollection of any one posting about aggressive collection actions and/or legal action by or on behalf of a timeshare management company. Just the dire warning it will happen, or the allegation by the management company when they ask them to take it back.
Click to expand...

Someone came to TUG maybe last Summer sometime asking, no, begging for help because the collectors were calling and he couldn't change jobs and his FICO score was trashed. Iirc he was told that he had made his nest, so sleep in it. I got some heat for my lack of sympathy.

I remember the thread, but don't have the time or inclination to track it down.

Jim
 
lizap said:
Plus you can take a capital loss on your tax return.
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This is NOT true. Timeshares are considered a personal (vice a business) property and as such, (unless you are in the business of regularly and exclusively renting said TS out) any loss on a resale of a timeshare is a PERSONAL expense.
 
lizap said:
Sorry, missed the Canadian part. But after some research (US tax law), if you own TSs as part of a business, such as rentals, losses ARE deductible.
Click to expand...


Sorry, that's NOT true. It can't be "part of a business", it has to be an exclusive business as far as that TS is concerned. I.e. you run a vacation service and you have one or more timeshares that you regularly rent out at appropriate rental rates. and that's NOT true of most people here.
 
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