You are here:

Collections Law/unpaid timeshare maintenance fees

Advertisement

Expert: Michael Brotherton - 5/31/2007


Question
My husband & I were given a timeshare in Pennsylvania.  In the 4 years we have owned it, we have received 2 special assessments, bringing our total fees to $1000.00 PER YEAR!  We have been trying to sell this for 2 years with no success.  We cannot even give it to charity - no one will take it.  We tried to do a quit claim deed.  The account was sent to collection, and we tried to negotiate a settlement.  The best thing they offered was that if we paid $1275.00, the account would be settled, and the management association would accept the quit claim.  But we don't feel we should have to pay all of that money.  The total due, with the collection fees, is $1488.00).  It is property that we own outright.  I suspect it is worthless.  I want to end this without breaking the bank.  What can we do?  The collection agency said that our assets can be seized - I find it hard to believe that they can take our home or cars over this debt.  Please help - this is keeping me up at night!  

Answer
It is not likely they will actually take your home or other property for this amount of debt; however, they could pursue legal/civil action and get a judgment allowing them to garnishee wages. YOu could fight it or you could nip it in the bud with a payment plan for the balance if they agree to the quit claim deed. Offer them $500 over 12 months, period. No interest. See what they say.  

Collections Law

All Answers

Answers by Expert:

Ask Experts

Volunteer

Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.

©2012 About.com, a part of The New York Times Company. All rights reserved.