> Help us please.
>
> We were hoodwinked into buying time share last year in january 2005.
> Because we did not have established credit they gave us a plan for 3
> years. It has cost us $137.00 per month which we have paid since March
> last year = $2055.00. My husband said we must just stop paying it.
> Should I do this as we only have another 1 1/2 years to go. Would it stay
> on our credit report? We are in debt, and wish to pay down as much as we
> can, before buying our own property. Our Fico is 627 and we wish to get it
> upto at least 700.
I also wish to know we can picket this company to get our money back or get a lawyer to write them a letter. We did try to cancel but they just ignored our request
2006-06-28 04:23:56 · 3 answers · asked by floreselaine@sbcglobal.net 1 in Local Businesses ➔ United States ➔ Las Vegas
No you can't stop paying on it because you signed a contract. The only way that I can think of, is look in the contract and see what the "outs" are. You could sell you share, either back to them, or someone else. If you stop paying on it, they will put it on your credit and send it to collections. When that happens, it will stay on your 10 years and pull your score down 100 points or so.
Once again, you signed a contract when you purchased the time share. They didn't force you to do it so it is legal and therefore, you will have to complete the terms.
2006-06-28 04:32:08 · answer #1 · answered by brittme 5 · 0⤊ 0⤋
If you want to keep your credit score up DO NOT just stop paying. It will go on your credit report and can be the difference between getting approved for a loan and getting rejected. I honestly don't know what you can do to get out of it since you signed a contract. If you can reach a real person there, you might be able to get out of it by paying a fee. Maybe you can sell it to someone else? I think if you donate your week(s) to a charity for them to raise money it can be deducted from your income taxes but I'm not sure.
2006-06-28 11:31:55 · answer #2 · answered by Lynn 2 · 0⤊ 0⤋
Sell your timeshare. You could have the option to sell it back to the company that you purchased it from, but you would probably lose most of the equity that you have in it.
Do a Google search for "time share resales" and contact some of them for information on how they can help you to get out from under this burden.
Good luck!
2006-06-28 11:29:17 · answer #3 · answered by Lisa S 2 · 0⤊ 0⤋