Timeshare taken out in USA one year ago, never used and now not affordable. Can the timeshare company not just sell it on to someone else and write the debt off. Will they chase it in the uk?
2007-06-22 03:15:00 · 5 answers · asked by dramaqueen 1 in Business & Finance ➔ Personal Finance
They could, but probably won't. They'll more likely put a lien on it and seize it for nonpayment. If they write the debt off, technically you are responsible for paying US taxes on the amount written off. And if you come back to the US, the timeshare company might try to collect the debt. In any case it will be on your credit record.
2007-06-22 03:24:52 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I had a friend who had the same problem after he lost is job, the timeshare company lodged an action via the UK court for the money that was outstanding, once this was done apparently, the court authorised a debt agency to collect the money. When he eventually took advise he was told that as soon as he lost his job and couldn't make the payments on the timeshare he could have asked the company to sell it on his behalf but this would all depend if the company's terms & conditions allowed him to do this
2007-06-22 08:33:33 · answer #2 · answered by Andy A 1 · 0⤊ 0⤋
Yes they can, but probably wont. They can seize it and effect your credit. You will have a problem if you re-enter the USA
2007-06-22 04:57:04 · answer #3 · answered by Barbarian 5 · 0⤊ 0⤋
yes they can....same as it happening in the uk and them chasing you in america...happened to my brother
2007-06-22 03:22:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
technically they cant but you will spoil your credit record in usa and that cant be good for you.
2007-06-22 03:18:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋