Legal Question in Credit and Debt Law in Georgia
Effects of something going to collections
In 2003, my husband and I made a
bad decision by committing to a
timeshare. The timeshare is deeded.
Five years later, we have never used
it, do not even live near the state
where it is located, and are stuck
with monthly $170 payments. If I
were to stop the payments, what can
the company that owns the timeshare/deed do other than send it
to collections and report it to the
credit bureau? I have never had
anything at collections. We already
have a house and two paid off cars.
How long would this effect & could I
possibly settle it after a while?
2 Answers from Attorneys
Re: Effects of something going to collections
Rather than reject your question for the wrong state, I suggest you re-post using the state where the property is located to get an accurate answer. However, to provide some response, first read your contracts. No one here will have them and they will spell out your obligations. As far as what they can do, it is typically the things you mention, PLUS they can generally sue, win, and foreclose on the time-share property. Your debt will likely grow with every payment you miss, plus interest and perhaps other fees, until such time that it is many thousands of dollers (and still growing). As your obligations will continue, the period of time that it will stay on your credit report (i.e, the seven year period) might not even start for some time to come. If they get a judgment, they can possibly place a judgment lien on your home and personal property, and perhaps take the cars. It is not a good picture, and most large time share companies have lawyers on hand to easily take these steps. You are likely better off advertising the time share for FREE, or even paying someone a lump sum to take it, making sure that all appropriate paperwork is completed to get you out of the obligation (make sure a lawyer takes care of this). Again, also re-post in the appropriate state.
Re: Effects of something going to collections
They can sue you, get a judgment, and go after your home and cars, garnishee your paycheck and attach your bank accounts.
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