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Category: Consumer Protection Law
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Experience:  20 years experience in consumer advocacy, debt collection violations, contracts, construction
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If I default on a timeshare unsecured loan what happens if

Customer Question

If I default on a timeshare unsecured loan what happens if they sue me for collection?
Submitted: 5 years ago.
Category: Consumer Protection Law
Expert:  Law Pro replied 5 years ago.

What state is the timeshare in?

 

What state do you reside in?

 

Are you married and, if so, did he/she also sign for the timeshare?

Customer: replied 5 years ago.
Hi. The timeshare is world wide through worldmark and I live in washington state. I believe the contract and paperwork is out of washington state. I am married. He did not sign.
Expert:  Law Pro replied 5 years ago.

Is this the type of timeshare that you can stay anywhere ust make application or arrangements where you want to stay?

Customer: replied 5 years ago.
Yes. It is based on a credit system. You purchase so many credits that are renewable each year and the resorts are assigned credit values for stays.
Expert:  Law Pro replied 5 years ago.

How long of a contract did you sign for this?

 

How much are you talking about?

 

Do you have the right to sell your interest?

Customer: replied 5 years ago.
4 page contract
contract was for 11,340.00 cash price, 17572.80 financed price with 7500.00 left owing on the account.
I have the right to sell but my account has already been refered to outside collection. Nightmare situation with company having access to my bank account. I have had no alternative several times but to teminate their access only to have to re-up on auto withdraw to become current again!
Expert:  Law Pro replied 5 years ago.

You should immediately change banks tomorrow and close this account and inform them of such.

 

I would start the sales process of your interest immediately - the negative is that they market it for you I'm sure.

 

You have little oweing considering what was financed - is there no way you can or could continue to make the payments just for the purposes of resale?

 

The other problem you have is that Washington is a community property state which effects how debts can be collected and whom can be collected against.

 

 

Customer: replied 5 years ago.
I am being told I have until the first of the year to pay the 2500.00 I am behind from the last go round we had where after being very angry at their again misusing my bank account I entered into a deferal process to become current again, was told the only way to complete the deferal was auto withdraw, I agreed yet again, was told I had to sign a piece of paper with the authorized date on it, I sent it in, they claimed they never received it, I resent two more times, they claimed they never received it and would not withdraw out of my account (which was a switch) and so I am now where I am in a total lose / lose.
Expert:  Law Pro replied 5 years ago.

I have heard nothing good about any of these timeshare places, companies - whatever. I have yet to talk to someone with a good experience or that hasn't lost a fortune. It seems that the only people happy are the people selling the timeshares or the company selling the timeshares.

 

What can they do to you - file suit, win an award, reduce the award to judgment, execute upon the judgment against both you and your husband because your in a community property state. It's bad when your in a community property state because the spouse is also liable for the debt.

 

What to do - try and pay and sell at the same time if you can.

Customer: replied 5 years ago.
what does it usually look like when they execute upon a judgement?

This particular company Trendwest already has at least one judgement against it from the attorney genereal of ca. in 2003 and they viloated almost everything they were ordered by him to correct when they sold to me in 2004.
Expert:  Law Pro replied 5 years ago.

When I mean "execute upon a judgment" - that they attempt to collect monies to satisfy the judgment - come in and tag furniture for sale, lien your bank accounts, garnish wages, etc.

 

Nothing to do with the AG's Office.

 

However, you might file a complaint with the AG's office and see what if anything is going on there as to this company.

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