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James D. Ford
James D. Ford, Solicitor
Category: Australia Law
Satisfied Customers: 1601
Experience:  Consulting Principal at Nexus Law Group
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I have a membership with Classic escapes and have had some

Customer Question

Hi I have a membership with Classic escapes and have had some financial issues and cannot afford the repayments. All they have said when I contacted them is I can sell my membership through ebay or trading posts. I cannot cancel the membership. Is there any way to default and forfeit what I have paid but get out of the contract. There is a mortgage of the holiday membership as surety.
Submitted: 1 year ago.
Category: Australia Law
Expert:  James D. Ford replied 1 year ago.
Hi, I do not have good news for you... you would have had a cooling off period when you purchased (what I assume is timeshare). If you were placed under duress when you signed, or you were offered finance, when you could clearly not afford the repayments.. then you might have some avenues to pursue... otherwise, your only way out is to sell your membership, or default. If you default, and the finance company sells the membership cheaply, and the proceeds from the sale do not cover the loan.. you will be liable to pay the shortfall. Kind regards, James