thank you for your reply.
I just want to clarify, can the collector just put this on my credit report, is it just a threat,
Response 1: Yes. The collector can put this on your credit report
does he have to go through legal channels first?
Response 2: No.
If the debt is more than 7 years old can I just get it removed?
Response 3: Unfortunately, you cannot. You would be able to remove the debt only if you dispute the debt with the Credit Reporting Agencies and they found in your favor. Otherwise, the removal would be based on the scheduled dates for removal with all the Credit Reporting Agencies
The reason I ask is I'm trying to move (the place I am living has become intolerable). I was approved for a mortgage but my credit is just over the limit. I have to wait until January though because I am self employed and my income in 2011 was too low.
I suppose I should feel bad about the timeshare but I didn't want it in the first place. I know it's my fault for giving into the hard sell, I never used it.
Response 4: You should not feel sorry about the timeshare. With few exceptions, timeshares have become real headaches for people who were taken in by the hard sell tactics of the timeshare companies.
Should I send this company a cease and desist letter telling them that I don't owe the money and they need to prove it?
Response 5: If you owe the debt, you really cannot send a dispute letter. However, you can send a simple cease and desist letter for them to stop contacting you because you cannot afford to pay the debt. Once you send this letter, they must stop immediately from contacting you. Otherwise, they would be in violation of Fair Debt Collection Practices Act.
Also, if the time share already wrote this off and I didn't get a 1099 from them, can the collection agency send me a 1099 for the total amount when they probably didn't pay the full amount for the debt
Response 6: The only one that can send you a 1099-C would be the person that forgave the debt. If the debt was forgiven and 1099-C issued, the creditor cannot turn around and contact you for the debt. However, you may have misunderstood how a charge-off works. When debts are written off as bad debts, the debts are not forgiven at the same time. The debts are just on the creditor’s books as bad debts and may or may not be sold to a debt buyer. Until the debts are actually forgiven, you would not receive a 1099-C.
They are say8ing the loan is in foreclosure status or I can do a deed in lieu of option for a fee? What is my best option?
Response 7: Deed-in-lieu is not a viable option because the timeshare company is most likely not going to accept a deed-in-lieu even if you offer the timeshare back to them for free because they make more money from the maintenance fees. However, there is nothing to lose at this time to ask if they can take the deed back. If they refuse, you do not have any option but to let the property go into foreclosure.
Also is there a way to pay you a little extra since this isn't a simple yes or no question?
Response 8: Yes, and thanks for asking. You can leave a bonus.