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Re: Fairfield Problem (by Carvan A.):

jayjay wrote:

carvana wrote:

Certainly ruined credit is bad but most credit grantors will take into consideration the factors that caused you to stop paying the maintenance fees. These factors could include poor management by the resort including failing to maintain an adequate reserve to make timely improvements thus having to charge a special assessment fee that exceeds the fair rental value of the unit in order to refurbish property. A special assessment fee in excess of the rental value effectively renders the property worthless meaning you can't give it away. I know from experience. A credit score in excess of 700 is not seriously hurt by a ding from a timeshare management company if that is the only negative on the report. I don't advocate walking away from responsibilities but by the same token advance age, declinging income, and a worthless unit can force a person to make such a decision. CGA

I beg to differ with you. Resorts don't care what your excuse is for not paying your maintenance fees as they've heard it ALL. Those fees are their bread and butter. Maintenance fees are no different that any other bill you owe (car, house, credit card, electricity, gas, etc).

When you sign on that dotted line to buy a timeshare you are then responsible for maintenance fees forever including after your death (the responsibility is then passed on to one's heirs) or until it's sold.

I would like to ask why you think a debt you owe can just magically disappear due to a variety of excuses? Sorry, it doesn't work that way in real life.

I owned 9 timeshares at one time so I know from what I speak concerning maintenance fees. Some resorts where I owned would start charging interest if you didn't pay by a CERTAIN DATE.

JayJay, a little more care in reading my post would have answered your questions for you. I agree that resorts don't care what your reason is for not paying but my point is that credit grantors, those from whom you seek credit including a home loan or a car loan, will consider the source of the ding on your credit as well as other extenuating circumstances. One ding by a resort on an otherwise perfect credit report does not equate to a "ruined credit".

As far siging on the dotted line agreeing to pay maintenance fees, I doubt that you ever actually signed on a dotted line agreeing to pay maintenance fees when you purchased your nine timeshares. What happened is that your warranty deed referred to the declaration on file with the county clerk that indicated you were purchasing the timeshare subject to the declaration. That is, you were required to pay the maintenance fees because of that declaration on file but not because you signed on some dotted line agreeing to do so.

Surprise, surprise, yes debts do just go away. There is something called the statute of limitations. Check with your attorney and you will be surprised to learn that the statute of limitations is an affirmative defense when applicable (that is, when statute has run) in every state in the union. Also, Federal law requires all three major credit reporting agencies to drop negatives from your report after seven years. Their failure to do so can result in heavy fines from the Feds. Again, check on that statute with your attorney prior to responding to my post. Knowledge is power.

CGA