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TRYING TO GET OUT OF MEXICO TIMESHARE (by KC):

haydeep5 wrote:

I wanted to know if you ever received any threatening phone calls or letters when you decided to stop payments? I keep seeing some people say that yes, it can affect your credit...others saying it can't because timeshares never actually showed on a credit report to begin with and cannot be reported once there is negative activity. Any information and advice is greatly appreciated!

There is no universal "one size fits all" answer to this question. Entities may or may not hire and use collection agencies for delinquent accounts. Also, whether or not someone sustains a credit report "hit" after defaulting depends entirely upon whether or not the affected entity wants to make the effort to actually REPORT that default. Frankly, I can't imagine that many (if any) Mexican entities would even bother to report a default on a (nearly worthless anyhow) Mexican "right to use" contract, in which there is really no actual "ownership", but instead just basically a right-to-use "membership". They will most likely just shrug their shoulders and keep selling more RTU contracts to other lucky "winners".

One thing that you CAN be quite sure of however, is that if there was a loan involved in a U.S. timeshare and you subsequently default on that loan, you ABSOLUTELY will sustain a negative "hit" on your credit report and that "hit" will remain firmly in place for seven years.