Buying, Renting, and Selling Timeshares

Defaulting on Points timeshare

Can you tell me the implications of defaulting on a points timeshare in California? Its a long story but we are in timeshare hell with an unscrupulous timeshare group what happens if we stop paying. What can they go after? Are points timeshares considered unsecured debt in california?

thanks any advice

M B.

mimib27 wrote:
Can you tell me the implications of defaulting on a points timeshare in California? Its a long story but we are in timeshare hell with an unscrupulous timeshare group what happens if we stop paying. What can they go after? Are points timeshares considered unsecured debt in california?
thanks any advice

If you signed a legal contract to buy the points then you're responsible for that purchase until it's paid off and if yearly maintenance fees are involved you are then responsible for paying them until you sell or give your points away transferring ownership to someone else. If you default they can (and most will) come after you damaging your credit.

R P.

thank you i knew that but what more can they do besides the credit. Can they go after other property if they receive a judgment? ARe 401Ks, pensions, and social securtiy exempt from anytype of judgment.

Is there a statute of limitations on this type of action?

M B.

mimib27 wrote:
thank you i knew that but what more can they do besides the credit. Can they go after other property if they receive a judgment? ARe 401Ks, pensions, and social securtiy exempt from anytype of judgment.
Is there a statute of limitations on this type of action?

I don't know how far they might go BUT damaging your credit rating is a big deal as it affects many aspects of your life including future job applications, loans, insurance etc. The first thing a business entity looks at in dealing with you is your credit rating. You signed a legal contract to buy points and if you default it can be a huge negative.

Not only would you be defaulting on paying the rest of your loan but you would also be defaulting on future maintenance fees - double negative whammy.

R P.