Hi, I entered into an IVA in Oct 2010 with a timeshare company listed as one of my creditors. I informed the company of my position and stated that I could no longer afford this luxury.
However, the company are saying that I am liable for the maintenance fees each year.
I was mis-sold the timeshare as an investment but foolishly fell for the scam. Each year they intend to charge me fees plus interest, adding to my debt.
Just received the latest bill for £2400 !!!!!!
Obviously I can't pay this.
Any advice appreciated
Hi, I'm not sure about this myself but would recommend you take this to your IP, maybe one of our regular posters/experts will have some knowledge in this area. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
we were in a similar position and just had to take the financially painful option of them retaking the timeshare. We owed 2 years maintenance and couldnt sell it so just had to give in, is this not an option?
You need to speak to your IP about this and probably think about letting the company repossess the timeshare.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I would be delighted if the timeshare company would accept the "weeks" back but they are unwilling to. It is completely worthless and I have written off the purchase cost due to my own stupidity. The company have hinted previously that the costs will keep being added each year and if not paid, will result in County Court action (unsure if a Foreign company can actually pursue these costs through court)
I haven't yet but will do tomorrow.
Hopefully, they'll be able to offer some advice but couldn't really help much when I initially enquired at the start of my IVA process
As Kazza says, your IP might have come across this situation before. Other than that, have a good look at your seervice agreement / lease with the timeshare company, as many do have a clause allowing you to forfeit "ownership" in lieu of service charges owed. Of course theyd rather not let you do that if they don't have to, as they will be (with the greatest of respect) losing their "cash cow", as well as have to resell the weeks ( difficult to do at the moment I would guess).
So: speak to your IP and examine your paperwork for any get out clauses.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Unfortunately all the paperwork was retained by the resort as the original "con" was the promise that they could re-sell within 12 months, offering me some profit. Stupidly I feel for it and here I am now several years later with timeshare I never really wanted. Hard to say no at the time with the kids whisked away to a different room whilst we endured several hours of hard sell. Initial we said no but that just lead to longer presentations and after about 6 hours without the kids, we caved in and said yes.
Yes, I am fully aware of the brain washing techniques these companies use! It might be worth having a word with your local Trading Standards Office, to see if they can offer any useful advice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The timeshare company will be bound by the IVA as I am sure your IP will have notified them. Pass the letters to your IP and tell the timeshare people where to get off.
