Timeshare Debt - Help....!!!

KEZZAE_2

Hello All,

I hope that you good people may be able to point my husband and I in the right direction of what to do.

In 2002 we went on holiday to Gran Canaria, and (really stupid I know), were conned into purchasing a time share for 5,000 pounds. To cut a long story short, we thought at the time it was going to be a good investment as we were led to believe that we were going to be members of RCI as well, but nothing never materialised from this (after much chasing up). The people who we purchased it from arranged the finance and it was a secured loan over a period of 10 years with First National Home Finance (I think), now called GE Capital Finanace.

The monthly payments are 81 pounds per month.

We have tried to sell the timeshare as we've never used it and are never likely to, we don't actually get any correspondence from the resort anymore so we don't even know whether it exists anymore. We haven't got anywhere with selling it, we were even offered by another company that they would buy it if we joined their holiday club which would involve us having to pay out more money, well you can imagine where we told them to stick it.....!!!

So our dilemma is; we are paying for something that we are not using, and has got another 6 years to run..... We could really do with the extra 81 pounds per month to pay off other debts. I'm going to try to reduce the payments by cancelling any PPI. What else do you think we can do....??

Thanks so much