Considering defaulting on Time Share mortgage - HELP!

Deano1979

Hi, this is my first post, I browse the site all the time but I need a bit of advice so just registered…

I’ve stupidly signed up to a Time Share in the USA, and have since discovered that it was a bad idea L It all seems sush a good one when you are on holiday and relaxed…

The cost of the time share was about £5000, or which I have already paid £1000. They have my credit card details for the monthly mortgage repayments.

They also invoice me for around £400 ‘maintenance’ fees each year, and here’s the problem – anybody can book a week at the resort for less than the maintenance fee I have to pay! So effectively the time share is worthless, and actually forces me to go there every year to prevent further losses L

So, I’m considering cancelling the repayments, writing off the £1000 I’ve paid, and ignoring their calls… what are the consequences of this, are they able to force me to repay, and how would this affect my UK credit rating?

I’ll contact an financial advisor later in the week, but always find you can get good advice quicker via forums

Deano1979

I should mention, I have other debts that are well managed and my credit rating is good.

I just don't want the timeshare, I've not recieved any services or benefits from them, and just want to get out of the agreement. It's just a floating week so it's not like I've physically bought anything that has depreciated etc.