The removal of name from an financial arrangement you are no longer part of.

MWSnell

I was involved in the financial arrangement for Club La Costa timeshare some 10 years ago. I have since removed myself from this agreement, however, CLC still have me as a named individual on their records, this has subsequently affected my credit rating.
I have been informed that I need to engage the services of a solicitor to advise them that this is no longer the case, approximate cost £1,700. Does anyone have a solution for this issue i.e., a way forward that is inexpensive and successful.

user1977

What do you mean by "removed myself" if it's apparently not something which they recognise?

Grumpy_chap

MWSnell said:

I was involved in the financial arrangement for Club La Costa timeshare some 10 years ago. I have since removed myself from this agreement, however, CLC still have me as a named individual on their records, this has subsequently affected my credit rating.
I have been informed that I need to engage the services of a solicitor to advise them that this is no longer the case, approximate cost £1,700. Does anyone have a solution for this issue i.e., a way forward that is inexpensive and successful.

What do you mean by "involved in" the financial arrangement?
What is the current status of the timeshare?
As User1977 said, what do you mean by "removed myself" from the agreement?

Look at this from the point of view of CLC (or the finance company) - if they have two people they can pursue for the money, they have little incentive in accepting that one of the people is simply no longer involved and can't be pursued.

If you are saying that you purchased a timeshare jointly with another person, but you no longer get along with that other person, so the other person now has the timeshare and ongoing costs, then CLC will need that to be formalised.

TELLIT01

If the OP was party to the original agreement with CLC they can't simply write to them and inform them that they no longer wish to continue with the agreement.  CLC certainly don't seem to be the easiest organisation to deal with but you still can't just walk away without risk of repercussions.

born_again

Credit rating is a pointless figure peddled by credit rating agencies. It is a figure no lender see's and has no impact on getting any credit.
Credit History (non payment) is what affects that.

TELLIT01

born_again said:

Credit rating is a pointless figure peddled by credit rating agencies. It is a figure no lender see's and has no impact on getting any credit.
Credit History (non payment) is what affects that.

So the OP used the wrong term, credit rating instead of credit history.  The point they were trying to make was still clear.

SiliconChip

In addition to the very good questions asked about why you mean by "remove myself" I'd also be interested to know what the solicitor would need to do that costs £1700, which is probably somewhere between 5 and 10 hours of their time, it seems like a lot of time to write a letter so presumably there's a lot more to it.

y3sitsm3

But you are still part of the financial agreement until the finance company deems you're not.

So have they?

born_again

TELLIT01 said:

born_again said:

Credit rating is a pointless figure peddled by credit rating agencies. It is a figure no lender see's and has no impact on getting any credit.
Credit History (non payment) is what affects that.

So the OP used the wrong term, credit rating instead of credit history.  The point they were trying to make was still clear.

So the credit history would only be relevant if the OP had been missing payments.
They have had a agreement with them. That is a matter of fact. That can not be removed from their credit files, Even it the OP gets their named individual status removed by the provider. It will still show that they took out the agreement.

Given Op has not said if they have sold or transferred the timeshare some 10 years ago. Or just what they did.

y3sitsm3

born_again said:

TELLIT01 said:

born_again said:

Credit rating is a pointless figure peddled by credit rating agencies. It is a figure no lender see's and has no impact on getting any credit.
Credit History (non payment) is what affects that.

So the OP used the wrong term, credit rating instead of credit history.  The point they were trying to make was still clear.

So the credit history would only be relevant if the OP had been missing payments.
They have had a agreement with them. That is a matter of fact. That can not be removed from their credit files, Even it the OP gets their named individual status removed by the provider. It will still show that they took out the agreement.

Given Op has not said if they have sold or transferred the timeshare some 10 years ago. Or just what they did.

It's still a financial commitment and that may affect other lenders desire to lend, or how much they're willing to lend, but unless the finance company has agreed to take their name off (unlikely) they're on a hiding to nothing.