Stuck with bluegreen

[Kieri Junior Member Find all posts View Profile Close Kieri]

Hello on April 13 we got a timeshare with bluegreen. Despite the requirement of making 40k a year we somehow were not asking for proof of income or work. I lost my job so we make about 25k a year together. They refuse to let us cancel and we're trying to find a way to get rid of it. We obviously can't afford the $9k they want plus maintenance fees and my current job only gives me ten hours a week. What can I do?

[ronparise Senior Member Find all posts View Profile Close ronparise]

....Sure they were wrong to even let you in the sales room, but you were also wrong to sign anything.....after all you know your financial situation better than anyone.

not much you can do at this point except to pay it.......or refuse to pay; which is what I would do. Once they know you are serious, and they wont get a nickle out of you..(beyond any downpayment you may have given them) they will take it back.. It will no doubt, mean a ding on your credit, but given what you say, that's going to happen anyway

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I agree, tell them you are not paying any more and about to go into bankruptcy.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

As we are trying to discuss elsewhere, even if you have it paid off, getting rid of it is problematic. I assume you don't, but you do have what you consider to be a significant amount of money already "gone". The reality of the situation is likely that you are out that money, but throwing any more at it will just be chasing good money after bad.

Just for the heck of it, go to www.creditkarma.com, register, and see what your credit score is. That's free. Then, they have a feature that allows you to see what your credit score will likely be under different scenarios. I will go do mine, and tell you what defaulting might mean.

First, I am really, really, really old and I have a really, really, really good credit score, so good that they call it excellent, the only ding being that I don't have a lot of accounts any more. This thing is so frickin' good that it knows that I paid our credit bill four hours ago!!!! It knows I am only using 3% of our credit limit, and that we recently did away with $100,000 HELOC line of credit.

The feature I am talking about is called the Credit Score Simulator, and it tells you how different actions will affect your credit. I am going to assume that since my credit is excellent, the first dings will not have as much affect as if I had a history of dings. Or, maybe like a choice, classic car, that first ding is catastrophic. Who knows?

Here's the list:

Surprisingly, having one account go past due, even 90 days past due, does not change my score.

Having one account go into collection would have a major impact on my credit, 51 points, and would stay on my record for 7 years.

Having my wages garnished, say to pay for a default judgment, would have a bigger impact, 69 points.

If I had a foreclosure, which I would have if I had a loan on a timeshare that I did not pay, that would ding me 64 points.

So, if they do what they have the legal right to do, those are the consequences for not paying. Bear in mind that actions taken against you do not relieve of the debt. Only bankruptcy or an agreement from the holder of your note can.

The advice of a stranger on the Internet is only that, and has no more value than personal opinion.