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Timeshare collection laws
Timeshare Collections
When it comes to collection processes, timeshare companies are notorious for violating contracts with consumers. Be sure to familiarize yourself with timeshare collection laws so you can defend yourself in court if necessary to prevent situations like this from happening again.
You might consider consulting a reputable professional from a firm like Timeshare Defense Attorneys for more information and advice.
The Timeshare Consumer Protection Act of 1998
You are protected under this Act from many timeshare payment default issues if the timeshare company is located in North Carolina. Furthermore, this Act was amended in 2008 to include additional time limits for applying to a state court to recover from a timeshare company.
Consumers have six years from when they discover that they were wronged to when the courts decide they were owed money.
The Unfair Credit Reporting Act
It is particularly important to know that the Fair Credit Reporting Act (FCRA) provides additional information regarding timeshare collection laws. According to the FCRA, credit agencies are required to report your timeshare credit debt according to the law. In particular, lenders or collection agencies are not allowed to report to credit bureaus unless they have a valid reason to do so.
While any loan relationship or security interest is valid reasoning for reporting this item, timeshare contracts are excluded as valid reasons. There is no basis for making a claim against you unless the debt was yours and not paid.
The Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act (FDCPA) governs the actions of debt collection agencies. FDCPA requires collection agencies to verify that you owe them money before contacting you.
If this company asks for payments on something you don’t own, it has violated your rights as a consumer. As a result, you can file a suit against this company in order to receive compensation for any damages or injuries incurred by these violations.
How to Get Out of a Timeshare Debt
Most timeshare owners decide to exit because of financial reasons. It brings maintenance fees and special assessments, and raising taxes makes things difficult.
There are several approaches to help you get out of a large timeshare debt. These approaches include
- Calling a timeshare developer
- Renting out your timeshare
- Selling your timeshare in the resale market
- Ceasing your timeshare
If you want to cancel your timeshare contract, it is a wise move to consult with a lawyer experienced in timeshare law. An experienced attorney will have you formulate an effective timeshare cancellation letter. However, if the cancellation period is long gone, timeshare owners still have multiple options to exit their timeshare contracts.
However, for collection agencies, it is unlawful to collect an advance fee for the listing of a timeshare property. If you want to eliminate your timeshare ownership, consult with a lawyer today. A knowledgeable attorney familiar with timeshare payments, tactics of timeshare purchasers, annual maintenance fees, the ins and outs of timeshare resales, and how timeshare developers deal with high-pressure sales tactics can help you stand tall in front of debt collectors to proceed with timeshare exit.
The Fair Credit Billing Act
Under the Fair Credit Billing Act (FCBA), bill collectors are prohibited from contacting you at unreasonable times, such as before 8 AM or after 9 PM. These rules are designed to protect consumers from getting bothered and harassed over their financial issues during these time periods.
As a result of the FCBA, collection agencies cannot make threats or statements that are threatening in nature, such as saying that they will garnish your wages, freeze your bank account, or encumber your property.
The Truth in Lending Act
In order to make an informed decision, the Truth in Lending Act of 1968 requires lenders to disclose all costs associated with loans before the loan is made.
To ensure these rules are followed, check your loan agreement and ask the lender to provide you with an itemized breakdown of costs, such as interest rates, fees, and taxes. If you don’t receive this information, contact the lender directly to get a copy.
The Financial Privacy Act
The Financial Privacy Act requires that your credit history and personal financial information be kept in a secure manner. If a timeshare company is attempting to collect on a debt, you do not actually owe, it is breaking the law by accessing these records to obtain money from you. This can result in civil and criminal penalties for the offender, so please don’t allow these institutions to violate your privacy rights.
The Fair Credit Billing Act
In addition to the FCBA discussed above, other federal laws are designed to protect consumers from unfair billing practices, including the FCBA. This Act requires all creditors who are engaged in car or service loans, credit cards, and furniture or appliance sales to disclose to you how much money you will owe them at the end of the loan period. It also requires them to give you a summary of your loan that includes both an itemized list of costs and a summary of each.
If a timeshare company owes you money and it’s failed to pay in full or on time, you have the right to expect payment in full and on time. The timeshare collection laws you should know can help you defend yourself if necessary.
Learning More About Timeshare Collection Laws
Although you can access various articles, blog posts, and forum discussions online through Google searches, it can still be difficult to fully comprehend how these laws apply to you. Timeshare Defense Attorneys who are seasoned in handling timeshare cases can give you personalized advice about your case.
