Tired of paying expensive fees every year, many timeshare owners simply decide to stop paying to the resort. That could be a huge mistake, beware of collection agencies that can affect your credit score.
Timeshare contracts must follow the regulations established in the country where the purchase was made; therefore, there are a big number of timeshare consumers who have the idea that if they bought a timeshare in a foreign country they could easily stop paying the fees without affecting their credit score. This is a huge misunderstanding. The resort can sell your debt to a collection agency, Concord Servicing Corporation is one of the most known.
A collection agency is a company that obtains or pursues payments of debts owned by a third party –individuals or businesses–. Most of these companies function as agents of creditors and collect debts for a commission.
When a collection agency gets a hold of your account, it is very likely that it will include other expenses like special fees and interest, which can make that your debt grows even more, and ultimately report you as past due. The report takes normally a month to appear on your credit report, but it takes around 7 years to clean it off. Concord Servicing Corporation is one of the most important collection agencies.
CSC is an international collection agency that offers consumer receivables servicing to a large number of businesses. Concord Servicing Corporation started their operations in 1988, and since then, the company has expanded the diversity of asset classes they service. Their offices are located in Scottsdale, Arizona; Buffalo, New York; Orlando, Florida and Mexico City, Mexico.
CSC works commonly with the following timeshare companies:
- Celebrity Resorts
- Festiva Resorts
- Gold Key Resorts
- Palm Beach Resorts
We receive several calls of clients complaining about Concord Servicing Corporation. Most of these clients were not informed that their debt was sold to a collection agency, until they started to receive frequent calls from the collection agency.
It is important not to underestimate the ability from a collection agency to find you. Concord Servicing Corporation uses the best resources to track down a debtor, being that is a company with over 20 years of experience and is equipped with the most efficient technological tools.
CSC executives can be incredibly persistent when it comes to charge a debt. Our clients have been called since early in the morning to late at night. Some of them were contacted at their work or at their cell phones numerous times, not to mention the innumerable emails and letters. Others have reported that even their beloved ones were contacted, even though the FDCPA (Fair Debt Collection Practices Act) forbids these abusive practices.
The real solution
As you might now by now, if you want to get rid of your timeshare, to stop paying to the resort is not a viable solution at all, in fact, it can be very harmful for your financial situation. Being that said, the best solution to dump a timeshare is by cancelling the contract.
I f you are sick of paying expensive fees every year for a timeshare you never use, contact Mexican Timeshare Solutions for a free consultation on your matter. MTS is a company with highly trained professionals and over 18 years experience. Thousands of cases solved successfully back us up. Contact us today and protect your credit score for a healthy financial future.
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