Original Message:
My timeshare is paid in full, but I just don't want it anymore (by KC):
sonyas23 wrote:Well my time share was paid in full until I increased my points. Now I owe another $30,500. The amount has not went down since I increased the points back in August 2019. I have a in house loan at 19.99%. I feel like an idiot for letting them snag me. I tried canceling it , even negotiating. My maintainance fees are $3500 a year. I understand that they just want to make money. But I don't want it anymore. Plus I don't want my family to inherit this unending debt.
I can offer no positive encouragement on your obviously bad financial decisions, but I will point out the good news that your family cannot and will not "inherit" your debt. It simply does not work that way.
Only the people who actually executed the loan and the purchase contract have (or will ever have in the future) any personal responsibility for the debt. That debt does NOT pass on to your offspring, regardless of whatever any lying sales weasels or hungry collection agency representatives might try to (falsely) tell you.
It's a difficult choice, but you can always just stopping paying and walk away. In my opinion, there is no timeshare on Planet Earth worth carrying a $30,500 debt at 19.99% interest --- that's just obscene.
You will take a credit score "hit" if you default on the loan and you will lose whatever you have paid so far and you will lose future access to your timeshare, but work out the math and do whatever is best for you and your family, even if means just giving up on the timeshare.
You are definitely in a tough spot; I wish you luck.