Is there a way to negotiate a smaller balance from a collection agency? 1 Answers as of July 31, 2011We have had this timeshare for 15 years; we may have 2 years remaining. We were unable to make our 2011 maintenance fees. We received one late notice - I emailed the resort directly explaining that we are in danger of foreclosure on our home and that we are in the loan modification process. Never heard back from them, no late notices (only one) and they did not notify of the forwarding of the account to collection. I have spoken to the collection agency, the fees are exorbitant; this is our first experience with collections - do we have any recourse? is there any way to negotiate for a lesser balance? The agent at the agency said we have until Friday and then it is 'reported' and the delinquency will stay on our record for 7 to 10 years.
Law Office of John C. Farrell, Jr. | John C. Farrell, Jr.
I have dealt with timeshare matters so I know very well they are not easy, in fact they irrational and unreasonable. That being said, you can negotiate for a lesser balance but it does take some skill. Debt negotiation is an aggressive alternative to other debt reduction methods or bankruptcy. Also, be very mindful that you, even as a debtor, have rights under state and federal law. You are also a consumer. As a consumer you have rights under state and federal laws. In the course of addressing your unsecured debts you may require the need to address your rights due to harassing creditors and collectors. A attorney can assist you in the enforcement of your rights particularly under the Federal Fair Debt Collection Practices Act (FDCPA), as well as, other applicable federal and state laws and regulations which protect your rights as a consumer. A violation of the law by a collector could even put money in your pocket.
Answer Applies to: Massachusetts