Have made numerous attempts to contact Wyndham with feedback only from the collections department.
Due to loss of employment we cannot afford to continue payments. Their response was to submit a letter to cease and desist with a voluntary surrender statement. Cannot find a Calif. definition for voluntary surrender. Texas defines the act as the termination of contract and the lender with limited legal paths for continued additional actions. Wyndham has stated that it results in a statement of repossession on my credit for ten years
Real Estate Attorney
It should only be 7 years, but you are defaulting on a contract, presumably a timeshare. Have you tried selling it on the open market or through timeshare brokers?
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1 lawyer agrees
Lawsuit / Dispute Attorney
A defaulted collection account can be reported for up to 7.5 years on a consumer credit report. If you file bankruptcy, the bankruptcy filing can report for 10 years. If a judgment is entered, it can be reported until it becomes uncollectible or is satisfied, which can be many years.
Is there a reason you are worried about credit when you struggling to pay the bills? I suspect you have other bills that are a struggle and your credit and credit score will be much lower for many years to come. Best advice for many Californian consumers in this struggle is simply cut out bills for personal debts and pay the most pressing needs of utilities, food, and rent. My web site reviews in videos and articles available options are if sued by a debt collector.
Robert Stempler (Please see DISCLAIMER below)
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