TimeShare Collection for Las Vegas timeshare

[JoleneKris]

My husband and I have a timeshare in Las Vegas since 2008. We have been making the monthly payments faithfully every month. However since the decline in the economy we have not been able to keep current on the maintiance fees which where $545 when we purchased and are not $699 a year. We have been turned over to collections. I understand we own the debt, but they are charging a 40% collection fee. We owe $3089 for back fees and they are requesting we pay $4,595. They will not take anything less then this amount. What is the law in regards to collection fees? I have requested a copy of the contract, but the collection agency is saying the can charge what ever amount them and the HOA decides. Is that correct??

 

[Betty3]

Per my reference in most states there is no limit on the max. % collection fee (unless there is a contract to the contrary). "Technically" you don't have to pay anything unless/until you are sued in court & they win a court ordered judgment against you.

 

[bizzaro]

Hi... I am in the same situation...do you have any updates..I would like to know what will happen if i default on my timeshare loans.