Debt questions from around the world, helping each other by giving and receiving advice on UK based debt.

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By JaneClack
#472563 Hello Sally's previous answer clarified this as much as we can do here - any shortfall would be an unsecured debt in the same way as it is in the UK.

Then unless the lender sold the "shortfall" onto an English company they would be unlikely to pursue as has been explained by Tim in the past and Sally.
By lofty
#472565 I believe.there is a legal document available in Florida known as a Notice to Quit. All that means is a property owner who cannot pay any property tax/maintenance fees etc on their timeshare, surrenders all entitlements in respects of that property. Ask them to send you a form, it will need witnessing and signing by a Public Notary in the UK and returning to the timeshare company in Florida. A small fee to the notary, end of story hopefully. The reason I know this is a friend of mine was in a similar situation and he told the timeshare company quite unequivocally he was skint and they had no chance of any dough and THEY offered him the notice to quit which he accepted. Paid his fee to the notary. All done and dusted. Contact them and see what transpires BUT mention the. Notice to Quit option and don't let them bully you. Well worth a try.
By alanbb
#472566 Thanks for the advice.

After doing a bit more research I think I'm safe in the UK. There is still most of the mortgage outstanding but as I understand it, the situation is that in the likely event of a foreclosure, any shortfall to be collected, money owed to either the Timeshare company or the mortgage provider, a Floridian court would have to successfully appeal to the High Court in the UK for anything legally binding as there is no reciprocal treaty between the two countries. It's unheard of for this to happen as after the short sale the debt would not be worth their while to pursue because of the cost involved. They would probably sell the debt to a collection company in the UK who may try a heavy-handed approach and rely on the ignorance of their intended victim, but as the debt is under the law of the state of Florida, it would not apply in this country. I would almost certainly never be able to go to the USA again however as I would be on an 'aliens' list even though this is a civil, not a criminal matter.