Video: Seniors, Don't Worry About Timeshares You Can't Afford

MoneyTips

By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm

I just got off the phone with a senior couple who have a timeshare they can't afford and don't use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television regularly.) The senior couple had paid this company nearly $3,000. The next payment of $1,000 was scheduled to come out of their account in a few days. I took a deep breath and explained that they didn't actually need to keep paying for their timeshare, let alone pay someone to help get out of it. The timeshare company couldn't take anything from them if they simply stopped paying. The law protects their retirement income from collection – including wage garnishments and bank levies from the timeshare company. That includes Social Security, pensions, VA benefits ...

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