Do you want to find a way to have amazing vacations while staying on budget? If so, purchasing a timeshare is how you can make your money work for you with vacation expenses. Travel costs are only going up over time, and nobody wants to have their vacation time ruined by unknowingly booking a dreary resort or hotel. Instead, purchasing a timeshare gives members the chance to prepay for their future vacations at a resort that has the best amenities and accommodations. All timeshare owners will need to sign a membership contract that has all the details about the cost to join, the monthly fees, and the maintenance dues. If you don’t make your timeshare payments or dues, then you can’t use your vacation unit and will face other serious consequences, too. In the meantime, keep reading below to learn the risks of not paying timeshare payments.
Risks of Not Paying Timeshare Payments
Are you wasting too much time at work and watching time pass you by? Do you feel like you aren’t spending enough quality moments with your family as you would like to? If so, timeshare ownership is a wise investment where you get to spend time at a vacation unit every year. That way, you will have a comfortable place to enjoy fun getaways with your loved ones on a regular basis. In order to become a timeshare member, you will have to pay an initial deposit, sign the contract, and make payments regularly. If you break your responsibility, numerous negative consequences will happen. For example, your credit score will be affected negatively along with the risk of legal action. Why not make your payments on time so you and your loved ones can enjoy amazing vacations each year? After all, that’s the point of buying a timeshare anyways.
Timeshare Dues and Regular Maintenance Fees
Next, although each timeshare company will have a different payment plan, all timeshares do require regular maintenance fees to be paid. Maintenance fees are collected from each timeshare owner and go towards the costs to repair and maintenance for your vacation unit and resort property in excellent condition. If you don’t pay your maintenance fees, then you are defaulting on your timeshare. Additional fees and interest fees will also be added to your account. If you need to know the payment schedule for your timeshare dues and maintenance fees, simply check the contract that you signed. If you are in default, you will not be able to use your vacation unit, and your debt could be sold to a collection agency as well. It’s not worth the financial strain so make a budget and stick to it so you always make your required timeshare payments on time.
Foreclosure and Negative Credit Score
Did you know that having a good credit score is very important? It really is! For example, if you need to get a loan to buy a house or car, your credit score will be checked. Good credit scores are earned when people make their required payments on time whether it is for their car payments, mortgage, credit cards, or timeshare dues. If you don’t pay and default on your timeshare payments, your credit score will be negatively affected and go down. In addition, your debt may even be sold to a collection agency which will report your debt to the credit companies. This will negatively affect you when you are trying to get a loan in the future. You can also have foreclosure done if you have stopped paying your timeshare payments too. Don’t let this happen to you by paying your timeshare payments on time as promised.
Timeshare Cancellation Scams
If you’re not careful, a timeshare owner can even be at risk of becoming involved in a timeshare scam. Timeshare cancellation scams occur when fraudulent companies promise owners they can cancel their timeshare contract legally, but that is not possible. The reality is that timeshare owners can only cancel their contract during the recession period, which is just a few days after you have signed the contract. Also known as the cooling off period, it typically lasts for 5-14 days after the new member contract is signed. During that time, new members can legally cancel without penalty. After it ends, the timeshare contract is legally binding and cannot be canceled. Despite this truth, the fraudulent cancellation companies will charge owners a hefty upfront fee, then disappear with their money. Never work with any third-party company as they are probably scammers.
Did this article help you understand the consequences that can come if you don’t pay your timeshare payments and dues as promised? Don’t let this happen to you, so you and your loved ones can enjoy amazing vacations. If you want to join the top timeshare in Mexico and stay at the top resorts in the country, call Garza Blanca Resorts. They are part of the Tafer Hotels & Resorts luxury collection of properties with stunning locations in Puerto Vallarta, Cancun, and Cabo San Lucas. Garza Blanca timeshare reviews show members love the outstanding accommodations and luxurious amenities at each of their fabulous resorts. Plus, they use a points-based system that locks in low rates for future trips so members save money over time, too. Right now, all-inclusive travel packages are on sale. Remember, if you want to join the best timeshare in Mexico, check out Garza Blanca Resorts today!
