Are you part of a timeshare ownership program? If so, you already know you have to pay regular due and maintenance fees as part of your agreement. These fees help keep your timeshare unit and the resort amenities in tip top shape. However, sometimes owners will consider giving up their timeshare and stop making payments. Have you ever wondered, “Do I have to pay my timeshare dues?” It is important to note that a timeshare contract is a legally binding agreement and serious financial consequences will come your way if you don’t pay. For example, your credit score will be negatively affected, you could become a timeshare scam victim, and more. It makes much more sense to work on your budget and avoid making bad financial decisions. Before you decide to not pay your timeshare dues, read our article below.
Timeshare Dues? Do I Have to Pay?
To start with, although the financial commitment is not as large as a real estate purchase, a timeshare contract is a legally binding document. Therefore, timeshare owners legally are required to make their payments as stipulated in the contract. No matter what hardships occur that make someone consider not paying, payments still need to be made on time. If you stop making payments, negative consequences will occur. For example, credit scores are adversely affected when it is reported you defaulted on payments. If you didn’t already know, having a good credit score is very important. Anytime you want to take out a loan or mortgage, credit scores are checked and a bad score means you probably won’t be approved for the credit you requested. Also, any club members that don’t make their payments will lose their right to use the incredible amenities and accommodations at their timeshare unit, too.
Maintenance Fees – Upkeep and Repairs
At all timeshare resorts, it is important to carry out regular repairs, upkeep, and general maintenance. That way, the suites, common areas, landscaping, and amenities are always in great condition. Anytime a member doesn’t pay their maintenance fees, it is breaking the terms of the timeshare contract. You can review your membership contract if you want specific details on your maintenance fees and what they cover. Also, members that don’t stay current with their maintenance fees will not be able to use their timeshare unit or enjoy the resort’s amenities and services. Plus, reinstatement fees are often added to your bill if you are late on your payments, too. Be responsible and make payments as promised so you can enjoy your vacation unit now and for years to come!
Protect Your Credit Score
If you don’t have a good credit score, it makes it difficult to be approved for loans or mortgages. If you don’t pay your timeshare fees on time, your credit score will be negatively affected. Your credit score will go down and you will likely be denied credit in the future as lenders review credit scores when deciding whether to approve a credit request from an individual. In addition, collection agencies share negative information with all of the other credit report companies, too. Likewise, collection agencies are very aggressive in their attempts to recover owed money. You could be embarrassed when they persistently visit your home, workplace or other places in an attempt to find you and collect money that is owed. Claims can also be filed against any of your personal possessions, too. It’s just not worth the stress so make sure you always pay your timeshare fees!
Beware of Timeshare Scams
Also, another negative aspect of not paying your timeshare is that you can put yourself at risk of becoming a timeshare scam victim. Timeshare cancellation companies operate scams by trying to collect fees for services they cannot legally provide. They will seek out existing timeshare owners and offer them cancellation services once a large upfront fee is paid. However, the reality is that timeshare contracts are legally binding and cannot be cancelled except during the cooling off period which is also known as the rescission period. On average, the cooling off period is only around 5-14 days once the membership contract is initially signed. After that time period is over, no company can help you cancel your timeshare. Do not let a fraudster take your money only to disappear without providing any legitimate services. To avoid becoming a timeshare cancellation scam victim, avoid cancellation companies.
As you can see, you do need to pay your timeshare dues on time and as promised. If not, there are significant consequences that occur to those who stop making their payments. The purpose of owning a timeshare is to have a comfortable space to spend quality time with friends and family. Plus, members save money over time by prepaying for future travel at today’s low rates. Regardless of what makes you consider not paying, always stay current with your payments to avoid negative consequences. Instead, keep planning and enjoying wonderful vacations as you should. If you aren’t already a member, the Garza Blanca vacation club is one of the best options in Mexico. They have luxury resorts in Cabo, Cancun, and Puerto Vallarta. Garza Blanca timeshare owners are highly satisfied with the amazing amenities, accommodations, and services. Call Garza Blanca today to learn more!
