Are you a timeshare member? If so, do you know what the consequences are if you default on your membership contract? If you don’t make your payments as you promised when you signed your contract, then severe consequences may happen. A negative credit score is just one of the long term consequences. Some timeshare owners become scammed by scammers who tell them they can cancel their timeshare for a price. However, the truth is that they are not able to do that for them legally. Continue to read below to learn why you should always make your timeshare payments on time!
What Are The Risks of Defaulting On a Timeshare?
When you became a timeshare owner, you signed a legal contract saying you would make sure you paid the regular payments, so you can enjoy your vacation suite. You still have to pay dues and fees even if you are having financial problems. There are serious consequences that will happen to a member if they don’t make their payments on time. Therefore, you should always make your payments as you promised. If you don’t, your credit score will be negatively affected. Why is that important? Having a good credit score will help you get a loan to purchase a new house or home. Also, if you are not making your regular payments, then the provider can start legal proceedings against you. You can avoid this when by making your timeshare payments on time.
Maintenance Dues and Fees Must Be Paid
Along with paying your regular payments, members must make sure they pay their maintenance dues and fees, too. The maintenance fees are used to keep the resort looking great and operating properly. If any member doesn’t pay their maintenance fees, then delinquent fees will be added to their bill along with interest fees, too. Plus, members are not allowed to use their vacation unit if their maintenance dues are behind. If your existing provider feels you have no intention of paying, then they can sell your debt to a collection agency. We all know that collection agencies are very aggressive, and this will only bring more stress to your life. Don’t risk this consequence. Instead, prioritize making your timeshare payments.
Stop Foreclosure Proceedings
If any vacation club member is not making their payments, then foreclosure proceedings will begin. Before foreclosure proceedings begin the timeshare, the provider will write you a written warning letter. Then, they will try to contact you by phone and email. If you are ignoring all these attempts, then they can begin foreclosure proceedings. Even personal possessions of the member can have a claim filed against them, too. If a vacation club member used a loan or credit card to purchase their membership, those bills will still need to be paid. Late fees along with interest will keep accruing, so stop foreclosure proceedings away by always making your timeshare payments on time.
Scams With Cancellation Companies
Lastly, there are vacation club members that become a timeshare cancellation company scam victim. These scammers will promise any member anything just so they can get money. No company, lawyer, or person can cancel a timeshare contract that is legally binding! These scammers prey on existing members who are wanting to stop their membership contract. However, they will quickly see that they are only adding more stress to their life. These scammers will charge an upfront fee, then vanish without cancelling anything. Once the cooling off period has ended, no company or person can cancel the contract. Don’t become the next victim. Only work with your personal provider to avoid becoming a scam victim.
You now know what will happen if you default on your timeshare membership. Always make your payments as you have promised to do. If you are looking for a legit timeshare provider, then you should contact the Villa Group. We have numerous resorts in top tourist destinations throughout Mexico. Our vacation club members are thrilled with membership and love visiting our properties in Cabo, Cancun, Puerto Vallarta, Riviera Nayarit and the Islands of Loreto. Contact us today to learn more! We would be happy to schedule a property tour and sales presentation so you can learn more about the amazing benefits of Villa Group timeshare ownership.