What happens if I don’t pay my timeshare dues? Would you like to know the risks? If you don’t pay your payments as a timeshare owner you will want to know the consequences. There are serious repercussions you may face if you don’t make your payments on time, as you promised. There will be long-term consequences if you don’t pay your payments on time starting with a bad credit score. Despite this fact, some vacation club members still become a victim to scammers who convince them they can cancel their timeshare membership with a fee. However, that simply isn’t possible! Read below to learn what happens if you don’t pay your timeshare dues.
Timeshare Defaulting Risks
A timeshare member signs a contract stating they will make their payments on time, so they can use their vacation suite. The member will still have to pay dues even if they are experiencing a financial hardship. If the contract responsibility isn’t upheld, then the member will default and will face consequences. This is why it is very important that vacation club members understand that if they don’t make their payments on time as they agreed they will face repercussions. First, their credit score will be affected in a negative manner. It is very important to have a good credit score, because when you are ready to buy a home and need a mortgage loan, you need to have a good credit score. Plus, any member that defaults on their membership agreement could face legal action. Vacation club members should avoid defaulting and make their payments on time. When you do that, you will get to enjoy amazing vacations making unforgettable memories with your loved ones.
Maintenance Dues Must Be Paid
Maintenance dues must be paid on time along with your regular timeshare payments. The maintenance dues will keep the resort property in excellent condition so every member will have a wonderful place for their vacations. If any member stops paying their maintenance dues, they will have interest fees along with delinquent fees added to your bill. Also, if you haven’t paid your maintenance dues, then you will not be able to use your vacation unit. Did you know that the timeshare provider can even sell your debt to a collection agency if they feel like you will not pay your bills? They can. Collection agencies will only bring you stress as they are very aggressive. Don’t let that happen to you. Make sure you keep your maintenance dues paid as promised.
If any timeshare member doesn’t make their payments on time, a foreclosure could happen. First, the provider will send you a written letter about any missed payments, then they will email you and start calling you. If you ignore them, then they can start foreclosure proceedings. Your personal possessions can have a claim against the possessions. If you used a credit card or if you got a personal loan to pay for your vacation club membership, these need to be paid as well. Late fees and interest will continue until you make your payments.
Timeshare Cancellation Scams
Unfortunately, some vacation club members will become a victim of timeshare cancellation company scams. These timeshare cancellation companies are scammers as they promise the vacation club member that they will be able to cancel their membership for a fee, but legally nobody can cancel a timeshare contract once the cooling off period has ended. The timeshare cancellation scammers will charge you with a large upfront fee, then disappear without providing any type of service. Don’t become a victim to this scam. Just work with your personal provider if you have any questions or concerns about your membership.
Now you know what happens if I don’t pay my timeshare dues. Don’t let this happen to you. Be responsible and make sure you make your timeshare payments on time. You should only work with a reputable timeshare provider such as with the Villa Group Resorts. They have beautiful resorts throughout Mexico in the top tourist destinations. Plus, they have COVID safety practices in place to keep guests safe. If you want to enjoy a vacation in Mexico, call the Villa Group today. They have special travel packages available right now. During your getaway, ask to learn more about their vacation club membership. If you qualify, joining the Villa Group vacation club is a smart investment for your family’s future. Contact them today to learn more.