Do you feel like you aren’t spending enough time with your loved ones in general? With the responsibilities of daily life, it is easy to put our friends and family on the backburner. To avoid this, purchasing a timeshare is a wise way to have your money work for you in regard to vacation expenses. Travel costs are only increasing over time, and who wants to show up to a dreary hotel or resort to ruin your vacation time? Why not invest in a timeshare that allows members to prepay for resort trips that have the best amenities and accommodations? A timeshare owner will have to sign the contract that has all the information about the costs to join, monthly fees, and maintenance dues. What happens if you don’t pay your timeshare dues? You will no longer have access to your vacation unit and other consequences may come too. Keep reading below to learn the importance of timeshare payments.
What If I Don’t Pay My Timeshare Dues?
In case you don’t know how the system works, timeshare ownership is a way to invest your money so you can spend time at a vacation unit each year. Plus, members lock in today’s low rates for future vacations so they save money on travel expenses in the long run. In order to become a member of a top timeshare in Mexico like Garza Blanca Resorts, you will have to pay the deposit, sign the contract, and make your timeshare payments. It is important to note that if you default on your payments, then many bad consequences can happen. For example, your credit score will be negatively impacted, which will make it hard to get a loan later down the road. You could even have your timeshare go into foreclosure which can be very costly and damaging to your financial health. Instead, you should always stay on track with paying your timeshare payments, so you don’t default.
Timeshare Dues and Maintenance Fees
Secondly, there are many top quality timeshares in Mexico such as the Garza Blanca Residence Club which is operated by the prestigious Tafer Hotels & Resorts. No matter which timeshare you buy, there are regular dues that need to be paid. Although every timeshare will have a different timeshare payment plan, all timeshare programs will also require regular maintenance dues as that is what will keep your vacation unit and the resort property in great condition. If you don’t pay your timeshare dues and maintenance fees, then you default on your timeshare. Delinquent fees and interest fees will be added to your account. You can see your payment schedule in your contract. If you default you will also be required to pay a reinstatement fee and all these extra expenses will add up. Instead, stay current on your timeshare payments and maintenance fees to avoid spending unnecessary money.
Negative Credit Score and Possible Foreclosure
Having an excellent credit score is very important. For example, if you want to purchase a car, house, or furniture, then you will need a loan. If your credit score isn’t good, then your loan will be denied. If you default on your timeshare payments, your debt can be sold to a collection agency, which will be very persistent in collecting the past payments. They can also sue you, which will also affect your credit score. Foreclosure can happen if you don’t pay your timeshare payments too. Also, your possessions can have a claim filed against them too.
Timeshare Cancellation Company Scams
If you are not careful, a timeshare owner that isn’t making their payments on time can also become a victim of a timeshare scam. For example, there are timeshare cancellation scams out there that make their earnings by ripping off innocent victims. The fraudulent timeshare cancellation companies will negligently promise members they can cancel their timeshare legally, but the reality is that no timeshare contract can be canceled once the rescission period has passed. Also known as the cooling off period, the rescission period is a short period of time which is usually a few days after you sign your contract during which new members can legally cancel their timeshare. After that period, the contract is legally binding and cannot be canceled. However, fraudulent companies will charge a large upfront fee, then quickly disappear without providing the timeshare owner in default with any genuine service.
Did this article on the importance of timeshare payments help you to understand what can happen if you don’t pay your timeshare payments on time? When you join a reputable timeshare club, you will save money on your vacation costs while staying at amazing resorts. Don’t risk losing that vacation time with your loved ones. Make sure you always pay your timeshare payments on time. If you want to join the best timeshare in Mexico, check out Garza Blanca Resorts! Owned and operated by the award winning Tafer Hotels & Resorts which has nearly 4 decades of experience in the industry, Garza Blanca Resorts has beautiful beachfront suites and luxurious amenities. Right now, they have 3 incredible properties in Mexico’s best destinations such as Puerto Vallarta, Cabo San Lucas, and Cancun. Contact them today to book an all-inclusive vacation and make sure to attend a Garza Blanca timeshare presentation, too.