The Importance of Making Timeshare Payments

Are you a timeshare owner? If so, have you been considering not making your payments? If you are, then you should know that you will face numerous consequences if you default on your payments. Member contracts are legally binding. Therefore, when you don’t make your timeshare payments, you will have very serious repercussions to face. To avoid issues, you need to stay on top of your payments. The reasons you may have for considering defaulting do not matter. Not only will your credit score be affected, you will also face financial repercussions as well. In addition, you could also be involved in a timeshare scam, too. Also, members will lose the use of their vacation unit and wonderful amenities that they fell in love with in the first place. Important information is below for those who are interested in knowing what could happen if they stop making their timeshare payments.

Do I Have to Pay My Timeshare Payments?

To start with, whatever financial issues you are currently facing, you should do everything you can to make arrangements to pay your timeshare payments. If not, you will have more problems coming your way if you don’t make your regular payments as promised. Don’t make the mistake that could impact you now and for many years to come. Plus, if you don’t pay your timeshare payments, then you will lose all your rights of using your vacation unit immediately. It just isn’t worth it.

Impacted Credit Score

Having a good credit score is very important, especially when you want to purchase a new car or house. However, when you default on your timeshare payments, your provider will sell your debt to a collection agency, and your credit score will be negatively affected. The collection agency will start calling you and they can even show up at your work or home. They are very persistent and it could cause a lot of embarrassment as well. First, when your payment is late you will receive a written warning. Then, your provider will email you and call you on the phone. If you ignore these attempts, then you can even have a foreclosure filed against you.

Beware of Cancellation Scams

Also, some vacation club members could even become a victim to a scam by timeshare cancellation companies. These fraudulent companies will say anything to try to convince unsuspecting timeshare owners that they can cancel their membership. However, you know that isn’t true. The reality is members can only cancel their contract during the cooling off period. Also known as the rescission period, this time frame occurs in the few days after you have signed the contract. Beware of cancellation scams as they will charge you a large fee upfront. Sadly, they dupe innocent victims into paying the fee then quickly vanish with the money without providing any services.

Timeshare Maintenance Fees

Timeshare maintenance fees are also required to be paid by each member. When a member doesn’t pay their maintenance fees, then they will have added interest fees added along with delinquent fees, too. To use your vacation unit, you will need to make sure your maintenance fees have been paid. Maintenance fees are important as they help maintain the common spaces and grounds throughout the property so the resort looks great all year long. If you have any questions, you can read your contract or contact your personal provider. You have just read the importance of making timeshare payments on time. If you stop making those payments, then you will face many negative consequences. You joined a vacation club, so you and your loved ones would have great vacations to make memories.

If you’re interested in learning more and want to join the best club in Mexico, check out Garza Blanca. They are owned and operated by the renowned Tafer Hotels & Resorts collection of luxury properties. Currently, they have 3 lovely properties located in Cabo, Cancun and Puerto Vallarta. In addition, all-inclusive travel packages are available right now at a low cost. Book your stay and treat yourself to a vacation in paradise. During your visit, check to see if you are eligible to join their exclusive vacation club. Contact them today to learn more! If you’re already a member, make sure to always pay your timeshare payments on time, so you and your family can always have a great place to create cherished vacation moments.