Are you a timeshare owner that has been considering not making your payments? If you are, you need to know that you will encounter many negative consequences if you stop making your payments. All timeshare contracts are legally binding, and when you stop making payments you will face many repercussions. Therefore, it is important that you stay on top of your payments and mindful of your responsibilities. If not, your credit score will be affected along with long term financial issues. In addition, many timeshare owners have been scammed when they were trying to cancel their membership. We have provided information about what happens if you stop making timeshare payments below. Continue to read below to learn more.

Timeshare Payments – Can I Stop Paying Them?

It doesn’t matter what financial issues you are having; you must make your timeshare payments as promised. If you don’t make your payments, then you will have even more problems and financial woes to deal with. Try to go over your finances, so you can get back on track and avoid defaulting. When you stop paying your payments, you will no longer be able to use your vacation unit. In addition, timeshare members cannot use any of the amenities and services at the resort when they are not in good standing either.

Foreclosure and Credit Score – Affected

You know that it is important to have a good credit score. Anytime you want to buy a house or car, your credit score will be looked at. When you default on your timeshare payments, your credit score will be affected negatively. Next, your debt could even be sold to a collection agency, and they can sue you. They are very persistent and they will not stop contacting you. They can even come to see you at work or at your home. First, a written warning will be sent if your timeshare payment is late, then they will email you and call you. When these attempts are ignored, they will file for a foreclose, and you don’t want that to happen.

Cancellation Scams – Avoid

Vacation club members have become victims of cancellation scams. The cancellation scams happen when the fake companies promise vacation club members that they can cancel their membership contract, which is simply not possible. The truth is, the only time anyone can cancel their contract is during the rescission period. Also known as the cooling off period, the rescission period occurs in the several days after a member signs the new contract. Despite this truth, fake cancellation companies will promise unsuspecting victims everything. The unscrupulous scammers will charge a hefty upfront fee, then disappear without providing any service. To stay safe, avoid any dealings with these fraudulent companies. Always work directly with your existing provider, and third party companies should be avoided completely.

Maintenance Fees – Required to Be Paid

Last but not least, maintenance fees are also to be paid by all vacation club members. The maintenance fees that aren’t paid will have extra fees added, and you will not be able to use the vacation unit. All your rights will be stopped until your maintenance fees are paid. These can also be sent to a collection agency, too. Plus, a reinstatement fee can be added on top of the late fees and regular dues as well. Maintenance costs are essential in order to keep the property in tip top shape all year long. To learn more about your maintenance fees, look at your personal timeshare membership contract.

You have just read what happens if you stop making timeshare payments. It is very important to always make your payments, so you and your family can continue to use your vacation unit. Don’t risk losing your rights by not paying your timeshare payments. When you keep your timeshare payments paid on time, you and your loved ones can enjoy wonderful vacations each year. If you want to join the best club in Mexico, contact Garza Blanca Resorts. They have 3 luxury resorts located in Cabo, Cancun and Puerto Vallarta. Part of the prestigious Tafer Hotels & Resorts collection of luxury properties, vacation club members know that every vacation will be first class at Garza Blanca. Plus, special deals and discounts are available on all-inclusive travel packages. During your vacation, sign up to attend a sales presentation to see if you are eligible to join their exclusive vacation club.