Sometimes, timeshare members unfortunately have financial problems and stop making their payments. However, before you default on your timeshare payments, it’s important to understand that negative consequences will occur. The membership contract is legal binding, so it’s important to keep your finances in order so you can always make sure you make your payments on time. If not, your credit score will be adversely affected. In fact, you could face foreclosure or become a victim, for example Villa Group timeshare scam.
Keep reading more below about Mexico timeshare info and the importance of always making payments on time.
What Happens if I Miss Paying Mexico Timeshare Dues?
For starters, it’s important to realize that timeshare dues must always be paid on time. When you decide to join a vacation club, you sign a membership contract that details the financial responsibilities of membership. The membership contract is a legally binding document. If payments are not made as promised, timeshare members will face serious problems. To start with, if you miss one payment, then you will lose all your rights to enjoy your timeshare unit and the amazing onsite amenities, too. In addition to regular timeshare payments, you also need to pay your maintenance fees as promised as well. Members that don’t pay their payments or maintenance fees will also accrue added interest and delinquent fees. To avoid these issues, stay on top of your financial responsibilities and avoid added stress and worry in your life so you can enjoy your timeshare unit.
Negative Credit Score Problems
Another big concern about vacation club members who do not upload their financial responsibilities, are the long term financial consequences they will suffer. For example, members that do not make their payments are promised will have their credit score affected. In the future, if you apply for a loan for a house, a car, or other large item, they will check your credit score. If you do not have a good score, you will likely be denied the loan. Once you miss a payment, the provider will send a written warning, then they will call and email you. However, if you ignore their attempts, then they will sell your debt to a collection agency. Therefore, if you default on your timeshare payment, then your timeshare debt will be sold to a collection agency and they are ruthless in their attempts to collect payments. For example, they will persistently call, and will even show up at your job and home.
Lastly, some timeshare owners have unfortunately fallen victim to timeshare cancellation times. For example, fraudulent cancellation companies exist that illegally promise services that they cannot provide. Sometimes, timeshare members will believe that the cancellation company can cancel their contract, but the reality is that no one has the ability to cancel a timeshare membership except during the recession period or cooling-off period. The cooling off period occurs during the first few days after a new membership contract has been executed. After that time, timeshare cancellation is not possible. For more information, check your specific contract for further details. Stay alert and don’t become their next victim. Instead, always make your timeshare payments as promised and avoid third-party outside companies that are usually scammers.
As you can see, it simply makes sense to always stay on top of your timeshare payment. Owning a timeshare in Mexico is a great way to have a safe, comfortable, and inviting space to create wonderful memories with your loved ones. Don’t risk losing that by being financially irresponsible. Instead, always make your payments as planned. Also, avoid becoming a timeshare scam victim by only working with your existing provider and avoiding third party companies who may be scammers. If you’d like to join Mexico’s best vacation club, contact the Villa Group Resorts. With 10 luxury resorts, members can visit Los Cabos, Cancun, Islands of Loreto, Puerto Vallarta, and the Riviera Nayarit. Not sure where to go first? Currently, all-inclusive travel deals are on sale to stay at the Villa del Palmar in Puerto Vallarta. Make sure to see if you are eligible to join their vacation club, too!