Walking Away From Timeshare Maintenance Fees: 5 Consequences
Walking away from your timeshare maintenance fees but wondering what happens if you stop paying your fees? There are 5 consequences for walking away from the maintenance fee on your timeshare without getting out of your contract legally.
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5 Consequences Of Not Paying Your Fee
Walking away from timeshare maintenance fees and quitting your payments can cause big problems for you later on unless you get out of your contract legally using a lawyer experienced in the vacation industry.
- Late notices in the mail
- Late fees and penalties
- Phone call reminders
- Sent to collection agency
- Credit score Affected
The consequences of walking away from your timeshare fees or quitting your payments increase in severity the longer they are left unpaid to the resort so it is not advised to walk away from your timeshare without ending your contract legally.
Rather than walk away from the maintenance fee on your timeshare you could try these alternatives to get out of your fees and contract legally.
The first thing that happens when walking away from your timeshare maintenance fees is that you will start getting late notices in the mail from the vacation resort you are with and reminders that the fee payments are late.
If you walk away and persist in not paying the fees on your timeshare, the late fee notices will become more frequent with a greater amount of urgency to pay your outstanding fees and make your payments on time.
The second thing that happens if you walk away from your timeshare fees are late charges and other penalties associated with the delinquent timeshare account.
Each vacation resort assesses late fees differently, so check with whichever resort you own with to see how they determine the penalties for late fee payments before walking away from your timeshare payments.
The third thing that happens if you walk away from your timeshare maintenance fee are phone call reminders. Like the late notices, the phone call reminders will become more frequent with a greater sense of urgency the longer you are behind on your payments.
The fourth thing that happens when walking away from your timeshare fees are that the payment reminders, late fees and penalties will add up until the delinquent account is sent to a collection agency if you quit paying your maintenance fees for a long period of time.
Once your delinquent account is passed onto a collection agency you may start to receive annoying and inconvenient phone calls at home or work about the late fees and possibly bullied or threatened into paying off the defaulted account.
The 5th and last thing that will happen from walking away from the maintenance fees on your timeshare is that your credit score will be drastically lowered your credit history will be negatively affected.
Eventually, if you quit paying your fee payments, walking away from your timeshare will hurt your credit score until it completely ruins your credit if left unpaid and delinquent for a long enough period of time.
A lowered credit score from not paying your timeshare fees could lead to other consequences or penalties, such as inability to secure credit, or other loans and more problems in the future that happens with a lowered or ruined credit score.
Rather than walking away from your timeshare maintenance fees, you can rent out the weeks you don't use and earn rental income on it instead which will allow you to cover the maintenance fees on your timeshare!
Thinking of walking away from your timeshare maintenance fee? Call us at 1-800-675-8798 for more details on how you can rent your timeshare out to earn income today, or for other information about the vacation industry!