If you own a timeshare, you’ve likely spent a lot of time imagining what might happen to you if you were to suddenly stop paying your timeshare fees in the hopes your obligations would fade away. After all, if it’s a service you pay for, ceasing payments will simply forfeit your use of your timeshare, right? Wrong. A timeshare is much more like a mortgage. Abandoning it will only lead to unpleasant outcomes.
Collections Can Come For You
One of the first things that might happen if you stop paying your timeshare fees, assuming you’ve ignored all attempts to contact you and settle your account, is that collections might come for you. Make no mistake, your timeshare company will reach out to ask you where their money is. If you ignore them, they have cause to send your debt to a collections agency that will then keep calling and harassing you until you pay off what you owe. The longer you ignore the issue, the greater your risk of defaulting and facing other serious legal repercussions.
You Default
Whether you can no longer afford to pay for your timeshare or you are ignoring it out of spite, forgoing payments will eventually lead to default. You will lose all rights to your timeshare and face serious hardships financing any other large purchase for as long as seven years after that. At that point, there’s nothing you can do.
Your Credit Will Take A Hit
As soon as you default on your timeshare, it won’t take long for your credit report to adjust, and your credit will take a significant hit. Just like foreclosing on a home you purchased with a mortgage, defaulting on a timeshare will leave a huge stain on your credit history for no more than seven years. This means if you want to buy a home, finance a vehicle, or make any other big purchase in the future that requires a credit check, you may face additional obstacles.
Stop Paying Your Timeshare The Right Way
If you want to stop paying for your timeshare for any reason, the simplest option is to seek professional escape services. Our seasoned timeshare exit specialists at Timeshare Association Group Conroe TX have all the experience and resources necessary to help you get out of your timeshare contract, no matter what resort you vacation through – and we will make sure there are no consequences, legal or otherwise, for you to worry about. In just a short time, your only concern will be where you want to spend your next vacation!
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