Joining a vacation club in Mexico is an excellent decision. That way, you can ensure you and your loved ones can spend quality time together while having the best vacations. Plus, when you prepay at the current low rates, you can save money long-term. Before you invest your money into a timeshare membership, you should know that if you don’t make your payments on time you could face serious repercussions. There may be instances where unfortunate circumstances may cause some people to consider not making their payments in a timely manner. However, you should not look for help on the internet, because you could become scammed by a fraudulent cancellation company. Read below to learn why you should always make your timeshare payments on time.
- Don’t Default on Your Timeshare
What can you expect to happen if you decide that you aren’t going to pay your timeshare payment? It is very important that you know what can happen. Serious consequences occur regardless of what type of financial problems keep you from making your payment as required. First, your credit score will be adversely affected. Next, even legal action will begin. If you don’t pay your maintenance dues and fees, you will no longer have the right to use your vacation unit at all until all your payments are made. Remember, didn’t you join a vacation club so you and your family could spend quality time together and have amazing getaways? Don’t lose the change to create priceless memories by not making your payments.
- Timeshare Rules and Regulations
Every provider will have their own rules and regulations when it comes to late payments and defaulting on your timeshare. In general, most providers will charge interest fees and delinquent fees. To fully understand the rules and regulations of your provider, you should read through your membership policy. Remember, you will be unable to use your vacation unit at all if your maintenance fees are not paid. Also, you will also be charged a reinstatement fee, too. In fact, if your provider feels like you are not going to make your payments, they can even sell your debt to a collection agency that will aggressively pursue you to come current on your payments.
- Foreclosures and Liens
Foreclosure is possible if you do not make your payments as promised. To start with, your provider will send you a written letter to warn you about your late payments. Next, they will also try to call you and email you. If you have ignored all of their efforts, then the company will file for a foreclosure and lien. This means all your personal possessions are at risk. You still will have to make your payments if you used a credit card for your vacation club membership as well.
- Credit Collections
If you have ignored all attempts from your timeshare provider due to you not paying your payments, then your provider will sell your debt to a collection agency which will negatively affect your credit score. This is not good for you, especially if you ever want to have a large purchase financed in the future. With a bad credit score, you will probably be denied the loan because of the negative incident on your credit report. Don’t forget that credit collectors are persistent and they don’t stop trying to contact you, too. They will contact your employer, friends, and family members, which is very embarrassing. To avoid issues like these, work through your budget and figure out a way to be responsible about your financial commitment.
- Avoid Cancellation Company Scams
Lastly, don’t become the next victim to a timeshare cancellation company scam. When you are thinking about not making your payments, scammers will try to entice you into using illegitimate services. For example, scamming companies will tell you anything they can to convince you that they will help you avoid the consequences that come when you don’t make your payments. Remember, they are not able to help you legally. You should only work with your existing provider. They are the only ones who can try to help you.
You have just learned what the consequences are if you don’t make your timeshare payments. This is serious. If you are wanting to know what the best timeshare provider in Mexico to join is, then you should consider the Villa Group Resorts. They have nine beautiful resorts in popular Mexico destinations. They are the perfect timeshare provider that you can trust. Plus, they have COVID safety measures in place to keep guests safe. Although times are difficult in recent years, everyone deserves to enjoy rest and relaxation to reconnect with loved ones. By joining a vacation club, you can ensure your family will enjoy quality time together creating cherished memories in paradise.