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How To Improve Your Credit After Getting Burned By A Timeshare

How To Improve Your Credit After Getting Burned By A Timeshare

April 24, 2018 – by Primo Management Group

How To Improve Your Credit After Getting Burned By A Timeshare

Timeshares, in theory, offer an excellent way for your average Joe Briefcase to afford an enjoyable, high-end vacation with his family. In practice, however, timeshares often end up draining your savings account and leaving a permanent stain on your financial record. Those of you who have unfortunately experienced this first-hand are probably wondering how to improve your credit after getting burned by a timeshare.

Keep reading to find out our industry-insider tips and tricks on how to rebuild your credit post-timeshare. Don’t hesitate to call Primo Management Group today at (407) 627-1179 to learn more on how we can help.

 

Timeshares 101

Timeshares are a way to own vacation property that you can use once a year for a length of time. This is usually one to two weeks, though your specific length depends on your contract. Timeshares are notoriously emotional purchases. People hear the pitches of smiling salesmen and think to themselves “wow I can own part of a vacation property in X.”

canceling your timeshare during the cooling off period

Sometimes this is actually what ends up happening. Sometimes you invest in buying a timeshare, and you get to live happily ever after. Unfortunately, in many cases, things rarely go this smoothly.

You may buy a timeshare thinking that you can afford it, but due to rising management fees or other financial problems, find yourself staring down the barrel of more and more timeshares bills that you have no way of paying.

 

Canceling Your Timeshare

Keep in mind that if you act fast (i.e. within 7 days) you’re legally allowed to cancel your timeshare agreement, no questions asked. It’s sort of like an annulment. Things, however, get significantly more legally complicated after the 7-day “cooling off” period has expired.

Speaking of things get complicated, let’s take a look at how to improve your credit after getting scammed by a timeshare.

 

Timeshares and Your Credit

The first thing to understand about how to improve your credit after getting burned by a timeshare is that timeshares can dramatically impact your credit score in a variety of ways.

timeshares and your credit

Most timeshares cost between $20,000 to $40,000 up front. Many people afford these large upfront costs via taking out a loan from the bank. These loans are usually very similar to mortgages.

In addition to the upfront costs, timeshare resort companies will usually charge annual maintenance or management fees that range from a few hundred dollars to several thousand. And this is where a lot of people get caught in a financial net. Yearly timeshare management fees are famous for increasing dramatically over time, and most timeshare contracts include language that effectively gives timeshare companies complete discretion on when and how much they want to raise these annual (or sometimes monthly) fees.

If you end up having trouble paying these fees, timeshare companies can report your missed payments the same way a missed mortgage payment would be reported to the credit agencies. And this, as you can probably imagine, can impact your credit score quite significantly.

So, when figuring out how to improve your credit after getting ripped off by a timeshare, it’s important to act proactively. One of the easiest ways to do this is to seek the help of timeshare cancellation experts. That’s where Primo Management Group enters the picture.

We’ve been fighting timeshare companies to help you escape their traps for years. We know what it takes to get out of a timeshare and, more importantly, we know what it takes to give you peace of mind. Call us today at (407) 627-1179 for a free consultation and find out why our clients love us!

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Relieve Yourself of the Unwanted Timeshare Burden

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Get A Free Consultation

Relieve Yourself of the Unwanted Timeshare Burden

Your information is 100% secure and encrypted. We will never sell or share your information with anyone.

Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.