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We all have dreams, but unhappy timeshare owners dream they can stop paying maintenance fees. Is this just a fantasy or can you really escape the tyranny of your timeshare and stop paying maintenance fees? Can you spend your money on new possibilities and new vacations? The short answer is, yes, you can. But there are consequences when you stop paying maintenance fees without permission. Let’s take a look at those consequences and then figure out what to do instead!
If you stop paying maintenance fees without specific written permission, here’s what you can expect. First, you will lose access to your timeshare. Most resorts prohibit use of the timeshare unless your account is fully up to date. Second, the company will add a late fee to your account. Then, you can expect a past-due call or a letter alerting you to the missed payment. If you still don’t pay, you’ll get more late fees and more calls and letters. Your account may eventually be transferred to a collections agency. Continued non-payment will ultimately end in foreclosure.
Plus, if a payment is more than 30 days late, you may be reported to one of the major credit reporting bureaus. And this will impact your credit score. The impact on your score will vary from person to person. However, your score will go down and this can affect your ability to get credit or to rent an apartment.
None of that sounds very fun. So, how do you get permission to stop paying maintenance fees? Here are some suggestions.
As you can see that although you can just stop paying, it’s not a great idea. Not only do you lose access to your timeshare, but you’ll also be hounded by creditors. Oh, and you’ll still be responsible for paying the fees. What you need to do is to legally get out of your obligation to pay. Here are a few options.
If you just bought your timeshare, you have a few days to cancel your contract for any reason. Of course, the window for this option is very small. But on the bright side, it’ll keep you from ever having to make a single payment! Read more about timeshare rescission here.
If you sell your timeshare to another consumer or back to the resort, you will no longer be liable for paying your fees. Yay! But unfortunately, the resale market can be challenging. Buyers are hard to find and timeshare companies are fighting back against third-party sales. Plus, you are still liable for payments during the sales process.
When it comes to escaping maintenance fee liability, many consumers choose timeshare exit. This is the process of getting out of your timeshare legally, either on your own or with the help of a timeshare exit partner like Primo Management Group. Every timeshare is different, but with Primo, you’ll be supported by our money-back guarantee that you’ll get out safely, ethically, and forever. If you want to learn more about what we can do to help you get out and stop paying maintenance fees, click here for a free, no-risk consultation.
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