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Timeshare Spending: 3 Ways You’re Losing Money

timeshare spending

May 24, 2019 – by Primo Management Group

timeshare spending

Timeshare spending is higher than ever. Where is your money going?

If you’re worried about timeshare spending, you’re not alone. More and more people are realizing that their timeshare spending doesn’t fit their budget. Here are 3 ways timeshares can affect your overall financial picture.

Finance Fees

The average cost of a timeshare these days is $22,180. And if you had that money to pay up front, good for you! However, many of us simply don’t have over $20,000 just laying around. So that means if we want a timeshare, we have to finance it.

And with financing comes interest fees. If you’re lucky, you can find reasonable interest rates. But others are left with high-interest loans. An unsecured personal loan interest rate can top 30%. Other people put their timeshares on credit cards, and those fees can be steep as well.

Even if the price of your timeshare seems reasonable, high finance fees may put that price out of reach for you. Make sure to carefully consider whether you can afford to finance a timeshare. And if you can’t, you should seriously consider whether timeshare ownership is right for you.

Maintenance Fees

All timeshare owners must pay annual maintenance fees to cover the day to day costs of running the resort. Timeshare spending is different at each resort, but you can expect your fees to cover routine maintenance, landscaping, and housekeeping. Some HOAs also use maintenance fees to cover things like management companies and workers salaries.

But no matter what your fees cover, you are contractually obligated to pay them every year. Failure to pay the fees will almost certainly result in late fees and a loss of access to resort facilities. Some resorts will report your missed payments to the major credit bureaus. And if you fail to pay over the long term, the resort may seek foreclosure.

With the average owner paying around $1000 in maintenance fees each year, you need to make sure to factor these fees into your budget. You don’t want to come up short and also be on the hook for late fees. Or worse, experience credit damage and foreclosure.

Special Assessments

Sometimes even high annual maintenance fees don’t cover everything. And when that happens, your timeshare company may pass the costs on to you in the form of a one-time special assessment. Special assessments may cover anything from repairing damages caused by weather or accidents, major upgrades or repairs, and budget shortfalls due to rising foreclosures or poor management.

Although everyone hopes these special assessments will be reasonable and rare, there’s no guarantee. So as a timeshare owner, you need to be ready to pay these unfortunate costs. And as with maintenance fees, if you fail to pay, there can be serious consequences. Be ready for late fees, collections calls, credit damage, and even foreclosure.

Scams

The sad truth is that the timeshare industry is full of scams. And these scams can affect your bottom line. The most common and possibly the most insidious scam that timeshare owners face is the resale scam. Resale scams target unhappy owners who want to get out of their timeshare. Many such owners turn to the resale market but quickly find out that selling a timeshare is harder than it sounds. The market is flooded with inventory. But with relatively few buyers, many owners end up stuck with their timeshare or selling for pennies on the dollar.

Enter the timeshare resale scam. Unscrupulous companies contact these desperate owners and offer them just what they’re looking for: a buyer for their timeshare. In exchange, they charge large, upfront fees, usually paid by wire transfers or other methods that are difficult to track. Once the owner pays the fees, the buyer and often the company disappears with the money. Timeshare scams like this cost owners thousands every year.

How To Stop Timeshare Spending

If your timeshare spending is out of control, you can stop it. At Primo Management Group, we help owners get out of their contracts for good. No more spending on something you don’t need, don’t want, or can’t afford. Contact us today for a free, no-risk consultation.

(Image by pasja1000 from Pixabay)

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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.