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What Happens If I Stop Paying My Timeshare?

what happens if i stop paying my timeshare

April 8, 2021 – by Pam Stuart

what happens if i stop paying my timeshare

We’ve all been there. Overcome with the frustration of paying for something we know isn’t worth it. Timeshares can be, at their worst, a huge strain on finances. Timeshare maintenance fees seem to always increase, while the value of what you’re getting in return stays the same or declines with age. So, we understand if you’re wondering, “What happens if I stop paying my timeshare in Florida?”

The temptation to stop paying, especially if you feel like you can’t afford it, is huge. It would be so nice if you could just walk away and never have to deal with it ever again.

I mean, all that would happen if you stop paying for your timeshare is that you wouldn’t be able to use it again, right? No sweat off your back, you’re probably thinking. The place could sink into the ocean, and you wouldn’t mind, after everything you’ve been through with it.

People come into timeshare ownership in several ways. Some of them involve unscrupulous sales tactics, pressure-filled presentations, and promises that were never kept.

However you came to own your timeshare, we get it, now you want out. But is stopping payment on your timeshare contract a good idea?

Loan Payments vs. Maintenance Fees

First, we need to make a distinction around what you’re not paying.

Timeshare Companies Want You to Pay No Matter What

It needs to be said, that timeshare companies aren’t stupid. They know exactly what they are doing when they sell these expensive products to people who often can’t afford them. They also know that most people won’t get good value for what they are paying.

So, it’s understandable why so many people want to stop paying for their timeshare in Florida and other places as well. But don’t make the mistake of thinking that when you stop paying a timeshare company is just going to walk away.

There are reasons timeshare contracts are so restrictive. They want to keep you in at all costs. If you stop paying, they are going to do whatever they legally can to make you pay your fees.

What Happens When You Stop Paying

For people wondering, “What happens if I stop paying my timeshare in Florida?” here’s a guide to what you can expect.

What Happens If I Stop Paying My Timeshare in Florida? — The Impact on Your Credit

While the idea of not paying and getting phone calls every day for a while isn’t fun, that’s something most people can handle, especially when they know they’re dealing with a company pushing inferior products.

However, people who stop paying timeshare fees or loan payments have more to worry about. As you wonder, “What happens if I stop paying my timeshare in Florida?” you need to understand how it’s going to impact your credit score.

If you’re unfamiliar with credit scores, they’re a score that three reporting agencies use to assign you a credit profile. Banks, landlords, car dealerships, and all types of other companies use these credit reports and scores to know how safe it is to lend money out.

People with lower credit scores have to pay higher interest rates or get denied loans all of the time. Higher credit scores get you in the door on deals and keep your costs lower because the bank has more confidence that you’ll repay whatever they lend you.

When you stop paying your timeshare, the default will likely be reported to the credit agencies. Your credit score will drop and the next time you go out to finance a car or rent a new apartment, expect some trouble. There are, however, ways that you can stop paying without ruining your credit.

Also, if the owed debt is sold to a collections agency, that debt is called a charge-off. Charge-offs can stay on your credit report for years and impact you long after you’re free from your timeshare.

Your Timeshare Company Can Sell Your Timeshare at Auction

Of course, your timeshare company probably isn’t going to sit and wait for months until they take action. Yes, they’ll keep trying to get paid because that’s their business. But once you’re late for a few months, they can start moving to take your timeshare away.

Timeshare companies in Florida will move to foreclose on your timeshare once you pass a certain default threshold. Foreclosure allows them to seize the property and remove your name from it. Then, they can sell it at auction or sell it to a new buyer they pressure into a sales presentation.

Good Options for People Who Want to Stop Paying

Not paying timeshare fees anymore may be the only option for some people. Sometimes there is no workaround. People lose their jobs, a loved one dies, medical expenses and other circumstances can make paying impossible.

If you own a deeded timeshare outright, or if your timeshare is located in a high-desire area, then you could be leaving money on the table.

Thankfully, there are timeshare industry experts with years of experience helping owners get money back and out of their timeshares for good. These teams know how to negotiate with timeshare companies, and they know what you can expect in terms of repayment agreements and how much your property can fetch in a sale.

A good timeshare exit company can negotiate with the timeshare developer to get you out of your unwanted obligation with minimal cost and impact on your credit score. Here are some of the ways they can help.

There are other options, so the best idea is to find a timeshare exit company with a good track record and positive reviews. They’ll help you work out some strategies to get you out and save you money.

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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. Let us help you. 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, the resorts are loath to give back the money they’ve already taken for timeshares.

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 go above and beyond for our customers by helping to protect you, and have the best success rate in the industry, rated 5-stars by clients. 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 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 will work with our expert, experienced team whose job is to keep you in the loop throughout the entire cancellation process. We are 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.