Do you own a timeshare in Mexico or have interest in learning more about vacation club memberships? In case you didn’t know, modern timeshare ownership is a smart way to make your money work for you when it comes to vacation expenses. At the Villa Group Resorts, we are proud to offer a genuine timeshare product that travelers love.
We have 10 gorgeous beachfront resorts in Mexico’s top destinations. While timeshare ownership can save you money on travel costs over time, it’s also important to know the consequences that come about if you default on your timeshare payments. Many consequences may occur if you stop paying including having a negative credit score, timeshare cancellation scams, and even foreclosure proceedings.
To learn more about the importance of making your timeshare payments so you and your family can always enjoy unforgettable getaways in Mexico, keep reading below.
Risks of Defaulting On a Timeshare
Firstly, the first step in learning about timeshare ownership with us is to sign up to attend a Villa Group timeshare presentation at one of our 10 luxury resorts. Currently, we have locations in Puerto Vallarta, Cabo San Lucas, Cancun, Islands of Loreto, and Riviera Nayarit. We have gorgeous beachfront suites and world class amenities that travelers love to enjoy during vacations in Mexico.
The Villa Group timeshare presentation only lasts around 990 minutes and includes all the details about the financial commitment and perks of membership. Then, a membership contract will need to be signed as well as an initial deposit and regular dues.
Remember, timeshare payments still have to be paid even if you come into financial problems. To avoid serious consequences that will happen to a member if they don’t make their payments on time, plan your budget accordingly to always make your payments as promised.
Pay Maintenance Dues and Fees
Next, in addition to regular timeshare payments to enjoy use of your vacation unit for a set amount of time each year (usually 1-2 weeks according to your membership contract), timeshare owners also have to pay maintenance dues. Maintenance fees are used to keep each resort looking great and in perfect condition for your visit. When timeshare owners don’t pay maintenance fees, delinquent fees will be added to their bill along with interest accruing as well.
Additionally, members are not allowed to use their vacation unit if they are late on regular payments or maintenance dues. If a timeshare owner continues to fall short on meeting their financial commitments of owning a timeshare in Mexico, debt could even be sold to a collection agency. Collection agencies can be aggressive in their attempts to collect which could be very stressful, so always make sure to make your timeshare payments on time.
Avoid Timeshare Cancellation Scams
Lastly, there is another risk that comes with not making your timeshare payments on time. Sometimes, existing timeshare owners can be duped by timeshare cancellation companies that promise false hopes to members who want to cancel their timeshare. Timeshare cancellation scammers will promise they can cancel their timeshare, but the truth is timeshares can only be canceled during the rescission period, or cooling off period, that occurs just after a new member contract is signed.
After that time period passes, no company, lawyer, or person can cancel a timeshare contract because it is legally binding! Despite this fact, some scammers will try to prey on existing members by charging an upfront fee, then they will vanish without providing a service. Remember, once the cooling off period has ended, no company or person can cancel the contract. To stay safe, only work directly with your provider to avoid timeshare cancellation scams.
You now know what will happen if you default on your timeshare membership, so always make your timeshare payments on time. If not, you could ruin your credit score or even foreclosure proceedings can occur as well. If you are looking for a legitimate and genuine timeshare provider, then you should contact us at the Villa Group.
We have 10 stunning resorts in Mexico’s top tourist destinations including Cabo San Lucas, Cancun, Puerto Vallarta, Riviera Nayarit, and the Islands of Loreto. Contact us today to learn more! We also have a unique Beachfront Rewards program where members earn Rewards Credits each time they refer a friend or family member to join.
Then, Beachfront Rewards can be used to upgrade accommodations, at the spa, at on-site restaurants, or even to pay timeshare maintenance dues. Contact us today to book a vacation to Mexico and stay with us at the Villa Group!
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