Timeshare debt can become a burden for many people. If you have a timeshare, chances are you are paying maintenance fees as well as other expenses. Even if you plan to use your timeshare regularly, you might find yourself struggling to make your payments. This can lead to late payments, levies, and judgments. Your credit report will also be affected.
One option to help with your timeshare debt is to look into a personal loan. These loans are often offered at a lower rate of interest than a timeshare mortgage, but you’ll need good credit to qualify. You can also opt to take out a home equity loan. Using your home as collateral allows you to get better terms, such as higher loan limits. The interest on these types of loans may be tax-deductible.
Another option is to hire a timeshare exit company. Companies like Aspen National Collections can help you to get rid of your timeshare obligation. During your initial consultation, they’ll help you determine if you have a case for timeshare debt. They also have a team of attorneys and dispute specialists that can help you with your case.
The best way to prevent getting into trouble with your timeshare is to make sure that you stay current on your payments. Timeshare resorts often try to garnish wages and levy bank accounts to collect past-due money, but they can’t do this without a judge. By remaining on top of your payments, you can help repair your credit score.
You can also try to sell your timeshare. If you have a right to use the property, you can often sell it for more than you owe. However, if you own a deeded timeshare, you’ll have to go through the foreclosure process. In addition, you’ll be unable to rent out the unit, check in, or even stay there. Foreclosure can affect your credit, which can make it harder to purchase a new timeshare or make a payment on a existing one.
Wesley Financial Group, LLC is a debt elimination firm that specializes in eradicating timeshare debt. Founder Chuck McDowell was a former timeshare salesman and decided to leave the industry to fight for consumers. With Wesley Financial Group, you can cancel your timeshare agreement in 300 days or less.
Before you decide to pursue a loan, it’s important to consider whether you’ll be able to pay back the amount you owe. Many times, you’ll need a high credit score to obtain a timeshare loan, and some lenders will require collateral. Other types of loans, such as private personal loans, can be easier to qualify for. But be wary of those that charge high rates.
Getting out of timeshare debt isn’t easy, but it’s possible. If you’re struggling to make your payments, it might be worth considering a debt elimination company. Depending on the situation, you might be able to get your timeshare canceled or forgiven. It could save you a lot of stress and frustration.