Timeshare debt is usually a debt incurred by someone who purchased a timeshare. It can be difficult to get rid of if you are not knowledgeable of the process. However, there are options available. Getting a personal loan or selling the timeshare are two ways to relieve yourself of the burden. You may also consider using the services of a timeshare cancellation company.
If you are unsure about whether or not you should pursue a personal loan or sell your timeshare, it is a good idea to do your research. Depending on your credit score and the timeshare company, you may be able to secure a low interest rate or a larger loan. Regardless of the financial option you choose, you should always be sure you are getting the best deal possible.
Whether you decide to take out a loan or sell your timeshare, it is important to make sure you are making your payments on time. Missing or late payments can negatively impact your credit and result in liens and judgments. Having a foreclosure on your credit report can be disastrous. In addition, it can have a negative effect on your ability to rent your property or purchase a new home.
When you have a timeshare, you must also pay maintenance fees. These fees are meant to protect the timeshare and its amenities. They can range from $100 to $1,000 per year. If you miss a payment, your maintenance fee may increase. This can lead to a lien on your deed, which will prevent you from renting your timeshare. While this is not as bad as missing a mortgage payment, it can still have the same effects.
Sometimeshare resorts will subcontract debt collection to a third party. These companies are not officers of the court. Although they do not have the legal authority to collect the money on your behalf, they will maintain a relationship with you and your creditors.
Other timeshare companies do not offer these options. Instead, they may try to levy your bank account. Not only does this hurt your wallet, it could cause your timeshare to go into foreclosure. Once a foreclosure is placed on your credit report, it stays there for seven years. Fortunately, you can avoid this problem by filing for bankruptcy.
When looking into a private loan or a timeshare cancellation program, be sure to read the fine print carefully. Many lenders have high interest rates and long repayment terms. Even if you are able to find a lender with a low interest rate, it is important to keep your financial obligations current. The longer you remain current, the better your chances of repairing your credit.
If you need help with a timeshare, you can reach out to Wesley Financial Group, LLC. Wesley Financial Group is a leader in the industry, and they have helped thousands of consumers get out of timeshares. With offices in Nashville and Las Vegas, they have the experience and expertise necessary to provide a complete timeshare cancellation.