Timeshare debt is a very common problem that many people are facing. This type of debt can cause you to feel trapped, hopeless and ultimately have your credit destroyed. If you have this type of debt, there are several things that you can do to try and get out from under it.
First, you should contact the company that owns your timeshare. They may be willing to help you get out from under the burden of your timeshare by cancelling your contract. This option can be successful, but it is important that you have legal advice and guidance before attempting this option.
You can also talk with a financial counselor who is familiar with your specific situation. They can help you understand the best way to deal with your timeshare debt and determine if bankruptcy is an appropriate solution for your situation.
If you decide to file for bankruptcy, your credit scores will likely take a hit. This is because timeshare companies report any missed payments to credit bureaus. Your FICO credit scores can fall by up to 100 points.
In most cases, it is best to work out a payment plan with the timeshare management company that owns your vacation property. However, this can be a very difficult task. It can take a long time and there is a chance that you will not be able to pay your bill in full.
Another option is to hire a timeshare debt relief agency. This will be an experienced company that will help you get out from under the debt and have your credit restored.
These agencies can also help you negotiate with the resort to lower your monthly payments or even remove some of your fees. Then, you will be able to use your vacation property again without having to worry about the debt.
Alternatively, you can try to convince the resort to buy your timeshare back. This is a more expensive option, but it can be successful in getting you out of debt and back to enjoying your vacation property.
You can also try to sell your timeshare for a fair price. This can be successful in getting you out of debt, but it can be very stressful and time consuming. It is advisable to seek legal advice to ensure that this method will be successful and won’t damage your credit score.
Finally, if you have no other option for resolving your timeshare debt, it is highly advisable to speak with a timeshare cancellation firm like Wesley Financial Group. This company specializes in helping people with their timeshare issues and has been a leader in the industry since 2011.
They have successfully helped thousands of people get out from under their timeshare agreements and have been able to help them restore their credit. They have offices in Las Vegas, Nevada and Franklin, Tennessee. They have a highly educated staff that will be able to help you with your situation.