Getting Sued for Not Paying Your Timeshare

It’s never a wise idea to purchase a timeshare. They’re ridiculously expensive to maintain, and there are many better ways to vacation. Moreover, depending on which state you live in, you can get sued for not making your timeshare payments as scheduled. This article will explain why owning a timeshare could be detrimental to your financial future in more ways than one.

Collections Agencies

Timeshares are incredibly expensive to maintain. Between the continued maintenance fees and skyrocketing interest rates, it’s easy for owners to fall behind on their payments. If people find themselves in this situation, their financial troubles are just beginning.

First, timeshare companies will call you excessively to hound you about giving them the money. If you’re still unable to make a payment, they’ll hand over your case to a collection agency. Collection agencies are not known for their kindness. The corporations will endlessly pester you, too. Unless you want to deal with pesky businesses hassling you for cash, do your best to cancel your timeshare before you fall behind on payments.

Court Battles

If you don’t respond to a collections agency or still can’t pay what you owe, some timeshare companies will take you to court. These courtroom battles can be costly. For starters, you’ll have to hire a lawyer to help you sort through the legal process. Most attorneys charge by the hour, so this can be a big blow to your wallet.

Also, timeshare companies will most likely win the suit. These businesses will have an expert team of lawyers by their side, so their chances of winning will be much stronger. It’s in your best interest to avoid a legal headache and cancel your Marriott timeshare before it gets to this point. Preferred Cancellation Services is a timeshare exit company that’s dedicated to helping people out of these tricky situations.

Foreclosures

Some states will skip the courtroom altogether and go straight to foreclosure. Some people may think that a timeshare foreclosure is better than getting sued. However, a timeshare foreclosure can be a devastating blow to your credit. If your credit score is extremely low, this will affect your ability to get a loan in the future. If you ever want to buy a house, purchase a car, or get a personal loan from a bank, you must never let your timeshare fall into foreclosure. Keep your financial future in mind and cancel your timeshare contract before you’re unable to keep up with the continuous payments.