Get Out of Your Timeshare
If you own a timeshare, you must know that you need to pay an annual fee to continue using it, an annual maintenance fee. Unfortunately, you are asked to pay this annual fee in the month of January, just when you are getting over with the hectic frenzy associated with the holidays.
However, as the dust sets in and January ends, the first thing that comes to your mind is whether or not you’ve paid this year’s timeshare annual maintenance fee.
What happens if you don’t pay your timeshare maintenance fee?
If you miss paying your annual maintenance fee, this can have serious repercussions. This is because your maintenance fee is used to meet the day-to-day operation of the resort. When you fail or miss to pay this fee, this leads to collection efforts from the management company.
As per the SFGate notes, these consequences generally come up in the following ways:
- ‘Demand’ or ‘Past-Due’ letters
- Harassment by various collection agencies
- Legal actions in case of failure to pay
Moreover, further consequences depend on how long you delay in paying your fees. The consequences may even hurt your credit score. All of these consequences are intended to goad you into paying your maintenance fee on time.
As per the American Resort and Development Association – ARDA;
In 2015, the average maintenance fee was $920/year. Assume this average fee being paid over the course of 20 years and that would amount almost $18,500. The estimate does not take into account the fact that the fee rises every year.
This still doesn’t include the original purchase price of the timeshare. According to the ARDA, the sale price (average interval) was around $22,240 in the year 2015. When you add up the average maintenance fee and average interval sale price over the period of next 20 years, it comes out to roughly $40,000. Needless to say, this is the amount you end up handing over.
How to pay minimum maintenance fee?
As a timeshare owner, you are responsible to pay your annual maintenance fee, but you can avoid paying this in the future by getting out of this ownership completely. Once you successfully shake off your timeshare, you obviously don’t need to fulfill the responsibilities that come with the timeshare ownership.
However, before you decide to get out of timeshare successfully, you need to get the right advice to know all your possible options. Get your ownership properly reviewed and don’t make any impulsive decisions about your timeshare ownership before speaking with Timeshare Freedom Group.
Call us to begin the process of getting you out of your timeshare!