Overcome the annoyance of having to pay for something we know isn’t worth it. At their worst, timeshares may be a major financial drain. Maintenance payments for timeshares seem to always rise, while the value of what you get in exchange remains constant or falls with age. So, if you’re thinking, “What happens if I quit paying my timeshare in Florida?” we understand.
The temptation to stop paying is strong, especially if you don’t think you can afford it. It would be wonderful if you could simply walk away from the situation and never have to deal with it again. After all, if you halt paying for your timeshare, the only thing that will happen is that you won’t be capable to use it again. You’re probably thinking to yourself, “No sweat off my back.” After everything you’ve been through with it, the place could drop into the water and you wouldn’t mind. If you are thinking how to cancel my timeshare, you can hire an experienced timeshare attorney in Florida.
Timeshare firms aren’t foolish. When they market these pricey things to those who can’t afford them, they know exactly what they’re doing. They also understand that the majority of customers will not get good value for their money. So it’s obvious why so many individuals in Florida and elsewhere want to stop paying for their timeshare. But don’t make the mistake of believing that if you stop paying, the timeshare companies would simply disappear.
If you’re wondering, “What happens if I don’t pay my timeshare?” Here’s a rundown of what to expect.
Step 1 – The timeshare firm is likely to communicate with you in some way. Thousands of people are late on their maintenance fees every month. People are late all of the time, just like they are at any auto dealership, bank, or mobile phone provider.
Step 2 – Once you’ve been late for more than a month, things start to get serious. The Timeshare Corporation normally assigns you to the collections department. Representatives will begin phoning you and requesting information about your payments.
Step 3 – As you fall deeper into default, your timeshare business will increase the pressure with mailers, phone calls, emails, and other communications. They will eventually sell your account to a collections agency, generally after six months.
Step 4 – Collection agencies are smaller businesses that aren’t as concerned with compliance. They don’t work for a major corporation with a strong brand or reputation to protect. These companies will buy your account balance for pennies on the dollar. They know the majority of people aren’t going to pay at this stage, so when they get you on the phone, they’ll press you even more.
Step 5 – As your account and what you owe get moved around on the secondary debt market, you may receive calls from collections agencies for years. The frequency of the calls will decrease as you move further out, but they will still occur. If you need a timeshare cancellation in Florida, hire an experienced timeshare attorney in Florida from The Law Offices of Susan M. Budowski, LLC.