Get help with your timeshare. Call now.

How Can I Get Rid of My Timeshare Without Damaging My Credit?

If a timeshare is draining you of cash, it might be time to terminate your vacation ownership. This is not a new phenomenon. Unhappy owners are all too common, regardless of whether they have to pay annual maintenance fees or receive inexcusable service.

You may be concerned about damaging your credit if you have reached this crossroad as a timeshare owner. Most likely, you have many questions. You might be asking yourself questions like, “Can cancelling my timeshare affect my credit score?” or “Is there a way to get rid of the timeshare burden without destroying my credit?”

Does my credit report show a timeshare?

One of the first questions you will probably ask is whether your timeshare appears on your credit report. Timeshare companies report your payment history only to credit bureaus if there are any outstanding mortgage payments or annual fees. Your credit should not be affected as long as your timeshare payments are made on time.

It is important to note that if you wish to cancel a timeshare you must continue to make payments until the cancellation is complete.

What if I stop paying the timeshare company?

Owners often ask us what happens if they suddenly stop paying their timeshare fees. Owners would be happy if they could stop paying their timeshare fees without any consequences.

Owners are required to pay these fees for life. You run the risk of your timeshare account being sent to a collection agency if you stop paying. You can expect to receive harassing and frustrating phone calls trying to collect your debt.

Timeshare developers may threaten to foreclose owners who refuse to pay their rent and continue to hold out.

How can a timeshare foreclosure impact my credit score?

Although a timeshare foreclosure will not permanently ruin your credit, it can have lasting and immediate effects on your credit score. Here are three ways a timeshare foreclosure could affect your credit.

  • Your personal credit score will be lower
  • Credit reports and credit history are kept for up to seven years
  • Your ability to qualify for credit opportunities could be negatively impacted

These are the challenges you will face if you decide to stop making payments to your timeshare company.

How to Get Out of Timeshares Without Harming your Credit?

After we have discussed the potential drawbacks of selling a timeshare, let’s now look at the options available to get rid of it without destroying your credit.

To save your credit score, you must continue to pay your timeshare mortgage and maintenance fees until your timeshare is terminated and verified. It doesn’t matter where you are at the exit process, it is important to keep up-to-date.

It is important to be aware that timeshare cancellation fraud is a serious problem. Timeshare owners who worked with scam companies can have their credit scores ruined. These scams are becoming more common. Before you put your finances at risk, it is important to research who you are working for.

Top 4 Exit Methods for Timeshare Owners

You will discover many ways for owners to get out of the timeshare company’s grip without ruining their credit rating. We have already researched the best exit options for timeshare owners and found them to be reliable. These are the best exit methods for timeshare owners.

1. Cancel during the rescission period

Before you look at other options, first check if you are still within the rescission or cooling-off period. This is the brief time period after your timeshare purchase during which you can change your mind and walk out of the deal.

Timeshare rescind periods are notoriously short. Buyers have only three to fifteen days to cancel depending on the state in which the timeshare was purchased. If you are able to cancel your timeshare within the time frame, you will need to send a cancellation letter to the resort. To determine if this is an option for you, review your timeshare paperwork and the applicable state laws.

2. Talk to the timeshare developer about buying back the property

Even if you miss your chance at rescission it is still worth reaching out to the resort owners. Although most timeshare companies don’t tend to buy back properties, it does happen occasionally. Credit damage can be avoided by returning ownership to the original developers.

This option requires that you convince the timeshare company to purchase your property back. It’s worth it. This is a great way to save money and protect your credit score. To find out if this option is available, contact your vacation resort today.

3. You can list it in the timeshare resale marketplace

Every timeshare owner has considered it: why not resell your timeshare? This shouldn’t affect your credit score. First, find out if your unit is eligible for resale. Owners with a mortgage on their timeshare won’t be able to proceed with this method until they pay it off.

You should be aware that if you are able to enter the timeshare resale marketplace, the chances of your timeshare being valued at any significant amount is slim. Owners who want to recoup all their investment should reduce their expectations. Your main goal when selling your timeshare is to not only make back the initial amount but also to avoid additional expenses.

4. Work with a Reputable Timeshare Exit Company

You don’t have to do it all alone, when you can have a whole team of experts supporting you. This is what it’s like to work with a timeshare cancellation firm. Timeshare cancellation is an emerging business venture. It is made up of companies that have a humanitarian outlook and a desire for helping those who have been affected by the timeshare industry.

Look for an exit company that has a proven track record of cancelling timeshare agreements and has a strong history. There is always the possibility of being scammed into believing you are getting help from a new industry. Don’t let the timeshare scam you were already swindled into signing another agreement.
We are able to help you find the best exit companies.

 

Add A Comment

We're glad you have chosen to leave a comment. Please keep in mind that all comments are moderated according to our privacy policy, and all links are nofollow. Do NOT use keywords in the name field. Let's have a personal and meaningful conversation.

Get help with your timeshare.

Categories

Follow us

©2021, My Timeshare Advice. All rights reserved.

My Timeshare Advice is a review website. All opinions are our own.