A deeded Timeshare is usually in perpetuity, meaning you will be liable for maintenance fees indefinitely and even at the end of your life this responsibility will be passed down to your children to contend with.
Your children could be left with the burden of taking over all the associated and ongoing costs. It is very likely that your family will be pursued for legal costs if they chose not to pay the fees, regardless of if the property is still used or not.
Non deeded Timeshare is usually a points based membership and is a bit more flexible in terms of terminating the agreement, as you don’t physically own an asset and you are only walking away from a membership contract. However, the resort can (and usually will) still pursue the collection of payments due or seek recompense for loss of income. The unpaid fees are usually sold to debt collection agencies who can be very persistent and unpleasant with the manner in which they attempt to ‘collect? Their money.
Remember, there is always a possibility of your credit rating being affected. If you are finding yourself in this situation, contact Claims Solution Group
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