Timeshare Maintenance Fees. A necessary evil or financial drain?
Timeshare maintenance fees
For everyone that has a Timeshare, they know that part and parcel of having it comes with yearly Timeshare maintenance fees that have to be paid. But are you benefiting from these charges?
As everyone knows, the world shut down in 2020, streets were bare, bars empty and animals roamed wilder than ever before. Lives were changed, halted and lost.
However, even with the global turmoil and upheaval, were you asked to pay your Timeshare Maintenance Fees? If you were, you are not alone as, according to the age old saying, the love of Money is the route of all evil, and nobody loves money more than a timeshare company!
Now, we know, as with everything there are two sides to every story and these fees, when used properly, are meant to keep the resort looking pristine and in perfect working order. These fees help pay for staff who work there, insurances for the resort, repairs and general day to day upkeep. But if you can’t travel there, do you mind if the grass in the gardens is cut or the pool is kept in working order?
Many people try to stop paying their fees which is not the way to go with the Timeshare companies. If you feel they are too much, you can’t or don’t want to pay them then addressing the situation with the company or a third party expert is much more beneficial. Many people say that they stopped paying and nothing happened, but who knows when the postman knocks the second time with a letter what might be inside it.
Timeshare companies don’t chase one or two missed payments, they let it build, knowing they have time on the side. Once they do come for your missed payments, you could be looking at a very hefty bill, including interest and even legal costs.
Also, while you are not paying your maintenance fees, your credit rating can be damaged. These are, however rightly or wrongly, contractual demands that you have signed up for. However, as with any contract, the small print can leave you reeling. While you don’t or won’t pay your timeshare fees, the resort report each missed payment and, with perpetuity agreements, you can not only be leaving your children a timeshare but also a very nasty bill to go with it.
In the last couple of years, Resorts have started trying to look for ways to “resolve” ownership’s and missing maintenance fees. By offering to allow you to hand back the timeshare, for of course a fee, they say that you can get out of your obligations, all it costs is one last pound of flesh.
Yes, you may well have the opportunity to hand it back, and for less than you “owe” in maintenance fees, but don’t forget that small print hiding within the contract! Many times, doing this will leave you clear, but you will also be giving up any right you may have for compensation, in case the timeshare was mis-sold to you in the first place.
Any offer that seems too good to be true often is and a timeshare company trying to help you when it comes to the almighty dollar, just may be one of those instances.
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