Protecting Your Credit Score
Timeshare contracts are legally binding both in Mexico and in the US and Canada. Numerous timeshare consumers do not take the time to read the timeshare carefully because they are on vacation, and often think that a contract signed in Mexico will not leave them with any repercussions to their credit score in their home country if they default on the payments. With these difficult economic times, many people who thought that they could afford a timeshare 5 years ago, have been put in a situation where it is difficult to meet all the monthly expenses, let alone pay for a timeshare that was sold under fraudulent premises. Unfortunately, thousands of timeshare owners get reported to the credit bureau each day due to defaulting on their loans or maintenance fees to the timeshare resorts after not realizing that their contract was legal and valid in their home country.
You may ask, if the resort is located in Mexico, how can they affect my credit score in the US or Canada?
The timeshare resorts spend millions of dollars on ensuring that their written contracts are legal and binding for all their international clientele, but particularly their American and Canadian consumers. They will do everything in their power to protect their interests in getting the money from the timeshare buyer, even if the services promised to the clients were lies and misrepresentations offered verbally by the salesperson. Several Mexican timeshare companies have offices in the US, that allow them to collect on loans internationally. Other resorts sell their debts to collections agencies in the US and Canada that are in charge of ensuring that the loans are paid in full. As the collections agencies are located in the US and Canada, they do have the legal ability to affect client´s credit scores if they miss a payment, are late on a payment, or simply decide not to pay because they feel they were a victim of a timeshare scam. These collections agencies are extremely persistent in their attempts to recover the money from the timeshare owners. They will call at all times of the day or night, to their home, work or cell numbers. They will also send countless emails and letters trying to collect. Many timeshare owners will pay off their debts, even if it is a timeshare scam, in order to ensure that their credit score remains intact as they are worried about the future of their financial health and their ability to borrow. In this scenario, the timeshare company has won the battle, as they have all the client's money, and often to not live up to their end of the contract.
Now that you know how the resorts can affect your credit score, you may ask, how can I resolve my problem of the debt I owe to the timeshare scam resort, as well as the annual fees that arrive every year?
There are three options for people who want to stop paying their timeshare, however, only one option is a safe way of protecting yourself and your credit. The first and most extreme option is to file for bankruptcy. This is a potentially very damaging act as it will affect your ability to borrow for a minimum of 7 years. This can inhibit your ability to purchase a home, a car, education, and many other things that are necessary to having a comfortable and enjoyable life. A second option is to try to rent or sell the timeshare. This is a very risky option because there are many rental and resale agencies that charge upfront fees for the service, and then never rent or sell the timeshare. The client is left with the payments, and has lost another amount on the listing fee. Some fortunate timeshare owners are able to rent their weeks privately on Ebay or Redweek, however, they earn pennies on the dollar, and often rent or sell for less than the cost of the annual maintenance fees or resale transfer fee imposed by the resort to change the title. The only safe option is to cancel your timeshare membership. By cancelling your timeshare contract, the agreement becomes null and void. This is not the same as renting or reselling your timeshare to another person who will realize that the timeshare is a scam. This is a way of removing all legal rights that the resort has to the timeshare owner by cancelling the agreement all together. Our staff at Mexican Timeshare Solutions specialize in cancelling timeshare contracts, and whenever possible, recovering the money that the timeshare scam victim originally paid.
If you do not want to pay another penny into a timeshare scam, but are worried about your credit rating, contact Mexican Timeshare Solutions today for a free consultation. We can help you to cancel your Mexican timeshare contract and all corresponding financial obligations so that you are free of your timeshare for good. Don't hesitate, protect your credit score today!
