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Learn the one solution that will stop those collection letters from the timeshare resort for good, as well as protect your credit rating.
Timeshare contracts are legally binding in Mexico, the USA and Canada.
Numerous timeshare consumers do not take the time to read their contract carefully because they are on vacation, and they 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 five 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.
Can a Mexican timeshare ruin your credit 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' credit ratings if they miss a payment, are late on a payment, or simply decide not to pay because they feel they were victims 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 fail to live up to their end of the contract.
How can I cancel my timeshare as well as the annual maintenance fees without affecting my credit rating?
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, an 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 Red Week; 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 canceling 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 canceling the agreement all together.
Our staff at Mexican Timeshare Solutions specializes in canceling timeshare contracts and, whenever possible, recovering the money that the timeshare scam victim originally paid.
If you do not want to pay another penny for a timeshare that deceived you, but are worried about your credit rating, contact Mexican Timeshare Solutions today for a free consultation.
We can help you 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!
To receive more information about how to protect your credit score and how to cancel your timeshare, send a WhatsApp to +52 1 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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A Mexican timeshare can ruin your credit if you're not careful. I learned this the hard way with a timeshare company in Mexico. They promised us the world during the sales pitch, but once we signed, it was a different story. They even threatened us with legal action over missed payments we never agreed to!
Can timeshare ruin your credit? I stoped paying the maintanance fees of my timeshare many months ago because I'm in the process of cancelling my contract, but I'm really worried about my credit. Can somebody tell me what can happen?
Was a terrible idea get a timeshare, i think is the most annoying thing that can exist on the world seriously ,i have tried many times to cancel my contract and seems impossible to do that , please first do a research before buy a timeshare
My wife and I went to Puerto Vallarta Mexico last weekend for a few days and as soon as we landed and finished immigration we got to a room full of people selling timeshares. This was inside the terminal. As soon as we cleared immigration we were hoarded by a bunch of people inside the terminal asking for cabs and we said no thank you. There were a lot of people offering margaritas which we declined. Then there were a couple of people who were like we will call your car rental company and pulled us to the desk(They all had airport badges). They asked what the company are we renting the car from and I told them who I was renting from and they directed me to a guy at a counter. All this while I was thinking these are officials. So while we were waiting, they asked us where we were staying and gave us a map of the place, recommeded things that we should see, and also bought up a place very close to our hotel saying this is a place you should check out. He said this is a new place and we are doing this for advertisement so if you like the place you can recommend it to your friends. This should have raised flags for us. The guy went into details about different excursions and then asked if we were interested in a hotel tour that included a free massage+ second massage at half cost + a free excursion for two. We had to put down a holding deposit of $80 ($40 refundable when we showed up and $40 for the second massage). At that time I realized the guy will be selling us a timeshare when he gave us the receipt which stated no obligation or purchase required. They also had the general questions such as married, carrying ids, major credit cards, both employed. I had already given the guy the money and I was too tired to argue and get the money back (1 connection + 5 AM start got over me). So I was like what the hell I will just go to the timeshare thing and firmly keep saying no. We were scheduled for a tour the next morning where the guy was supposed to meet us outside our hotel. In the night about 9:30 the same guy called our hotel and asked my wife if everything was ok and how are we liking the place and stuff. That freaked her out and she said we are not going. He called us the next morning also when we were scheduled to meet him and we didnt pick up.
I know I am out the $80 but was wondering if there is any way to get back to them. I know it is a lesson learned but this is not something that someone has to go through. They wasted 1 hour of my time at the airport and called the same evening at the hotel room. I paid cash for to the guy and have a receipt. Should I just reach out to the place selling the timeshare? Any creative ideas? Icing on the cake would be they would refund my money!
I have a Timeshare. I want to seel it but can not. I do not use it and never will.
Many vacationers become victims of timeshare scam by signing unfair timeshare agreements!!
Many vacationers become victims of timeshare scam by signing unfair timeshare agreements!!
Timeshares are a terrible, terrible idea. My in-laws are in one of those “point” programs. What they don’t tell you is the points depreciate (or the number of points needed inflates) each year. So where you could get a nice 1 week vacation now you can only get a decent two night stay.
I’m not sure if they have found a way to get out of it, either. The contracts are ridiculous and essentially say you must stay with us forever or pay an enormous cancellation fee.
I bought and timeshare about 8 years ago and it was the biggest mistake of my life. I still have it and can’t sell it but I pay $908 in fees every year. Stay far away from them.
I finally learned what a timeshare is.
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