Annual maintenance fees can be hard to keep up with year after year. Many timeshare owners are under the illusion that you are able to stop paying your maintenance bills and in turn the problem will disappear. The decision to stop paying is risky business and will sooner or later bring repercussions.
About the fees
The fees are in place to cover general upkeep of the amenities, management services and property insurance. At the time of signing your timeshare agreement, you will have been informed of how much your annual maintenance fees will be and around what time of the year that letter will fall through your letterbox. The problem is that you may have originally been happy with the amount as it only comes around once a year. But the fees have a steep inflation rate and the resorts aren’t shy on increasing the amount of money they get to demand. Over time this bill can become a huge struggle.
Failure to pay
Failure to make complete and on time payments can lead to paying further interest or late fees. Your resort will have a specific policy on this area or it will state the possible consequences in your contract. If you have outstanding maintenance bills you will not be allowed to make use of your timeshare property or the resort at all.
Court action and collection agencies
It is an extremely common misconception that you can just stop paying your maintenance bills and it will all be fine. You are not hidden; these resorts are playing the game. They will let you rack up your debts so that they can come after you for a larger sum. There are procedures to be followed legally but in essence the worst and final outcome could land you with bailiffs at your door.
The way to stop maintenance fees for good
The only way to legally stop paying those unforgiving maintenance fees and protect your bank balance is to properly exit from your timeshare. It is not an easy situation to get yourself out of but with the right advice and in some cases legal professional on your side you may find yourself timeshare free. It is possible that you could even be entitled to a claim if you hit certain criteria that may mean you have been a target of timeshare mis-selling.
For more information on this do not hesitate to contact us.
Is relinquishment an option with unresolved maintenance fees?
Although it is generally advised to have no maintenance fees in arrears, it is different in each circumstance dependant on your agreement and who with. There is no black and white answer to this question but you can rely on our advisers to strive for the ideal terms of negation.
