Generally speaking, stopping payments on your timeshare or related fees can result in collection efforts by your resort, which could damage your credit for years to come. You could incur interest and penalties on what you owe, and then the collection calls can start. If you still refuse to pay your bills, the resort may do any number of things to collect, including, in worst-case scenario, putting a lien on your property. Ultimately, the resort could foreclose on the timeshare—damaging your credit and impacting your financial future.
For these reasons and more, no one should stop making timeshare payments without first having Personal Legal Representation. Doing so is a major problem in the exit industry. There are many instances where the lawyer giving advice actually represents the exit company and not the timeshare owner. In such a case, the lawyer has a fiduciary duty to do what’s best for the exit company and not the consumer.
Newton Group doesn’t operate that way—our clients are protected with personal legal representation. Should you choose to stop making your timeshare payments, having legal representation advances certain protections, including those granted by the Fair Debt Collection Practices Act (FDCPA). Under the FDCPA, consumers are protected from abusive debt collectors attempting to collect on certain types of debt, such as mortgages. For instance, a debt collector is not permitted to contact you once the debt collector is aware you have retained an attorney. This is just one of the reasons you should have personal legal representation before stopping payments.