Has anyone figured out that Club Wyndham Plus (CWP) collects the Property Owners Assessment for a resort you add to CWP a full year in advance if you elect to pay yearly? So if you pay what they call 2010 assessment, it is actually to pay your 2011 Property Owners Assessment. It took me close to two months and finally found someone who explained it to me. The one thing they have not been able to answer is whether the POA fee is held in an escrow account? Has anyone found out if this is the case? If it is just put in their operating account, I fear I could be out my advanced payment should they run into financial difficulty and sell off my resort.
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Club Wyndham Plus Assessment Fees
- Thread starter gelinasrj
- Start date
ausman
TUG Member
Yes, this done for fixed and float week point owners.
See explanation pg 391 of current Members Directory.
See explanation pg 391 of current Members Directory.
Clarification re weeks
Your document must be newer than mine. I did find reference to fees on P 353 of my document but it only states 'in advance' it does not state a full year in advance. Do you now if the POA Fees are placed in escrow to protect owners in the event of Wyndham's financial failure?
Not sure about your reference to fixed and floating weeks but I have owned fixed weeks in what is now Wyndham for over 20 years and they collect at the start of the current year - not a full year in advance.
I converted a fixed week unit to a points unit in Starwood and nothing changed in their billing. They collect in January of the current year. I get the real POA assessment plus the points system charge with no need for separate adjustments or tax bills.
Your document must be newer than mine. I did find reference to fees on P 353 of my document but it only states 'in advance' it does not state a full year in advance. Do you now if the POA Fees are placed in escrow to protect owners in the event of Wyndham's financial failure?
Not sure about your reference to fixed and floating weeks but I have owned fixed weeks in what is now Wyndham for over 20 years and they collect at the start of the current year - not a full year in advance.
I converted a fixed week unit to a points unit in Starwood and nothing changed in their billing. They collect in January of the current year. I get the real POA assessment plus the points system charge with no need for separate adjustments or tax bills.
Jya-Ning
TUG Member
It only happen if the owner convert the fix /float week to Wyndham point system.
If you purchase pure UDI contract, it is still pay on the current year. And if you have fix / float week and does not convert it, you still pay at beginning of the year for the current year. Not one year in advance.
You can ask the VOA to provide their budget and especially focus on the pre-paid MF flow.
Jya-Ning
If you purchase pure UDI contract, it is still pay on the current year. And if you have fix / float week and does not convert it, you still pay at beginning of the year for the current year. Not one year in advance.
You can ask the VOA to provide their budget and especially focus on the pre-paid MF flow.
Jya-Ning
Opting Out
Has anyone been able to opt out of the Club Wyndham points system without having to pay the following years POA assessment in advance?
Has anyone been able to opt out of the Club Wyndham points system without having to pay the following years POA assessment in advance?
ausman
TUG Member
Jya Ning explained that it happens with converted weeks.
A link to the the 2009-2010 Members Directory is :
https://www.wyndhamvacationresorts.com/ffr/member/directories/directories.do
full link "https://www.wyndhamvacationresorts.com/ffr/member/directories/directories.do"
which states the funds are escrowed.
It is possible to remove a converted week from the system but I would question why you would want to.
I did not address this from your initial post " I fear I could be out my advanced payment should they run into financial difficulty and sell off my resort". They can not sell off your original resort, simply put, they do not own it, you and the other timeshare owners do.
A link to the the 2009-2010 Members Directory is :
https://www.wyndhamvacationresorts.com/ffr/member/directories/directories.do
full link "https://www.wyndhamvacationresorts.com/ffr/member/directories/directories.do"
which states the funds are escrowed.
It is possible to remove a converted week from the system but I would question why you would want to.
I did not address this from your initial post " I fear I could be out my advanced payment should they run into financial difficulty and sell off my resort". They can not sell off your original resort, simply put, they do not own it, you and the other timeshare owners do.
Correction to Sell Off comment
I may have used the incorrect term 'sell off'. I did not refer to the actual physical property. I meant the mangement of the resort. It has hapened in the past. There are resorts that have been transferred to other companies. PGA Village (not sure if that was the real name but was located in the PGA complex) in St Augustine is a recent example. Was run by Vistana and when Starwood bought them out, that property went to another company.
I will check your link regarding escrow but two separate calls to Wyndham yesterday and neither could answer my question.
My reason for opting out is quite complex and is being addressed with the CEO of Wyndham but in essence, I was misled at initial purchase and Wyndham failed to take steps to correct their error for eleven months. I find it difficult to work with a company who wll not eat their mistakes.
I may have used the incorrect term 'sell off'. I did not refer to the actual physical property. I meant the mangement of the resort. It has hapened in the past. There are resorts that have been transferred to other companies. PGA Village (not sure if that was the real name but was located in the PGA complex) in St Augustine is a recent example. Was run by Vistana and when Starwood bought them out, that property went to another company.
I will check your link regarding escrow but two separate calls to Wyndham yesterday and neither could answer my question.
My reason for opting out is quite complex and is being addressed with the CEO of Wyndham but in essence, I was misled at initial purchase and Wyndham failed to take steps to correct their error for eleven months. I find it difficult to work with a company who wll not eat their mistakes.
Jya-Ning
TUG Member
Yes, it has happened, and the money that supposes to be in escow has been used. Although the person goes to jail and has to pay fine, it does not enough to cover the amount, and it becomes a big mess.
If that is a concern, you should get off the timeshare that associate with Wyndham. Because even if you get out from their point program, as long as they are dealing with the that resort, and has few converted weeks, the resort will still in danager of it, and if what you are afraid happen, every existing owner will need to come up with some SA to keep the resort continue working.
Jya-Ning