Diamond Resortz asking for voided check

[Lena Purtu]

Hello everyone!
I used to be with Monarch Grand Resorts but it went bankrupt and got bought out by Diamond Resorts. I recently used my points to go to Cabo and loved my resort (Cabo Azul). While there, I went to a workshop where I agreed to take another loan to officially transition over to Diamond (it required the purchase of more points, as Diamond has a minimum). I didn't have my bank info on me, so they insisted that I send a voided check to them within 14 days. I'm slightly hesitant and confused as to why it could be so necessary. Does anyone know what would happen if I didn't send it? My account should still show a balance that I'm responsible to pay off, I'm just having trouble understanding why I need to provide bank information. It didn't dawn on me to ask at the workshop because I got stuck signing a million pages while this incredible beach waited behind me, I was ITCHING to get out of there.

Anyway, just thought I'd ask, thanks for your time!

-Lena

 

[Lena Purtu]

Sorry guys, just realized I typed Diamond "Resortz"

 

[TUGBrian]

ouch, hope you are still within your rescission period and can cancel!

you can have your choice of DRI points ownerships on the resale market for free.

 

[JohnPaul]

Typically they want your bank info to do an automatic draft from your account for the monthly payments. In many cases, you agree to that for a lower interest rate. They want a voided check to make sure you get it right.

 

[Lena Purtu]

ouch, hope you are still within your rescission period and can cancel!

you can have your choice of DRI points ownerships on the resale market for free.

Thanks so much for your reply. I already signed a bunch of paperwork for this loan, not sure if it's possible to cancel at this point? I signed on the 18th or 19th.

 

[Lena Purtu]

Typically they want your bank info to do an automatic draft from your account for the monthly payments. In many cases, you agree to that for a lower interest rate. They want a voided check to make sure you get it right.

Thank you very much for your reply. Even with automatic drafts, the interest rate is 17% is it possible for that to rise if I don't provide bank details??

 

[TUGBrian]

yes sadly, you are well out of your rescission period at this point if you signed that long ago in nearly all states...but it never hurts to try!

look in the contract and follow the instructions to rescind, maybe you will get lucky! its known to happen!

 

[Lena Purtu]

yes sadly, you are well out of your rescission period at this point if you signed that long ago in nearly all states...but it never hurts to try!

look in the contract and follow the instructions to rescind, maybe you will get lucky! its known to happen!

Well, technically I signed in Mexico, does that count? The company is in Florida, though, so I assume the same rules would apply. I'll look into it, thank you!

 

[TUGBrian]

chances are the rescission instructions mention you to mail the letter to an address in the US...but whatever it says follow it to the letter! (itll also mention how long you have to cancel).

note they like to hide this info...so read it carefully until you find the paragraph for cancelling!

 

[Lena Purtu]

chances are the rescission instructions mention you to mail the letter to an address in the US...but whatever it says follow it to the letter! (itll also mention how long you have to cancel).

note they like to hide this info...so read it carefully until you find the paragraph for cancelling!

Just out of curiosity, are you against timeshares in general? or DRI?

 

[breezez]

Just out of curiosity, are you against timeshares in general? or DRI?

Timeshares are great - People here just don't like over priced developer ones when you can buy same thing resale for thousands less or get for free and many DRI resorts are just that free! If your rate is 17% you will more than likely pay double what ever the contract cost. Sorry to break the bad news too you...

 

[Lena Purtu]

Timeshares are great - People here just don't like over priced developer ones when you can buy same thing resale for thousands less or get for free and many DRI resorts are just that free! If your rate is 17% you will more than likely pay double what ever the contract cost. Sorry to break the bad news too you...

That's alright.... gotta learn somehow May I ask how people get DRI resorts for free??

 

[TUGBrian]

they get them for free because they have no resale value..and owners who want to sell them are forced to give them away.

you can find countless DRI intervals on the resale market for nothing.

 

[Lena Purtu]

Oh man, thats

they get them for free because they have no resale value..and owners who want to sell them are forced to give them away.

you can find countless DRI intervals on the resale market for nothing.

Oh man, that's a pretty hard pill to swallow

 

[TUGBrian]

indeed it is...its the very reason why the most commonly used comment on TUG is "I wish I would have found you before I bought my first timeshare".

this is why you really dont have anything to lose by TRYING to rescind using the directions.

 

[Talent312]

17% interest = highway robbery. They were laughing all the way to the bank.

If you give your bank-info to anyone, except maybe a local utility, you sign away control over your finances and allow these weasels to take you for every last penny. That said, I have many recurring bills that are charged to a CC, but that makes it my choice as to when & how to pay them... not theirs.

To find resales, look here in the Bargain Deals section or in the TUG Marketplace, and check out Redweek and e-Bay closed auctions for Timeshares.

When peep want out, it's too late to rescind and they can't sell due to the loan, many try to work a settlement with the seller and failing that, let their loans+MF's go to collections and take the hit to their credit rating. Given that they shorted you, there's no reason not to short them.

 

[mbinpa]

I do not find a high interest rate a problem IF you can immediately pay off the loan within a billing cycle or two. Assuming you are going to honor the debt (maybe, maybe not) you should find a cheaper source of cash. If possible you can try a personal loan through your back or even a home equity loan. 3-5% is a heck of a lot better then 17%.

 

[HudsHut]

That's alright.... gotta learn somehow May I ask how people get DRI resorts for free??

Search ebay item # 182554193560
Not my ad, just giving an example of a $1 DRI points ad

I wholeheartedly agree that you should place a letter of rescission in the mail today, and hope for the best.
You own your Monarch. You can get into the timeshare that you enjoy. You do not need to convert/add more Diamond points at outrageous prices. Timeshares are optional luxury items - never take out a loan to purchase them.