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DRI points perdicament. Need some opinions.

nuwermj

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There's a US Collection, a Hawaii Collection, maybe a California Collection, maybe more?
There are nine DRI collections.

Transitions remains active. There is quota (5% of last year's sales), so the cap may have been reached this year.
 

uss2defiant

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Resciccion completed. Finally received a letter from them.

I hope this is not againat the forum rules.
Anyone can recommend a bank/personal loan to refinance they have used?

Thank you.
 
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1) A timeshare loan originating from Diamond Resorts will not have a prepayment penalty.
2) Trust the finance department before trusting the sales associate. You can check yourself: Log into your account; follow the navigation button labeled "Ownership Summary." This screen will show you each contract you have and the corresponding points.
3) You don't have deeds. You own shares of a pool of deeds. A trust fund owns the deeds and you own a share of the trust fund. Each point is a share. One can buy shares (points) in almost any block-quantity you'd like.



Never believe a Diamond sales agent. I have seen, maybe, 15 different reports about this "equity trade program" pitch out of the two Vegas sales centers (Cancun and Polo Towers). No one understands what it is or how it works. No one can reproduce the math for the savings. It's a huge, systematic fraud.
I had just went through the presentation with a "membership advisor" only a few days ago at Cancun in Vegas. The same things were said to me about restructuring and about how I would end up paying the same amount anyway. It has me going back and forth about how it could save me money when he just added an extra 6500 points to equal 30000 points which adds on an extra $1,100 and maintenance fees and another $26,000 purchasing price. He told me that he would help me to refinance my loan in order to decrease my monthly payments and now that I would have Equity it would be easier to sell. It all sounded great but different phrases also stuck in my mind about how only I would be the one to blame if I passed it up and how he is sticking out his neck for me (subliminal abusive phrases). I have a few days left before my cancellation date expires. Is it best to rescind even if I am unhappy with the payments and want to sell without equity?
 

artringwald

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DRI: The Point at Poipu, 3 deeded weeks, 1 of which is in The Club.
I had just went through the presentation with a "membership advisor" only a few days ago at Cancun in Vegas. The same things were said to me about restructuring and about how I would end up paying the same amount anyway. It has me going back and forth about how it could save me money when he just added an extra 6500 points to equal 30000 points which adds on an extra $1,100 and maintenance fees and another $26,000 purchasing price. He told me that he would help me to refinance my loan in order to decrease my monthly payments and now that I would have Equity it would be easier to sell. It all sounded great but different phrases also stuck in my mind about how only I would be the one to blame if I passed it up and how he is sticking out his neck for me (subliminal abusive phrases). I have a few days left before my cancellation date expires. Is it best to rescind even if I am unhappy with the payments and want to sell without equity?
There is no equity in owning DRI points. They're difficult to give away, and many pay $1000 to DRI to take them back. Do not be deceived. As many TUG members will tell you, rescind according to exact instructions in the contract, and don't talk to and DRI sales rep on the phone. You can't trust anything they say. Any deal they offered will still be available if you do the research and discover that you really want to buy more points. Don't wait to rescind!
 
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There is no equity in owning DRI points. They're difficult to give away, and many pay $1000 to DRI to take them back. Do not be deceived. As many TUG members will tell you, rescind according to exact instructions in the contract, and don't talk to and DRI sales rep on the phone. You can't trust anything they say. Any deal they offered will still be available if you do the research and discover that you really want to buy more points. Don't wait to rescind!
Wow...thank you for clarifying this information for me.. I actually had the nerve to be uneasy and almost believe what he said (because you are so desperate to do something about your situation you would ignore all the caution signs). I will rescind..
God bless you!
 

DRIless

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now that I would have Equity it would be easier to sell. .... Is it best to rescind even if I am unhappy with the payments and want to sell without equity?
ALL B.S. and you won't be able to sell unless it's paid off anyway and you'll then be lucky to move it for $1.00
 

Grammarhero

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Wow...thank you for clarifying this information for me.. I actually had the nerve to be uneasy and almost believe what he said (because you are so desperate to do something about your situation you would ignore all the caution signs). I will rescind..
God bless you!
You should rescind. I own Diamond. What you bought can rebought for $1.
 
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Please note that your rescission rights in Nevada include 5 calendar days. You need to write a letter to Diamond corporate expressing your desire to rescind your latest contract. It needs to be postmarked by 5 days after the signed contract. There should be instructions in the contract as to the mailing address. That will reset your relationship with Diamond back to where you were before the signing. You should send your letter from any full service postal facility which is open 24 hours, and can give you a receipt of mailing. If you miss this deadline, you will have a heck of a time getting rid of this contract.
Can you send a letter and the "timeshare notice of cancellation" page that is in the contract booklet?
 
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Thank you for the answer to that one. I got the confirmation email on 12/9 from Diamond assuring they are diligently working on reviewing the rescission terms of the purchase.
Today I received an email and a text message from the financial department and a text from the membership advisor seeing to call them about an outstanding loan. To my knowledge the credit cards that they have given me are paid on time and the loan from them should be automatically taken from my bank account because it is an auto-pay I do not have any outstanding loans
 

pedro47

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Suggestion only, please check your online DRI accounts now and look to see do you have any outstanding debts and print it and saved it on your computer?

I am praying all your accounts are reflecting zero “0” balances.
Also, please retain all your maintenance fees and their Club statements for three (3) years. Showing you have paid them in full with zero “0” balances.

Do not tell DRI what you are doing.
 

DRIless

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and the loan from them should be automatically taken from my bank account because it is an auto-pay I do not have any outstanding loans
An outstanding loan is any loan at all, not whether it is paid on time.
 
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Update: since they are in the process of rescinding the contract, they are no longer sending the new loan payment. Instead they sent the bill for my normal loan payment with a late charge added. Their way of saying you very much for cancelling.
 

Grammarhero

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I just wanted to check in and say that I received my letter saying the contract has been cancelled. Once again thank you all for your answers and information. I gratefully appreciate it all.
Glad it worked out for you
 
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