The loan is already in default according to Diamond. In October 2016 We purchased an upgrade to an existing contract (We were told by the salesperson that it was a new contract and we would only have one payment so we assumed all former contracts were combined into the one new contract). After we got home we looked at the contract and our finances and determined that we could not afford it so we sent in a cancellation of contract (within the allotted time) and received a letter from Diamond that they had received and accepted the letter of cancellation. In November 2016, I sent an email to Diamond asking them if this cancellation (please remember we did not know it reverted to the former contract, we thought the cancellation was for everything) included the points that we had already bought and paid for. Diamond emailed back the reply that when we cancelled the contract ALL points were cancelled. This further confirmed to us our assumption that the ENTIRE contract had been cancelled. In addition, We stopped receiving advertising emails from Diamond. All email and postal mailings from our Diamond membership in Interval International ceased. Everything had been cancelled as we had assumed it to be, or so we thought.
We heard NOTHING from Diamond until June 2017 (almost 8 months later) when we started receiving a plethora of phone calls from Diamond informing us that our loan was seriously past due and headed for default. We have neither the ability nor the desire to pay any more money to Diamond than we have to. We also cancelled the Barclay card at the same time we cancelled the contract back in October 2016 and all money charged on that card was resolved. Our loans made before then were all directly with Diamond.
We were current in our payments to Diamond at the time I sent the email to them asking about previously paid for points. If, as Diamond claims, our cancellation in October 2016 merely meant a reversion to a former contract, WHY DID DIAMOND TELL US ALL POINTS WERE CANCELLED?
Thanks for letting me vent here. I'm not really asking for answers to my situation with Diamond but I would like to know the consequences of defaulting on this loan if Diamond persists in going in that direction.
Thanks!