what happens depends on the property owners association and their collection policy
almost without a doubt you wont get to use the place any more...next will come the collection calls, and ultimately foreclosure. Credit bureaus will pick up the foreclosure and your credit score will take a hit..you may not get approved for a mortgage, car loan etc for several years..and when you do the interest will be higher than it would have been otherwise
I own at a resort that is also trying to sell rci points to their owners, but if I dont do it (and im not going to) I can still use the unit as I always have or deposit it on the rci points side....nothing has really changed for me...and I doubt that it has for you