Using points to pay for maintenance fees [Diamond]

[Graciecat]

This is my first posting on TUG. I am frustrated by the fact that Diamond Resorts no longer allows members to use points toward payment of MF. I spoke to a DRI rep today who explained that this benefit was no longer allowed because too many owners were taking advantage of it and this was taking away from the point of the Club which is to focus on vacation ownership. (Sounds like DRI would rather have the $). She went on to say that DRI is not in the business to assist owners with their fees.

I own 19000 points and my fees are $2800 per year, which is becoming a financial burden. Not to mention that timeshare travel is no longer attractive to my husband and I.

My conversation with the rep basically confirmed that there really seems to be no way out of timeshare ownership. I only have points, no deeded property,which I transfered to points many years ago. Even if I could sell the points, DRI membership is not included. A prospective buyer would have to enroll in the club and pay a fee. The rep could not tell me how much this fee would cost--they can only tell the prospective buyer (what is that all about?).

I would appreciate any suggestions on what to do in either getting rid of 19000 points or to alleviate the MF financial burden. Are there any federal or state consumer advocates of any kind who offer assistance?

 

[Centurion]

Do you know when they stopped allowing this? We own 12,500 points annually in Las Vegas and this is all new to us!
Have you tried giving it away in the TUG Marketplace or eBay?

 

[artringwald]

You can sell the points and the buyer will be able to use the points for any of the properties in your collection. They have to join the Club to use the points outside the collection and DRI doesn't make it easy to join the Club. They may require the buyer to buy more points from DRI to add the resale points to the Club.

 

[T_R_Oglodyte]

Do you know when they stopped allowing this? We own 12,500 points annually in Las Vegas and this is all new to us!
Have you tried giving it away in the TUG Marketplace or eBay?

I believe it is a program change effective for 2014, where the option is available only to people who are gold level or higher.

It makes no difference to me since I always thought that using points to pay maintenance fees was a horrible way to use points. Since the dollar value you get for points when using them to pay maintenance fees was horrible, it could only make sense to do that with expiring points.

But you can pay maintenance fees with expiring points. You can only pay fees with points from the current year, and the cutoff for doing so is in the prior year. For example, to pay 2014 fees with points, you can't use points expiring in 2013. And the cutoff point to pay 2014 fees with points occurs sometime in mid-2013. So I could never see where it made sense.

This is just a gimmick to try to make a better story for the sales people to tell to people to get them to move to the Platinum level. At the Platinum level, owners will often have so many points that they can't really use all of them effectively for travel. So Diamond is creating other outlets to monetize those extra points - for all types of travel services (not just vacation), payment of annual fees, and I suppose myriad other things. For people at that level the goal is that when you think travel, you contact Diamond and take care of everything through your Diamond account - like a travel agency but more.

The other sweetener they put in is that when you get to the Platinum level, the value of your points when converted to "currency" to pay for those other services goes up. That is one of the big perks they push now to get people to go to Platinum.

 

[dougp26364]

I had noticed with the online version of member guide only Gold and Platinum members would have this benefit. Last year DRI decreased the benefit down to 4 cents/point, which made it a pretty worthless "benefit".

In past sales presentations I had heard the "use your points to pay MF's" line. They actually attempted to get us to Gold level using that "benefit." It's important to NEVER make a purchase based on any benefit which can be changed at the whim of management.

 

[Graciecat]

GiveBack Timeshare Company

I listened to a webcast today by a company called Give Back Timeshare which guarantees to transfer the title of my 19000 points with Diamond Resorts International.

Does anyone have any experience with this company?

Fee charged for their service is $6795,which will be put in escrow with a company called Timeshare Closing Services Inc out of Orlando,Fl. until a deed transfer is finalized.

The transaction will take 60-90 days. The $6795 will pay for the following:
transfer fees, closing costs, bulk transfer to 3rd party acceptance corp which uses it for personal travel clubs and corporate use.

Not sure if I have to pay $2800 MF for 2014; they will get back to me tomorrow with a response.

They provide a 100% money back guarantee to transfer the title.

Does any of this sound like a good idea? I am getting desperate for an exit strategy.

 

[Bill4728]

I listened to a webcast today by a company called Give Back Timeshare which guarantees to transfer the title of my 19000 points with Diamond Resorts International.

Does anyone have any experience with this company?

Fee charged for their service is $6795,which will be put in escrow with a company called Timeshare Closing Services Inc out of Orlando,Fl. until a deed transfer is finalized.

The transaction will take 60-90 days. The $6795 will pay for the following:
transfer fees, closing costs, bulk transfer to 3rd party acceptance corp which uses it for personal travel clubs and corporate use.

Not sure if I have to pay $2800 MF for 2014; they will get back to me tomorrow with a response.

They provide a 100% money back guarantee to transfer the title.

Does any of this sound like a good idea? I am getting desperate for an exit strategy.

NO!! This is a really bad idea.

First just because they say they have a 100% money back guarantee does not mean that you will get anything back if they fail to sell the TS. ( remember that to transfer a title mean they have to sell your TS)

Second there is no " 3rd party acceptance corp which uses it for personal travel clubs and corporate use." that is a story that people use on TS owners who are hard pressed to get rid of their TS.


Third, you do own something. Points in a DRI collection of resorts. I own points in the "Monarch Grand collection". Most people who bought from DRI own points in the "US collection" or the "Hawaii Collection". People who obtain these points resale can use their points at any resort in their collection of DRI resorts BUT will not be able to use them at any of the DRI resorts which are not in their collection like "club" members are able to do.


Lastly if you just want out instead of offering to give your TS away. Offer a gift of $1000 to the person willing to accept your TS for free.

Good Luck