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View Full Version : My Not so DW right now wants to sell our SSR points


boettj
07-14-2009, 10:48 PM
We've over extended ourselves, and are looking at our options. Both of us realize that we will take a hit in selling our points. :sad1: Well more than one hit. One mentally for me, and another in the per point sale. This does not preclude us from going to Disney or buying back into DVC down the road, but it hurts. I am not so sure our marriage will survive my mental breakdown.


My DW now lies next to me sleeping away, and I can't sleep. Dreading that she might be right. In order for us to right the ship, we must take drastic measures. However, what will happen to me? Will I survive not staying on property? I will not stay at the standard resorts. She has been warned. We'll be relegated to staying at our Diamond Resorts timeshare that we have not been able to sell. Not that it's a bad resort, it just does not compare.


Please give advice. Are there any support groups for those that have lost their loved one, DVC? Oh and that nice count down to the Boardwalk will go away. Make me want to cry.


Thank you

Mickey'sApprentice
07-14-2009, 11:05 PM
We've over extended ourselves, and are looking at our options. Both of us realize that we will take a hit in selling our points. :sad1: Well more than one hit. One mentally for me, and another in the per point sale. This does not preclude us from going to Disney or buying back into DVC down the road, but it hurts. I am not so sure our marriage will survive my mental breakdown.


My DW now lies next to me sleeping away, and I can't sleep. Dreading that she might be right. In order for us to right the ship, we must take drastic measures. However, what will happen to me? Will I survive not staying on property? I will not stay at the standard resorts. She has been warned. We'll be relegated to staying at our Diamond Resorts timeshare that we have not been able to sell. Not that it's a bad resort, it just does not compare.


Please give advice. Are there any support groups for those that have lost their loved one, DVC? Oh and that nice count down to the Boardwalk will go away. Make me want to cry.


Thank you

If you can justify it...the AP hotel rates are very reasonable right now.

We've lived both ways...up to our eye balls in debt, and only having a mortgage. Righting the ship will be a big relief for you and your wife.

There are other options. Taking an extra job, selling expensive vehicles, having a big yard sale, etc.

We got out of debt in a most unusual sort of way. I had just gotten my Masters so things were already looking up. We decided to sell our house and move into something a little better. We lived in an old "coming back" neighborhood, so had built some equity. We went from $400 for the house, and $800 for credit cards, to $1000/mo. for a much nicer house. My career improved and we started doing really well.

(BTW, I notice you are in RI. You really can have a nice house in AL. for $1000/mo, but the 1st house at $400/mo. was a dump.)

I wish you the best of luck!

Opie100
07-14-2009, 11:16 PM
Marriage first, my man. Holding on to something you can't afford right now wouldn't create much enjoyment for you anyway - especially without a happy spouse. Take care of business and come back and buy points again later - they will be cheaper then anyway. Best of luck!

disneynutz
07-15-2009, 12:46 AM
Rent your points out and use the money to keep your DVC.

boettj
07-15-2009, 06:19 AM
Marriage first, my man. Holding on to something you can't afford right now wouldn't create much enjoyment for you anyway - especially without a happy spouse. Take care of business and come back and buy points again later - they will be cheaper then anyway. Best of luck!

The marriage piece is a joke. Although the topic is serious. Unfortunately, I see the merits of selling our DVC.


There are other options. Taking an extra job, selling expensive vehicles, having a big yard sale, etc....... (BTW, I notice you are in RI. You really can have a nice house in AL. for $1000/mo, but the 1st house at $400/mo. was a dump.)

Before this job, I had a second job. My current position is global, and this results in long hours. On top of the fact that it requires about 40% travel. My DW does work two jobs. She has an at home daycare. As well as working at our local YMCA.

We don't have expensive cars per-say, but we have expensive loans on them. To help reduce this impact, we are trying to sell my DW's minivan. This is not necessarily the optimal car to sell. However, it's the logical one. My office is 77 miles from our house. The car that we are keeping is the more economical on gas, and the lower monthly payment.

We've looked at moving to other parts of the country where the cost of living is much lower than the Northeast. One problem is that my position is currently in Mass. While my company is global, it would require me to look for another position in the company. Or look outside. The other factor for a move is our family is here.


Rent your points out and use the money to keep your DVC.

We've rented the points in the past. While this does help with the maintenance fee, it does not accomplish what we need.

Thank you for the advice so far.

JimMIA
07-15-2009, 06:28 AM
Basic Rule: "If Momma ain't happy, ain't nobody happy!"

boettj
07-15-2009, 06:42 AM
Two things to help everyone see the big picture here. We have stopped using credit for 95% of things. Either we pay cash, or we don't get it. The 5% that we still use credit cards for are household/medical/emergency items we cannot go without. For example, when it's time to refill my med's and we are short on cash, I will use the credit card. The other piece to know is that we have a budget plan that includes a payment methodology.


While in the Navy, I learned a payment method called power paying. This can be done several ways. The first is to go by interest. The second is to go by the size of the amount owed. I personally choose to pay by the size of the amount owed.


What this means is that you take the smallest amount owed and concentrate all extra funds to paying that off. Once that is paid off, you then role that payment up to the next smallest amount owed. This continues until you have paid everything off. While in the Navy, I cleared $15k worth of debt while making a max of $16k/year.


This was working well until my company cut our pay by 5% from May until the end of the year. That resulted in a deficit on our monthly payments. We have eliminated almost all of the extras to deal with the shortfall. However, it's not enough. Even if I were to eliminate all of the extras, cable TV, NetFlix, and a few other small items, that would not make up the difference. My DW and I have to think bigger.

Selling DVC would allow us to payoff the $483/month payment for my DW's minivan. Along with paying off the smallest credit card. This would then remove the deficit created by the paycutt.


Thought this might help. I don't want people to think we are living high off the hog. That stopped 12 months ago. Oh, one really important piece: I will not be bailed out by the government or anyone else. My debt is my debt and it will be paid off by my DW and I. Right now, we are paying the pipper.


Thank you

boettj
07-15-2009, 06:55 AM
Basic Rule: "If Momma ain't happy, ain't nobody happy!"

Great point. I see the merit, and I've submitted a inquiry to The Timeshare Store where we bought it. It's a sad day, but selling it is for the best.

jekjones1558
07-15-2009, 07:02 AM
My best wishes to you, Jason. I know that the decision to sell DVC (at least for some of us) involves a lot of emotion as well as logic. We currently own a lot more points than we can use because of a number of family issues. My DH thinks we should sell a bunch of points. I was physically ill when he suggested this. For now I have convinced him that we should rent or transfer points and wait for our life to get more travel-friendly. I admire you for facing your financial responsibilities. My heart hurts for you as you consider selling DVC--and repurchasing when your pocketbook allows. Selling DVC is a different animal than selling a vehicle.

nunzia
07-15-2009, 07:35 AM
Great point. I see the merit, and I've submitted a inquiry to The Timeshare Store where we bought it. It's a sad day, but selling it is for the best.

Best wishes to you and it will be a relief when the finances are less of a burden. Maybe you can rent points for a DVC stay.. I bet they are going fairly cheaply right now.

Inkmahm
07-15-2009, 07:57 AM
Thought this might help. I don't want people to think we are living high off the hog. That stopped 12 months ago. Oh, one really important piece: I will not be bailed out by the government or anyone else. My debt is my debt and it will be paid off by my DW and I. Right now, we are paying the pipper.


Thank you

You have my respect for paying your own way, difficult as it may be. My only suggestion would be to switch your logic on your credit cards and pay the highest interest debt first, whatever that may be. Logically, it will save you money compared to the approach of paying the smallest debt first.

rlduvall
07-15-2009, 08:05 AM
Could you possibly add on a 50 point contract prior to selling? :confused3That keeps you in the system and still a part of DVC - and would allow several nights in a studio each year, i.e. AKV Value and OKW are only 8 points a night [S-Th] during Value Season. There are no closing costs if you go through Disney.

Even a 25 point contract would keep you in.

Good luck in your decision . . . I've been saying it alot more these days - it sucks to be an adult. ;)

jekjones1558
07-15-2009, 08:08 AM
You have my respect for paying your own way, difficult as it may be. My only suggestion would be to switch your logic on your credit cards and pay the highest interest debt first, whatever that may be. Logically, it will save you money compared to the approach of paying the smallest debt first.

But paying off the smallest debt will eliminate one payment sooner, and that may be more important if he currently doesn't have the cash flow to cover all payments.

eliza61
07-15-2009, 08:30 AM
Basic Rule: "If Momma ain't happy, ain't nobody happy!"

Pretty much sums it up in our house. :laughing:

Op, I've done some "bone headed, make my accountant want to shoot himself" moves with my money over my life time so I generally don't hand out money advice. Right now I'd say we're comfortably in between.

My only advice is that Disney will be here for a very long time. Look at this as a temprorary speed bump on the road to life. Things change so fast in the grand scheme of thing, you never know. We love our dvc but with 1 kid in college (out of state) another kid starting college soon and work hours reduced, trips to Disney may soon fall way down on our priority list. :scared1:
so it may come a time when I'm selling too.

Do what's best for your family now. Hey use Disney as a motivational tool. You know, like "If I pay off 1/2 my cc debt, I'll treat myself to a small visit"

Good luck.

boettj
07-15-2009, 08:34 AM
You have my respect for paying your own way, difficult as it may be. My only suggestion would be to switch your logic on your credit cards and pay the highest interest debt first, whatever that may be. Logically, it will save you money compared to the approach of paying the smallest debt first.

In my case, the highest interest will not get me the reduction in payments I need. I do see that eliminating the highest interest will result in lower overall total payments. We need to get our payments inline with what we can afford paycheck to paycheck. Then I will be able to readjust to paying the highest interest first.


Thank you

hockeyprincess
07-15-2009, 08:42 AM
:grouphug:

Good luck Jason, I hope you can come to peace with your decision, and in your marriage. Lots of hugs your & DW's way!

rowbear
07-15-2009, 08:54 AM
Have you considered a debt consolidation service that negotiates with your creditors and allows you to pay much less interest? My SiL did that. I guess it is working she hasn't gotten to daylight yet but she is getting close I think.

For us DVC is not a luxury item so in your position it would be one of the last things we cut. Why? We both work very hard in high stress jobs. Vacations are medicine. They boost productivity and help us maintain our sanity. I am suffering right now because it has been too long since our last trip and I don't have much gas left in the tank.

But every situation is different and it appears your wife can live without DVC so it looks like if you don't come up with another plan you will be selling.

flatzkids
07-15-2009, 09:02 AM
I feel for you! I bet there are alot of others following this thread because they are in similar situations.

If selling all of your points sickens the both you, I would be taking the advice of some other posters here and exhaust all options of somehow staying in the system.

we are new to DVC and things became pretty tight here just as we were closing last year. My first choice would be to rent. I never thought of adding on and then selling the original points. That seems to be a great "last ditch effort" idea.

Good luck to you and DW. I hope you can find a way to keep coming home!!!

florep1
07-15-2009, 09:14 AM
Sorry to hear about your situation and good luck in whatever you decide. Losing DVC does not mean the end of your DVC vacations. Rent points for a while if your finances allow it even if it's every 3 years. It'll get better.

lugnut33
07-15-2009, 09:22 AM
How many points? I ask because I see many who buy hundreds of points and that is pretty dangerous to do. We have a small 120 pt. contract and I often want to add on, but then I see threads like this and think to myself having a small amount of points is a good thing.

arthur06
07-15-2009, 09:33 AM
If you are using a CC to pay medical and household bills, you almost HAVE to sell.

Some people are in the position that if they don't eat out as often, then can afford there DVC. However, you don't seem to be in that position.

best of luck, sell for now, and maybe join again when the time is right!

rowbear
07-15-2009, 09:39 AM
How many points? I ask because I see many who buy hundreds of points and that is pretty dangerous to do. We have a small 120 pt. contract and I often want to add on, but then I see threads like this and think to myself having a small amount of points is a good thing.


It is all about what you can afford. You should never take out a loan for anything that you do not feel you can pay off early and preferably half the time. This means you can absorb some blows to income without them being devastating. We financed 300 points for 7 years and paid them off in 4 years.

crisi
07-15-2009, 10:06 AM
When you start dieting, someone will tell you "nothing tastes as good as thin feels" - I think they are exaggerating a little, but not by much.

When you start debt reduction, its a similar thing. For the wants in life, you'll discover that they are so much more enjoyable when you don't have the stress of debt over your head. Its amazing how much more money we have now that we don't pay interest - its also amazing how much we make each year in interest and dividends - it adds up fast! And not having to worry - in this economy that is SUCH a great feeling to know our house isn't going to be foreclosed on - the mortgage is paid.

Its delayed gratification - something most of us aren't good at. But see it through and you'll find that its liberating.

You might enjoy the budget board as you reduce your debt and try and live within your means. You might also enjoy Dave Ramsey (I don't, but a lot of people find him inspiring).

rowbear
07-15-2009, 11:04 AM
When you start dieting, someone will tell you "nothing tastes as good as thin feels" - I think they are exaggerating a little, but not by much.

When you start debt reduction, its a similar thing. For the wants in life, you'll discover that they are so much more enjoyable when you don't have the stress of debt over your head. Its amazing how much more money we have now that we don't pay interest - its also amazing how much we make each year in interest and dividends - it adds up fast! And not having to worry - in this economy that is SUCH a great feeling to know our house isn't going to be foreclosed on - the mortgage is paid.

Its delayed gratification - something most of us aren't good at. But see it through and you'll find that its liberating.

You might enjoy the budget board as you reduce your debt and try and live within your means. You might also enjoy Dave Ramsey (I don't, but a lot of people find him inspiring).



Agreed. What we do is have short term rewards mixed in with our long-term goal of retiring at 55. Right now we plan to spend about a thousand dollars upgrading 2 of our TVs. We can afford to do it now but that is not how we operate. By dragging out the purchase we get to enjoy thinking about it, talking about it, and reseaching it. Plus we know that the price of the TVs we want will continue to drop. But the point is to delay it so it spaces out the rewards and it reinforces our good habits of being patient and avoiding instant gratification.

Most likely in a few months a sale will happen or an offer for free shipping and we will decide the time is right to pull the trigger

arthur06
07-15-2009, 11:30 AM
I agree with PP's! A couple of years back I went thru a seperation and custody battle. While all that was going my mortgage adjusted...up of course! I remember when the bank started calling...Life Stunk...

I managed to keep my house, credit cards were a major hit as were student loans. I met a great lady who helped...two incomes always does! But at the time, my priorities more then my house and loans were my son! I am blessed to have a good job with good pay, as does DW! We never would of bought DVC 3 years ago! We paid over $10,000 of to a lawyer in under a year!

We righted our ship, our credit score at times doesn't seem to go up fast enough! We have not been late on any payment in over 2 years! I save over $300 per month to savings, 6% of Pay to 401(k), 15% of bonus to 401(k)! Interest is a great thing if its working for you!

Hang tough! Be frugal, there were many nights that supper was grilled cheese! The pay offs are worth it!

Mickey'sApprentice
07-15-2009, 12:45 PM
Have you considered a debt consolidation service that negotiates with your creditors and allows you to pay much less interest? My SiL did that. I guess it is working she hasn't gotten to daylight yet but she is getting close I think.



PLEASE be careful. This is often not a good option. Many debt consolidation companies have large hidden fees, and are no more able to cut your cost than you are. They can almost be called a scam.

BTW, I didn't mean to suggest that you move to Alabama, I was just explaining my own situation. You are probably better off in RI because salaries are higher. That means that your debt payments would be a smaller percentage of your income there, than here.

I also like the idea of a 50 point add-on before you leave the system, BUT only if you can really afford it.

Tink-n-Belle
07-15-2009, 12:59 PM
Selling your DVC seems like the best thing at this time.

But once you are back on your feet you can always pickup another contract.

If you look at it logically if you sell 200 points and buy them back in the future for $5 more than you sold them for its only $1000 more- which is your yearly MF. So if you don't have to pay the mf for 2010 and get to use the capital to stablize your finances- you are doing the best thing you can do.

You seem to be on the right track !! GOOD LUCK!!

BEASLYBOO
07-15-2009, 01:13 PM
I feel your pain, this 4th of July my boss helped us celebrate by making us work it and giving us another 5% cut in pay, the third in fact since Feb. Dire times call for dire action, you can sell now and buy through resales later. Another poster put the nail on the head, instant grattification is the reason this country is in the pickle that we're in now. Very few people actually save for what they want, charge it, finance it, worry about paying for it later. This is not a morality lesson, I've been guilty of it at times but at the end of the day, I trust that both you and your wife will sleep better by meeting your obligations.

DVC will be waiting for you when times get better!

rowbear
07-15-2009, 01:16 PM
PLEASE be careful. This is often not a good option. Many debt consolidation companies have large hidden fees, and are no more able to cut your cost than you are. They can almost be called a scam.




That is true but the OP seems like a smart person so I am sure he would check them out and make a good choice.

rowbear
07-15-2009, 01:51 PM
Oh and to the OP:

Be thankful you have a wife that is prepared to face these tough decisions with you. I have seen other people in your shoes where one of them refused to face facts and continued to be irresponsible and hurt them financially even more. It often leads to divorce.

Just make sure you face facts with her. If there is a way to keep the DVC and cut in other areas sit down with her and figure it out. If not, you have to man up.

From my experience women are often stressed more then men over financial problems because it threatens the home. Your responsibility is not just to your creditors but to your wife. You should naturally want to protect her from this stress.

boettj
07-15-2009, 01:57 PM
How many points? I ask because I see many who buy hundreds of points and that is pretty dangerous to do. We have a small 120 pt. contract and I often want to add on, but then I see threads like this and think to myself having a small amount of points is a good thing.


We have 175. Not a small contract like some are suggesting, but not a blown out contract. There was never a loan on DVC. We paid cash at the time. A mixture of a bonus and the sale of some stock.


Thanks for the thought.

SLM
07-15-2009, 01:59 PM
Best wishes to you on this tough decision-it sounds like you are a young couple and keep in mind you have many years ahead of you to enjoy DVC-once you have financial security you will feel better and less stressed.

boettj
07-15-2009, 01:59 PM
When you start dieting, someone will tell you "nothing tastes as good as thin feels" - I think they are exaggerating a little, but not by much.

When you start debt reduction, its a similar thing. For the wants in life, you'll discover that they are so much more enjoyable when you don't have the stress of debt over your head. Its amazing how much more money we have now that we don't pay interest - its also amazing how much we make each year in interest and dividends - it adds up fast! And not having to worry - in this economy that is SUCH a great feeling to know our house isn't going to be foreclosed on - the mortgage is paid.

Its delayed gratification - something most of us aren't good at. But see it through and you'll find that its liberating.

You might enjoy the budget board as you reduce your debt and try and live within your means. You might also enjoy Dave Ramsey (I don't, but a lot of people find him inspiring).

I already view the budget board. They have great stuff at times on there.


Thank you for your thought.

rowbear
07-15-2009, 02:03 PM
We have 175. Not a small contract like some are suggesting, but not a blown out contract. There was never a loan on DVC. We paid cash at the time. A mixture of a bonus and the sale of some stock.


Thanks for the thought.


Wow that does make it tougher since it is not about saving a payment but selling something you completely own. I feel for you buddy because that would hurt.

boettj
07-15-2009, 02:08 PM
PLEASE be careful. This is often not a good option. Many debt consolidation companies have large hidden fees, and are no more able to cut your cost than you are. They can almost be called a scam.

BTW, I didn't mean to suggest that you move to Alabama, I was just explaining my own situation. You are probably better off in RI because salaries are higher. That means that your debt payments would be a smaller percentage of your income there, than here.

I also like the idea of a 50 point add-on before you leave the system, BUT only if you can really afford it.

I don't plan to get involved with a debt consolidation company. Like you have stated, many are not what they appear.

I understood your point about cost of living in Alabama. Honestly, it's been something we have looked at many times. Right now it does not work for us, but who knows what the future holds.

The 50 point add-on will not work for us. I'll need the full power of the money from the sale. That will significantly hit our bills. I am extremely aggressive at paying our bills. Once I get some overhead to work with, our bills will start to melt away.


Thank you

boettj
07-15-2009, 02:20 PM
I feel your pain, this 4th of July my boss helped us celebrate by making us work it and giving us another 5% cut in pay, the third in fact since Feb.

Wow, I was pissed at a measly 5%. I am sorry to hear this. One thing about my 5% paycutt is that I am happy to still have a job.

Dire times call for dire action, you can sell now and buy through resales later. Another poster put the nail on the head, instant grattification is the reason this country is in the pickle that we're in now. Very few people actually save for what they want, charge it, finance it, worry about paying for it later. This is not a morality lesson, I've been guilty of it at times but at the end of the day, I trust that both you and your wife will sleep better by meeting your obligations.

DVC will be waiting for you when times get better!

I made this realization about a year and a half ago. Since then I have been making minor headway. Then we had few essential items that hit us. A water heater for example. There was no way around this. I got rid of my truck which only got 22mpg and picked up an Accord that gets 32mpg. This was in October of 2007. Long before the price of gas went through the roof.

So here we are today, still floating along. With our heads just out of water. I don't even want to think about what would happen if I lost my job. One thing is for sure, I'd work at MaCdonald's and another job if need to pay the mortgage and put food on the table.


Thank you

lugnut33
07-15-2009, 02:33 PM
We have 175. Not a small contract like some are suggesting, but not a blown out contract. There was never a loan on DVC. We paid cash at the time. A mixture of a bonus and the sale of some stock.


Thanks for the thought.

Yeah, that's not a very big contract. I wouldn't consider that overextending yourself.

Is the problem going to be paying the dues which are around $800? The major expense of a DVC is actually taking the vacation. Can you wait around for 2-3 years and let the points accumulate? Two years from now you might need a nice long vacation.

boettj
07-15-2009, 02:43 PM
Yeah, that's not a very big contract. I wouldn't consider that overextending yourself.

Is the problem going to be paying the dues which are around $800? The major expense of a DVC is actually taking the vacation. Can you wait around for 2-3 years and let the points accumulate? Two years from now you might need a nice long vacation.


The over extension is a combination of three credit cards, two car loans, a mortgage and a HELOC.


Selling the DVC would give of the option of paying off one of the car loans and one of the credit cards.


Thank you

AnimalPrincess
07-15-2009, 05:27 PM
Hi There,

You are my DH and I am your DW. We are in a bad situation as well but for us it is the monthly payments as we financed. We also have 170 points. I brought selling up to DH again last week and he said absolutly NO WAY (and he hardly ever says that). He says that w/o DVC we would not vacation, which is probably true. Also the market right now for DVC is not good being a seller, plus we bought when we were CM's and now that we are not we would not be able to get that discount again. I can see his line of reasoning but that extra $200 a month would really help. We have decided to rent for the next year or two and that will still ehlp us out. Best of luck to you and your family!

Mickey'sApprentice
07-15-2009, 09:03 PM
I don't plan to get involved with a debt consolidation company. Like you have stated, many are not what they appear.

I understood your point about cost of living in Alabama. Honestly, it's been something we have looked at many times. Right now it does not work for us, but who knows what the future holds.

The 50 point add-on will not work for us. I'll need the full power of the money from the sale. That will significantly hit our bills. I am extremely aggressive at paying our bills. Once I get some overhead to work with, our bills will start to melt away.

Thank you

Well, we'd love for y'all to come on down.

Check this out! www.alamls.com

We're just a 9-10 hour drive to the happiest place on earth!

boettj
07-15-2009, 09:49 PM
Well, we'd love for y'all to come on down.

Check this out! www.alamls.com (http://www.alamls.com)

We're just a 9-10 hour drive to the happiest place on earth!


I did some work for NASA a couple years back in Huntsville. Nice place. Too hot though. That is another reason I am a northern boy.


Being within driving distance of Disney would be very dangerous for me. Talk about running up debt. We've also looked at moving down to the Tampa area. Which would put Disney on our doorstep. The same issues come up, family, job, and heat for me. We were in Naples, Fl in May a couple years back. I thought I was living on the Sun. By 9am, it was unbearable.

All summer long, we spend tons of time on our deck. Now that the rain has gone for us, May and June were really wet months, the weather has been perfect, Rarely a day into the low 80's, and the humidity has not been bad at all. Hopefully this weather pattern returns next year.

squirrlygirl
07-16-2009, 09:07 AM
OP.....:grouphug: We sold our contract a few months ago. DH was facing possible job loss so we needed cash more than vacations. It sucked doing the financially responsible thing, but it gave me peace of mind during the worst of the crisis.

There's one more round of job cuts by October 1st and then DH will be in the clear. While I'm 90% sure he won't be cut, I'm not buying back in until I know for sure. Then I'm not letting go for anything :laughing: I know we took a hit but sometimes you gotta do what you gotta do.

lugnut33
07-16-2009, 09:52 AM
The over extension is a combination of three credit cards, two car loans, a mortgage and a HELOC.


Selling the DVC would give of the option of paying off one of the car loans and one of the credit cards.


Thank you

Got it!! Good luck going forward on whatever you plan to do. I hope it all goes well and in the future you can buy back in, double points with no problem at all!!!!

fkj2
07-16-2009, 11:23 AM
Well, the other thing to consider is that if you do sell, and you COULD swing a few days at "the World," then you and your dear (and wise) wife could look into renting points yourselves. The cost of doing that has also decreased and you might luck into a deal at some point, if flexibility is possible on your part. Although, with your DH holding down two jobs, I guess planning is a must.

toniosmom
07-16-2009, 12:41 PM
This is just my opinion....

I used to be in the mortgage business. The two biggest factors in determining someone's credit was mortgage and car payments. You never want to be late with either one. Your home life finances are your priority. DVC is (technically) a luxury. You can live without it until you get back on your feet. One of the biggest stressers to a marriage is finances. Preserve your home life and come back to DVC when your situation improves -- and it WILL improve.

By the way, if you want to buy a 50-point contract cash, the MF is only $20/month. At least in two years you will be able to take a 150 point vacation by banking and borrowing.

Stay positive and I wish you the best of luck.

One last thing -- With the economy as it is, Suze Orman now says that you should keep as much cash in the bank as possible and just pay your credit cards and loans over time. This is so that you have an emergency fund in case you lose your job. I agree with her. Sell your DVC and put that money in an interest-bearing (liquid) account. You always have it there if you fall short one month and need a little boost to pay all of your bills. Just another idea to further confuse you....

boettj
07-16-2009, 01:27 PM
This is just my opinion....

I used to be in the mortgage business. The two biggest factors in determining someone's credit was mortgage and car payments. You never want to be late with either one. Your home life finances are your priority. DVC is (technically) a luxury. You can live without it until you get back on your feet. One of the biggest stressers to a marriage is finances. Preserve your home life and come back to DVC when your situation improves -- and it WILL improve.

Absolutely agree. The past year has been very stressful for us. Everytime we think we've made it over the hump, something happens to bring us back down. This move will hopefully put us well over the hump.

By the way, if you want to buy a 50-point contract cash, the MF is only $20/month. At least in two years you will be able to take a 150 point vacation by banking and borrowing.

I hadn't thought about his, but for right now I need to get our monthly expenses inline with what we can afford monthly.

Stay positive and I wish you the best of luck.

Absolutely trying. My DW is the glass is half full, while I am the glass is half empty. We keep each other inline with our different views. While it's frustrating at times, I am not a quitter.


One last thing -- With the economy as it is, Suze Orman now says that you should keep as much cash in the bank as possible and just pay your credit cards and loans over time. This is so that you have an emergency fund in case you lose your job. I agree with her. Sell your DVC and put that money in an interest-bearing (liquid) account. You always have it there if you fall short one month and need a little boost to pay all of your bills. Just another idea to further confuse you....

I remember back in the 80's when the nightly news would compare savings for the US to Europe and Japan. The numbers were terrible back then. Today there is no question than very few people save for the disaster. The numbers range from 6 months to a year and a half. Once we get past the hump, our plan includes building out 6months to start. Then trickling money in over a 5 year period to make it 18months.

I want everyone to realize this is a minor set back. Simply put, I've lost my way, and needed something like this to help me see the light. What scares me about this is the millions of people (not on disboards, but in the US) that are in the same boat. Living paycheck to paycheck just praying they can recover before they lose their job. While I have tried to take proactive measures along the way, they were never enough. They were always just enough to stave off reality. Well reality is here, and I have it by the horns. Now it all depends on how long it takes to sell our DVC points.


Thank you for the advice.

Bill K
07-16-2009, 01:46 PM
Just make sure its the right choice for you. Really have a good sit down with DW and discuss all your options!
DW and myself had similar experience last year. DW was concerned about our finances and thought it was time to sell our DVC. Though I did not agree with DW, I agreed. We did very well and made a nice profit from our dvc sale @ BWV. We were hoping that there would no bids on it but it went in a week!!!

To end this story! We were on vacation this past June staying @ the yacht club (got a great deal on cash ressie). I was walking down to the lobby when I noticed DW speaking with the DVC rep! Well to my surprise DW wanted back in!! We did purchase but paid alot more for our points than we did in 99!!! Think hard!!!

Quiksilvr
07-16-2009, 02:54 PM
It sounds like you know what you need to do. I commend you for having the guts to take the steps you need to get yourself out of the hole. All I can do is offer best wishes in your pursuit of financial bouyancy and eventually freedom.

Even though my job is stable because of my specialization, my industry is hurting, so I "put myself on notice" as it were. Because I tend to be paranoid about finances (due to growing up relatively poor), one of my biggest priorities out of law school was to have a solid cushion of cash and cash equivalents in case something unforeseen happened. It has been a big relief to know that if I did somehow lose my job, I'd have a year to find another one. Still, I know how a heavy debt load feels, so I can empathize with you there. Between student loans and my house I have... ugh... $600K in loans (that's what happens when you live in a condo in downtown Washington DC). Power-paying is how I live my life. Keep at it and you'll get your head above water.