Agonizing over "final" decision to Cancel...opinions sought

[robinb]

Rent--interesting idea; thanks for that.
I have been assured by Disney that they do not report this to credit bureaus; I would be looking only at a fairly significant tax hit for "forgiveness of debt"

I'm having a hard time believing that DVC wouldn't report a repossession of their timeshare due to non-payment.

If you think there is light at the end of the tunnel and you may be able to continue to use DVC in the future I would go the rental/transfer route. Be aware they you can only transfer points ONCE per calendar year so if you do a transfer I would make it count. At the very least you can contact David at dvcbyrequest.com to rent your points out for you. It appears to be fairly painless, although I understand that you need to make the call to MS now to make the reservations.

 

[LisaS]

If you have the 11 mth window, depending on the exp of points, a transfer should get you closer to 11 or even 12 points, and there is little risk with it. Get pay pal for the full amount up front then call on 3 way to MS it will take 15 mins.

Post to the rent board.
X points at X resort expiring X date current, banked what ever they are, all for transfer for 12$ and see what happens. Hopefully all to 1 owner and then there is no hassle.

Just so the OP is aware, banked points cannot be transferred. Banked points can be used to book a reservation for a renter but cannot be transferred to another DVC member.

 

[Fargoman2]

I'm having a hard time believing that DVC wouldn't report a repossession of their timeshare due to non-payment.

I have been assured of this fact on more than one occasion by more than one Disney official, including an accounting "supervisor".

Nonetheless, that is getting closer to a moot point. We are leaning very heavily toward keeping (the faith) DVC.

Tomorrow, we will make it official or not official and then move on either way.

 

[LisaS]

I don't know if they report it to the credit bureaus but liens and foreclosures on the WDW DVC resorts show up on the Orange Country comptroller's website. That's one of the reasons why we advise potential renters to check that website.

 

[robinb]

I don't know if they report it to the credit bureaus but liens and foreclosures on the WDW DVC resorts show up on the Orange Country comptroller's website. That's one of the reasons why we advise potential renters to check that website.

Ah ... so even if it isn't reported it still may be picked up by the credit agencies and counted against your credit.

OP: I'm glad that you're thinking about keeping your DVC. I really don't think you'll be able to allow Disney to foreclose on it without credit repercussions.

 

[Fargoman2]

Ah ... so even if it isn't reported it still may be picked up by the credit agencies and counted against your credit.

OP: I'm glad that you're thinking about keeping your DVC. I really don't think you'll be able to allow Disney to foreclose on it without credit repercussions.

I would really like a more definitive opinion on this. It would seem to me to be EXTREMELY misleading to indicate that this is not reported to credit agencies (but that credit agencies are able to find/use the information). My line of questioning to the Disney accounting supervisor dealt directly with damage to my credit rating--and she gave me NO indication that would be the case. If you are saying that it DOES damage credit rating--then she is either unethical or ill informed. I'd like to think that would not be the case.

Anyone with DIRECT experience/knowledge in this matter?

 

[Fargoman2]

Well, we did it. After much soul-searching and financial reality checks, we have decided to STAY with DVC. We are both relieved and thrilled with our decision. We are comfortable with our position and believe we are back in relatively good shape to handle this commitment over the long-term.
Thanks for your thoughtful counsel on both sides of this dilemma; it was very helpful.

It's been a rocky road, but the skies are looking bright and promising once again.

We are ready to "go home" for our Aug. 2010 trip to KIDANI. Not only will it be a great "final" family trip (DD21 graduates college next spring), but it is a great way to celebrate our 25th wedding anniversary.

 

[Sammie]

I would really like a more definitive opinion on this. It would seem to me to be EXTREMELY misleading to indicate that this is not reported to credit agencies (but that credit agencies are able to find/use the information). My line of questioning to the Disney accounting supervisor dealt directly with damage to my credit rating--and she gave me NO indication that would be the case. If you are saying that it DOES damage credit rating--then she is either unethical or ill informed. I'd like to think that would not be the case.

Anyone with DIRECT experience/knowledge in this matter?

I don't know whether it would or wouldn't but some that work for DVC/Disney are unethical and many are ill informed; that I do know.

 

[5forDiz]

Read through your thread, glad it is all going to work out for you & family That's great news

 

[FindTheMickeys]

So happy that it all worked out for you!

 

[SunnieRN]

Well, we did it. After much soul-searching and financial reality checks, we have decided to STAY with DVC. We are both relieved and thrilled with our decision. We are comfortable with our position and believe we are back in relatively good shape to handle this commitment over the long-term.
Thanks for your thoughtful counsel on both sides of this dilemma; it was very helpful.

It's been a rocky road, but the skies are looking bright and promising once again.

We are ready to "go home" for our Aug. 2010 trip to KIDANI. Not only will it be a great "final" family trip (DD21 graduates college next spring), but it is a great way to celebrate our 25th wedding anniversary.

Have a wonderful trip "home", and Happy Anniversary!!