Confused???

[MrsWaltDisney86]

So, We are new DVC Members and purchased on Directly on DCL with Home Resort AKV in September 2013, Closed in October 2013. (Use in April and 130 points per year) We were issued a prorated annual dues amount of 208.18 and paid this is October when we closed. I was told that our Annual Dues for 2014 would be approx. $75 and paid monthly. Now I pull up our DVC account on the website and it states we owe 775.99!!! By January 15!!!! I just don't understand!! Plus our first payment on the loan is due in January and its over 500 too....

This is like more money and more money and more money!! Plus, I lost my job in November and we are strapped for cash now, I really wish we would not have bought in....someone please help me understand this!?!

 

[Dean]

So, We are new DVC Members and purchased on Directly on DCL with Home Resort AKV in September 2013, Closed in October 2013. (Use in April and 130 points per year) We were issued a prorated annual dues amount of 208.18 and paid this is October when we closed. I was told that our Annual Dues for 2014 would be approx. $75 and paid monthly. Now I pull up our DVC account on the website and it states we owe 775.99!!! By January 15!!!! I just don't understand!! Plus our first payment on the loan is due in January and its over 500 too....

This is like more money and more money and more money!! Plus, I lost my job in November and we are strapped for cash now, I really wish we would not have bought in....someone please help me understand this!?!

The dues are paid up front yearly. You can set them up to do monthly throughout the year but ONLY if you do a direct bank withdrawal. This is good to do because it allows you to delay dues proportionally as well as to spread them out. Call DVC MS and get it set up.

 

[keaster]

Like Dean says, call DVC member services/accounting tomorrow and get yourself set up on monthly direct debit withdrawal, that will spread the payments out and take out the sting of an upfront payment!

 

[MrsWaltDisney86]

Thank You! I was so freaked out with all this money coming out in the last couple months....

Side note....do you know if they all you to do bi-weekly payments on the loan portion (not the dues) like you can with any other loan typically? Thanks!

 

[DizBub]

This is like more money and more money and more money!!

I was afraid of this too after we bought in. We got a bill for the pro-rated dues and I thought they were going to nickel and dime us to death. Relax, nothing could be further from the truth. The other posters are correct, once you call Members Services to set up your payments and the dust settles you will see that this will be the end of it. Except when your dues go up slightly each year.

Sorry about the loss of your job, especially at this time of year, it can be very stressful. Hope things get better soon.

 

[teambeaman]

Sorry about your job. Have you thought about renting your points to get some cash back while you need it? My DH just got a job offer today after being unemployed for 7 months, so I hope things go better for you! God luck!

 

[Dean]

Side note....do you know if they all you to do bi-weekly payments on the loan portion (not the dues) like you can with any other loan typically? Thanks!

I'm not certain but I doubt it. However, when most loans do biweekly or twice a month, it's usually either where you pay ahead (not delay). I've never seen it formally set up as a money saving tactic on the month, only to pay the loan off faster and save total interest. The exception is when you do a separate repayment agreement when you're behind and I don't know if this would be possible. You may want to consider renting out your points for a year or 2 until you get things more settled. Sorry it's working out this way for you and it's definitely one of the reasons some of us try to get people to be cautious buying in.

 

[MrsWaltDisney86]

Sorry about your job. Have you thought about renting your points to get some cash back while you need it? My DH just got a job offer today after being unemployed for 7 months, so I hope things go better for you! God luck!

Yes, we got out use year of this year (banked) and this april get points again, so total 260 points. We do plan to go to disney in June and use about 130 points (and Drive) So I was going to sell the other 130 points from next year that we did not bank. Once I have this all figured out then I have to look into renting the points, not sure how thats gonna go? since we are new....

Plus, Im waiting to see if Disney Releases any specials for June, it could sway me to sell all our points and book a reservation at a value resort with a special (or free dining?) So I have a couple ideas rolling around in my head, but just trying to stay afloat right now.....and keep my Happiest Place on Earth dreams alive!!

Any Help or advice would be great!! Im so lost and have so much going on I dont know where to start these days...Plus im 25 weeks pregnant to add to the pot! Congrats on the new job!!

 

[teambeaman]

Yes, we got out use year of this year (banked) and this april get points again, so total 260 points. We do plan to go to disney in June and use about 130 points (and Drive) So I was going to sell the other 130 points from next year that we did not bank. Once I have this all figured out then I have to look into renting the points, not sure how thats gonna go? since we are new.... Plus, Im waiting to see if Disney Releases any specials for June, it could sway me to sell all our points and book a reservation at a value resort with a special (or free dining?) So I have a couple ideas rolling around in my head, but just trying to stay afloat right now.....and keep my Happiest Place on Earth dreams alive!! Any Help or advice would be great!! Im so lost and have so much going on I dont know where to start these days...Plus im 25 weeks pregnant to add to the pot! Congrats on the new job!!

I've heard that David's DVC rentals are a reputable company. Also on the job front, he had way better luck with Craig's List than he did with Career Builder or Monster. I think it's because with Craig's List your résumé has a better chance of being seen by HR. Congrats on your pregnancy and try not to worry too much...things have a way of working out in the end!

 

[magicaldisney]

Yes, we got out use year of this year (banked) and this april get points again, so total 260 points. We do plan to go to disney in June and use about 130 points (and Drive) So I was going to sell the other 130 points from next year that we did not bank. Once I have this all figured out then I have to look into renting the points, not sure how thats gonna go? since we are new....

Plus, Im waiting to see if Disney Releases any specials for June, it could sway me to sell all our points and book a reservation at a value resort with a special (or free dining?) So I have a couple ideas rolling around in my head, but just trying to stay afloat right now.....and keep my Happiest Place on Earth dreams alive!!

Any Help or advice would be great!! Im so lost and have so much going on I dont know where to start these days...Plus im 25 weeks pregnant to add to the pot! Congrats on the new job!!

First, as for renting your points out, definitely use David's. He is a sponsor here on the DIS. They are wonderful to work with. They find the person to rent your points and then will walk you through each step after that.

I'm not sure if you really mean sell when you say sell, so assuming you mean sell and not rent....You said you bought AKV direct and if I am understanding correctly, you are possibly considering selling them. Keep in mind you will not come close to getting your full amount back. AKV resale are going for roughly $80 - $85 per point. Selling might be the best options due to lack of job, but I don't know if free dining would be worth losing all that money.

It sounds like you need some time to take it all in. I can say from a personal side.....we were in your same situation. We purchased DVC and then my husband lost his job. We did sell. Once we got our feet back on the ground we came back in and have enjoyed it so much more knowing it isn't putting a strain on our finances. It's really hard to give it up, but it is something you can get back at a later more stable time.

Good luck on your pregnancy and all of your upcoming decisions!

 

[Deb & Bill]

You could set up your own payment plan and set it up biweekly. Then when the payment is due, you have the money ready. And you could get ahead of the time schedule (since you do 26 biweekly deducts instead of 12 deducts) and pay it off early or pay more if you want to.