Had to give it back

[Hunclemarco]

Hello all.....
Well, due to the economy, unfortunately we had to give back our membership with DVC. It was a very difficult decision to make, but it had to be done. Perhaps in the future, we can start buying small contracts resale. I'll still be on these threads, because i'm a member at heart...but wanted to thank everyone that has helped out with questions and ideas while i was a "real" member.

 

[ChiSoxKeith]

Sorry to hear that!

You'll always have the memories you had and you can bounce back and be a member again someday soon. All you need is Faith, Trust, and a little bit of Pixie Dust.

 

[vicki_c]

Sorry!

 

[Buckeye Fan]

So sorry to hear, and I know we'll be welcoming you "back home" really soon!

 

[job09]

I'm so sorry! Glad you were able to sell, I know there are a lot of listing out there. I also belong to TUG (timeshare information group) and there are so many listing where people are basically giving their timeshares away and still no one takes them. DVC seems to hold its value better than any other. Hope you will be back soon. Good luck

 

[Jillpie]

Just think of your membership as being "on hold" for now. Once a member, always a member, its just a temporary leave. You know you'll be back, its just a matter of a little while.

 

[Crystal_27]

Sending to you for having to make that tough decision. Like you said, you can always buy DVC again in the future.

 

[Dean]

Hello all.....
Well, due to the economy, unfortunately we had to give back our membership with DVC. It was a very difficult decision to make, but it had to be done. Perhaps in the future, we can start buying small contracts resale. I'll still be on these threads, because i'm a member at heart...but wanted to thank everyone that has helped out with questions and ideas while i was a "real" member.

I'm so sorry that you find yourself in this situation. Regroup and take care of yourself and family and I'm sure things will be fine in the long run.

I'm so sorry! Glad you were able to sell, I know there are a lot of listing out there. I also belong to TUG (timeshare information group) and there are so many listing where people are basically giving their timeshares away and still no one takes them. DVC seems to hold its value better than any other. Hope you will be back soon. Good luck

Maybe it was posted somewhere else and I missed it, did they do a deed back, let it go to foreclosure or sell it? The post said the gave it back. All different implications to credit reports, possible increases in credit card % and financing/refinancing potential.

 

[dizney4us]

Sorry to hear that. Hope things turn around soon!

 

[RLRDA]

Sorry to hear that....I hope your family's situtation brightens soon!

 

[spiceycat]

oh so sad,

sorry - but things hopefully will turn around.

 

[DizGirl20]

You know this is temporary and in the end, things will work out. They always do. It may be hard while you are going thru it to understand why, but someday you will see the reason. I'm not trying to get all philosophical on you or anything... we went thru tough times a few years ago and now things are so much better, better than ever.

Keep the Faith!

And Keep on the Dis!

 

[BigEeyore]

So sorry to hear that, hopefully things will get back on track for you soon and you can jump back in!
Not to be nosy, and please don't answer if you don't want to, but what do you mean by "give back" your membership? Don't you have to sell it to get out?

 

[Hunclemarco]

I'm so sorry that you find yourself in this situation. Regroup and take care of yourself and family and I'm sure things will be fine in the long run.

Maybe it was posted somewhere else and I missed it, did they do a deed back, let it go to foreclosure or sell it? The post said the gave it back. All different implications to credit reports, possible increases in credit card % and financing/refinancing potential.

So sorry to hear that, hopefully things will get back on track for you soon and you can jump back in!
Not to be nosy, and please don't answer if you don't want to, but what do you mean by "give back" your membership? Don't you have to sell it to get out?

We were actually able to give back the contracts....in lieu of foreclosure. We don't receive anything in return, nor do we pay more to get out of it. We were told that this would not affect our credit. When asked if we could rejoin in the future, they said yes, but they don't allow for payments the second time around...which is fully understandable. I've read elsewhere that you have to had paid for a while before giving contracts back. Member accounting didn't ask me anything about that, so i don't know the validity of that claim. Actually with the home resorts we had, only BCV may have given us a small profit if we had sold, but not enough go through the hassle.
We'll still go to see the mouse, hopefully we may have the opportunity to rent some points or something. We'll see. Thanks to all that have given encouraging advice and support.

oh... i'll still be keeping up with the "who's your guide" thread...i'll get back to that in a day or so.

 

[BEASLYBOO]

These are hard times, I wish you luck and hope things will improve for you soon.

 

[Dean]

We were actually able to give back the contracts....in lieu of foreclosure. We don't receive anything in return, nor do we pay more to get out of it. We were told that this would not affect our credit. When asked if we could rejoin in the future, they said yes, but they don't allow for payments the second time around...which is fully understandable. I've read elsewhere that you have to had paid for a while before giving contracts back. Member accounting didn't ask me anything about that, so i don't know the validity of that claim. Actually with the home resorts we had, only BCV may have given us a small profit if we had sold, but not enough go through the hassle.
We'll still go to see the mouse, hopefully we may have the opportunity to rent some points or something. We'll see. Thanks to all that have given encouraging advice and support.

oh... i'll still be keeping up with the "who's your guide" thread...i'll get back to that in a day or so.

That's called a deedback in lieu of foreclosure and it would affect your credit if they reported it which DVC tends not to do from what I understand. This is a voluntary option that the timeshare can chose to do or not. Usually they will because otherwise you usually have a non performing contract anyway and then they'd have to go through foreclosure. Sorry you're having to go through this.

 

[DisDaydreamer]

It is very hard times. I am glad Disney has a policy that allows you to step out of the situation. It only makes sense they handle it this way. You're a serious future prospect, and they simply take back the deed with minimal costs.

Good luck to you all, and I do hope you will continue to participate on the boards.

 

[Dean]

It is very hard times. I am glad Disney has a policy that allows you to step out of the situation. It only makes sense they handle it this way. You're a serious future prospect, and they simply take back the deed with minimal costs.

Good luck to you all, and I do hope you will continue to participate on the boards.

I'm not sure there is a formal policy to do so, it's likely handled on a case by case basis. And while there may advantages to the system on a limited basis, in general this is not a good deal for most resorts. Often it's better for the resort or developer to leave people on the hook and foreclose later rather than take it back. Even if they only get 20% of the payments, that's more than they have if they take it back. Just another advantage of having a system that's relatively liquid to resale.

 

[rentayenta]

Best of luck.

 

[Nikisha421]

sorry to hear this and hopefully you will be able to rejoin again sometime in the near future!