Loan Payment Question

[dis75ney]

Hello-

I was just informed by my bank that they will be performing system upgrades starting tomorrow and some EFT transactions may not go through. Love how timely they are in telling their customers...

Anyway, my DVC loan payment is scheduled on the 15th. The 15th falls on a Sunday this month, and my bank will typically pull the business day before, meaning they would pull my DVC payment tomorrow. But with this new system upgrade/outages, I have no idea whether or not my payment will go through. And of course, I was notified AFTER Member Services/Accounting has closed for the day.

My question (if anyone has missed an EFT payment) - what happens? Does this null and void future payments? Can I call member services and pay over the phone or online? I'm completely freaking out over this!

Any help/advice would be greatly appreciated!

 

[thepowellslovedisney]

Well, I wouldn't get too worked up. Just call MS in the morning and explain your situation. The payment is due on the 15. You would be calling on the 13. You should be just fine. In the meantime, there is nothing that can be done now so don't let it ruin your night. Just call in the morning.

 

[disneynutz]

Well, I wouldn't get too worked up. Just call MS in the morning and explain your situation. The payment is due on the 15. You would be calling on the 13. You should be just fine. In the meantime, there is nothing that can be done now so don't let it ruin your night. Just call in the morning.

MS has nothing to due with payments. Call Member Administration on Monday and explain your situation. Don't worry, Disney can afford for your payment to be late by a couple of days.

Bill

 

[colgose]

What happens if payments have been stopped been paid to Disney vacation club.after joining

 

[Chuck S]

What happens if payments have been stopped been paid to Disney vacation club.after joining

It depends upon how the loan was secured. If buying through Disney, they will repossess your membership and it will ruin your credit rating.

 

[colgose]

It was got thru Disney.I'm from Ireland and bought it a while ago but could not keep the repayments as I had a few big expenses when I got back. So I'd say my membership is gone.

 

[Chuck S]

It was got thru Disney.I'm from Ireland and bought it a while ago but could not keep the repayments as I had a few big expenses when I got back. So I'd say my membership is gone.

Has Member Accounting not contacted you? If not, you may not be at that stage yet, and may be able to bring your account up to date. You'll not be able to use your membership for a stay until all dues and payments are current.

I'd definitely contact them ASAP.

How many payments have you missed, and was it dues only that you missed or dues and mortgage payments?

 

[colgose]

Both. They have contacted me but not for past few months. So I'd say it's gone.

 

[Chuck S]

Both. They have contacted me but not for past few months. So I'd say it's gone.

Repossession should require a court hearing, so it may still be in process.

 

[colgose]

I should have said year not months since I was contacted

 

[Crystal_27]

it will ruin your credit rating.

Actually, I believe that the DVC loans are "invisible" and do not show up on your credit reports, except for the initial inquiry to see what financing you qualify for. I personally feel like the loans should show up to alert other potential lenders that you have a $15,000+ debt out there, but the Guides told me that Disney loans just don't work that way. So, I guess if you do default, Disney would get your points back, but I don't believe that it will hurt your credit score either way.

 

[Chuck S]

Actually, I believe that the DVC loans are "invisible" and do not show up on your credit reports, except for the initial inquiry to see what financing you qualify for. I personally feel like the loans should show up to alert other potential lenders that you have a $15,000+ debt out there, but the Guides told me that Disney loans just don't work that way. So, I guess if you do default, Disney would get your points back, but I don't believe that it will hurt your credit score either way.

I would think if you default, they'd report it. After all, to repossess a deeded ownership, it has to be some sort of legal action tha is public record.

 

[bumbershoot]

So, OP, did it work out for you!

After I read your post I went to my credit union website, and found that they were having downtime over the weekend, too! And the DVC site section for my loan just sat there all weekend, so I was worried....but it all went through on Monday just fine! Hope it worked the same for you!

 

[BigTigger]

When we did the OKW extension, Member Accounting used my bank information from 1995 to process the payment??? Oops - that bank was bought out in 2002 by my current bank. Member Accounting simply looked up my more recent dues payments bank information, realized the mistake and called me to let me know that they goofed, fixed it, and would take two months worth of payments next month to fix it.