My Not so DW right now wants to sell our SSR points

[boettj]

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. 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]

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. 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]

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]

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

 

[boettj]

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]

Basic Rule: "If Momma ain't happy, ain't nobody happy!"

 

[boettj]

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]

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]

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]

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]

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]

Could you possibly add on a 50 point contract prior to selling? That 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]

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]

Basic Rule: "If Momma ain't happy, ain't nobody happy!"

Pretty much sums it up in our house.

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.
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]

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]

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]

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]

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]

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]

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.