PriceWaterhouseCoopers Letter

[sdzimm]

We received a letter from them, stating they are auditors for Disney. All of the information on the letter is correct (Mortgage amt, # pts, etc).

This is actually the second purchase we have made from Disney. We have been owners since 2000 and never received anything in the past.

I plan on calling accounting to confirm the letter's validity. But did anyone else ever receive a letter?

 

[chalee94]

i don't have a mortgage with DVC but i used to be an auditor.

PWC is disney's independent auditor and they are responsible to test disney's numbers to see if they are accurate (or in a worst case scenario, if disney is making stuff up to say they have more money coming in than they do).

they test the numbers by taking a small percentage of the list that disney gives them and verifying those numbers by asking people like you (outside of disney corp.) to confirm them. they would typically not pick the same people every year.

MS accounting probably won't know specifically who is getting the audit letters (otherwise they could theoretically take steps to mess up PWC's testing.)

it is very helpful to return the letter. they already have your information -they are not fishing/phishing for anything...

 

[parlay]

We did not receive a letter, but it can't hurt to call accounting anyway. With all of the identify theft, better safe than sorry.

 

[Chuck S]

Remember that DVC/Disney is having to hold the notes now for financed DVC sales. Before the bank meltdown, they were packaging and selling the loans off.

So those of us in the past may not have received company audit notices on our loans. I'm pretty sure the letter is legit, since it contains your accurate info. If they were asking questions without giving any accurate info, that would raise red flags.

 

[SabresFan]

I would be careful about what you verify - if they are asking about DVC stuff like how many points you've got and when, that's reasonable. If they are asking for your SSN or CC number "just to verify we have the right person" that would be a red flag.

 

[JimMIA]

Sounds like a routine auditor's letter. Standard practice. You just happened to get randomly selected.

 

[srberubenh]

We received a letter from them, stating they are auditors for Disney. All of the information on the letter is correct (Mortgage amt, # pts, etc).

This is actually the second purchase we have made from Disney. We have been owners since 2000 and never received anything in the past.

I plan on calling accounting to confirm the letter's validity. But did anyone else ever receive a letter?

I'm a CPA and it sounds like a standard confirmation letter request to me. If all you have to do is verify the information, I cannot see any risk to you. It will help the auditors at their job if you send back the confirmation.

 

[sweetdana]

I work in mortgages. This is to make sure Disney is doing the right things. Since someone elses money (stock holders, or bond holders, or other) are actually on the line.

For sure follow up, and FOR FOR FOR sure, verify but do not give out #s, in case it is a super good fraud out there.
IE if they say, you work for ____ and you make _____ is this correct, state yes or no, but do not say I work for ____ and I make ____.

 

[JimC]

Are they asking for positive confirmation or only a reply if the information is inaccurate? Simply respond as requested.

I agree with others that it is simply a testing procedure they are using to confirm the mortgage receivable portfolio.

 

[disneynutz]

Maybe it's a pre-sale audit? Either the notes are going to be sold, or the DVC.

Bill

 

[Allison]

Sounds like the routine annual audit procedures.

 

[sdzimm]

Thank you everyone for your input/advice. I decided to reply to the letter. It did not ask for any personal information, and simply stated the terms of my DVC contract. Seemed safe enough.