Would like to strangle my guide right about now!!

[momof2OH]

Not sure if this is the right place to do my venting, so if it needs to be moved please do so.

This is my issue: Recently purchased DVC (wonderful thing). Closed last month and first payment is due Oct.15 (this Thur). Money is in bank ready for them to take, or so I thought. I received a statement regarding my dues and it stated I owed x amount I was a little concerned as I was supposed to be on the monthly plan for those as well so I called MS to check into it. Now I have ALL the info my guide told me over the phone before we purchased written down (what my monthly payment would be, what the monthly dues will be, ect...) I just got off the phone with MS and come to find out I need to have an additional $100 in the bank by Wed night for them to take the payment on Thur. My guide seemed to leave a few very important things out when she was telling me everything. When I budgeted for the money to be in the account for them to take this Thur. I budgeted what my guide told me. She was correct in the monthly loan part but not the monthly dues part. For the rest of this year she was off by about $100 . Granted it is not a make or break kind of thing, but we have been doing really good with the budgeting and it just makes me mad that I now have to take from something else to add to this for this month. Good thing DH's check Fri has overtime on it.
Thanks for listening to my venting and sorry for the long post.

 

[Crystal_27]

That *does* stink -- I'm sorry!!! At least, however, you found out now rather than have an "oops" banking moment.

 

[Deb & Bill]

Not sure if this is the right place to do my venting, so if it needs to be moved please do so.

This is my issue: Recently purchased DVC (wonderful thing). Closed last month and first payment is due Oct.15 (this Thur). Money is in bank ready for them to take, or so I thought. I received a statement regarding my dues and it stated I owed x amount I was a little concerned as I was supposed to be on the monthly plan for those as well so I called MS to check into it. Now I have ALL the info my guide told me over the phone before we purchased written down (what my monthly payment would be, what the monthly dues will be, ect...) I just got off the phone with MS and come to find out I need to have an additional $100 in the bank by Wed night for them to take the payment on Thur. My guide seemed to leave a few very important things out when she was telling me everything. When I budgeted for the money to be in the account for them to take this Thur. I budgeted what my guide told me. She was correct in the monthly loan part but not the monthly dues part. For the rest of this year she was off by about $100 . Granted it is not a make or break kind of thing, but we have been doing really good with the budgeting and it just makes me mad that I now have to take from something else to add to this for this month. Good thing DH's check Fri has overtime on it.
Thanks for listening to my venting and sorry for the long post.

Usually the dues portion is a separate debit from your account from the loan portion. I know we had the loan taken on the 15th of the month and the dues on the 1st. Everything should have been on your closing papers.

Prepare for your dues to go up in Jan. Plus, the Jan payment is always a bit more or less, depending on what the taxes actually were since they are estimated.

 

[ToddyLu]

I have to agree that the statement sheet concerned us, too. It was about $40 more than what I thought for the rest of the year. After looking at it closely and calling to make sure it would draft correctly (like we set up)...we realized that while knowing we would owe 6 months of MF's for the incentive points we got for 2008...they separated it out into 5 months of payments becasue the first payment wasn't drafted until August. So instead of paying $80, we had to pay $116...not a lot but not what we had planned. There were no instructions or leading comments on the statement to let you know anything. I found it very confusing.

 

[drusba]

That likely may be the issue for the OP. You pay dues starting from date of purchase (when you call and send down Payment). Thus if you purchased in Aug, closed in Sep, and your first payment is in mid-Oct, you will be paying your 2009 dues in three payments (Oct, Nov, and Dec) but you also have to make up for, in those payments, days in Aug and the month of Sep.

 

[momof2OH]

That's exactly what MS said. We are paying 5 months of dues in only 3 months. However this is not what my guide told me when we were purchasing. She gave me a specific amt. that I would pay monthly for dues along with the amt. for the loan. This is why I'm frustrated at our guide . MS said she should have told us all this before hand. This is what we budgeted for. The payments are not combined (will be two seperate amts. coming out on the 15th)
Yes I am glad I found out now instead of a notice from my bank that I have NSF for them.

 

[dianeschlicht]

That's exactly what MS said. We are paying 5 months of dues in only 3 months. However this is not what my guide told me when we were purchasing. She gave me a specific amt. that I would pay monthly for dues along with the amt. for the loan. This is why I'm frustrated at our guide . MS said she should have told us all this before hand. This is what we budgeted for. The payments are not combined (will be two seperate amts. coming out on the 15th)
Yes I am glad I found out now instead of a notice from my bank that I have NSF for them.

In your guides defense, I suspect the amount she told you is correct for the rest of the year once you get past this first partial year deal. We have always had our dues taken out monthly, and it's never been a problem. The January dues can be more, because of the adjustment for actual taxes, but we know to expect that.

 

[rhonimouse]

We had a very similar situation...

We just closed last week and when Icalled to make sure what amount would be debited from my account I was told of the 2 separate payments (loan and MF). Member accounting was able to make them both due on the 1st so not to have the confusion of 1 on the 1st and then 1 on the 15th. I also found out the initial loan debit is slightly more then the remaining due to interst accumulated since closing....but after that, the loan and MF monthly payments were the amounts promised, just 2 separate debits instead of 1... MS explained it that MF are just like condo association fees and the loan is paid to the lender... FYI- MS said that Jan. MF won't debit on Jan.1 so that we find out MF increase and know what will be debited....Loans stil debit on the scheduled date- and this is for Jan. only since MF can increase for the new year.

I agree that the papers could clearly explain this , but it was just a small bump in a hopefully long and happy path as a DVC owner...

 

[momof2OH]

Like I said it's not a huge deal, just wish our guide would have explained things a little more in detail so we were aware that's all. Just have to do some shuffling of funds to cover the extra $100/mo for the next three months.

 

[ToddyLu]

We did, too.

 

[bakalorber]

That was one of the reasons I decided not to have my dues come out of my bank account. I did not want it to mess up my budgeting. This was I get my bill and pay it in full and do not have to worry about it effecting my "plan"