Slow Sales Cant Pay

[oregonsnow]

I have 300 points been paying for 2 years with good down.....
Had some slow sales in Dec and Jan cant meet the monthly and annual fees
together right now Should I sell or let Disney sell the package and keep the deed...

 

[kdzgon]

I would definitely considering listing it. The sale price will be more than the Disney buyback, plus it is always better to be proactive with anything that can possibly hit your credit and/or financial situation.

 

[oregonsnow]

Sales are back to normal
I wonder if I pay the yearly dues 100%
if they will move 3 payments of current payment for monthly dues to back of loan
to help a guy back on track? Wife would kill me if I lost disney

 

[Maistre Gracey]

First, I would call DVC and tell them your situation. Tell them you will sell ASAP, and fess up if you aren't able to pay in the meantime.
They may offer suggestions, but don't expect them to give you relief on your debt.
Most importantly, whenever you are in credit trouble always contact the creditor and be upfront and honest. Do not be a "silent defaulter".

Good luck...

MG

 

[oregonsnow]

Will call em in am... Just seeing if anyone else ever had a bad month at the worse time that owned DVC

 

[castleri]

Would you be able to rent out some of the points to make the payments? That would be better than losing the contract even if you may have to change some vacation plans for awhile. I would rather lose a vacation this year than lose my DVC contract.

 

[oregonsnow]

I like the rental idea... I will call the business office
I bet ya three dollars they let me pay dues for yearly
and hop three monthly payments to back of note for other half
Aint going to kill Disney and we all stay happy

 

[doubletrouble_vb]

I don't quite get what you are proposing to do with your note. Not that that matters. If Disney'll work with you then great. Anyway why don't you calculate what the costs are you are trying to cover and then figure out how many points you need to rent to get there? A good rough estimate is $10 per point you plan to rent since your shortfall seems to be sooner rather than later.

Also...I don't know the answer to this because I didn't have a mortgage on this thing very long but is it possible for you to pay your Disney note with a credit card? This is TERRIBLE financial advice but if you know for a fact that your shortfall wont be very long it could work especially combined with renting.

Its hard to tell from your note if you know this so let me add this...you would be the one doing the renting, Disney wouldn't help you out with this. It'd be like renting out any other property you own.

 

[oregonsnow]

Let me clear this up
I owe three months worth of payments
for monthly payments due on contract
I need to pay those
but the yearly dues came due for $1400 and some change
I cant pay both at once.

If I pay the yearly dues and get some help on the three months
with a restructure of the loan by moving the three months
to the tail end of the load it would be great

Thats what I wanna try in the am... I will ask to see what points
are clear to use in 2007 to rent...... Wife just went to Ca with daughter
HAD TO GO type trip... Whats a guy to say.....

Lol so here I am trying to figure out my best approach

 

[mikesmom]

Just my opinion, but your best approach might be to pay the 3 months you are behind and instead of paying the annual dues all at once, put them on a monthly auto draft. We pay the annual dues on a monthly basis because Disney doesn't charge any interest or carrying charges so we are money ahead doing it that way.

 

[oregonsnow]

You can pay the annual dues monthly?
Now that makes sense to me

 

[TenThousandVolts]

You can pay the annual dues monthly?
Now that makes sense to me

Yes- definately call the business office and get your annual dues switched to monthly- they will auto-deduct it out of your checking acct.

Also, doubletrouble makes a good point- of course it is bad financial advice to put your loan pmts onto a cc and pay (double) interest on them- but if it is truly a situation where you are having a bad month and you will make up for it next month this could work.

As far as renting your points, that is a good idea- but if I understand correctly- your acct must be in good standing in order to make a vacation reservation- so really you do need to call the business office and make arrangements to keep your acct. in good standing.

I can relate I am an Ind. Contractor and DH is commisioned sales. It can be very hard to predict monthly income, much less plan or budget.
I hope you can hang onto your points- best of luck.

 

[castleri]

You can pay them monthly with a debit from a bank account. You cannot pay them monthly with a charge card. That would certainly free up some cash to make a start on paying the other three months you owe instead of paying the whole $1400 on the dues. I thought about the account in good standing aspect after the first post and then see somene beat me to it so you would have to do whatever is needed to make that happen such as the credit card payment and then you could see about the rental possibility to pay that off if you needed to.

 

[oregonsnow]

Will check into that in am....
If they can go monthly then
I got one happy wife and daughter
Heaven forbids if they could not go to Disney
Its just sick what people will do to go to that damn park!!!!!!

 

[CarolA]

Fist call DISNEY NOW.! The longer you wait the less likey ANY creditor is to work with you!

I am a little unsure what you are behind on, but if it's your loan then you are technically in default. The longer you wait the worse it will become.

(And I would list it, but that's just me. I don't want that kind of worry! Sounds like this is a problem. )

 

[oregonsnow]

Carol will call in am... Never sell

 

[JimMIA]

6:05 PM - First post ever on the DIS

"I have 300 points been paying for 2 years with good down.....
Had some slow sales in Dec and Jan cant meet the monthly and annual fees
together right now Should I sell or let Disney sell the package and keep the deed...

6:15 PM - Second post ever on the DIS "Sales are back to normal..."

Your sales must be REALLY volatile!

Pretty silly thread, IMHO.

 

[fishermouse]

Are the loans actually held by Disney or do they simply arrange financing for those that need it? If Disney is not the actual creditor you will have to go through whoever that is. You should get it resolved soon you don't want a forclosure on your record.

 

[jemiaule]

Your sales must be REALLY volatile!

Pretty silly thread, IMHO.

I believe OP was saying previously sales were bad (thus causing them to get behind in payments) however sales are now good and ability to pay monthly as scheduled is fine. The question seemed to be about the back payments due, the annual dues that are now due and the best way to handle the situation. OP forgive me if I got this incorrect.

Thread doesn't seem silly to me..with the exception of one response.

 

[JimMIA]

I believe OP was saying previously sales were bad (thus causing them to get behind in payments) however sales are now good and ability to pay monthly as scheduled is fine. The question seemed to be about the back payments due, the annual dues that are now due and the best way to handle the situation. OP forgive me if I got this incorrect.

Thread doesn't seem silly to me..with the exception of one response.

You may be right, of course. But I'll stick with my original assessment.