RCI Timeshare - Advice needed

katyk_2

Hi folks

Please help with some advice - we have signed with a timeshare scheme whilst in Spain but are still within our two weeks 'cool off' period. No actual cash has changed hands so we could still leave unscathed if we wish. Needless to say whole deal sounds very inviting and hotel/resort we were shown round really was beautiful but I would desparately like some advice, particularly if anyone out there has direct experience of this company.
Basically the deal is as follows - we pay a set sum for which we receive 40000 points per year. We then use these points to 'buy' holiday accomodation at any of there very many resorts all around the world, saving them up if we wish to skip a holiday this year and get a larger one next year etc. The set sum will work out at around £6700 but this guarantees the 40000 per year for the next 58 years until 2065. It would involve our taking out a loan to pay for this but, other than our mortgage, we do not have any major debt at present. In addition we can reserve unlimited 'bonus' weeks at £129 per week per family on a first come first serve basis and could do so for friends and family too. This differs from 'introductions' which allows us to put forward people who want a cheap holiday for £150 for a week, but accept on the basis that they will have to sit through the presentation and sales pitch. For introductions we would receive back £125 whether they sign up or not but the bonus weeks do not have 'qualifying' terms and no sale pitch is given but we do not benefit in any way. All holidays are exclusive of travel and that would need to be paid for seperately but need not be through them - we can shop around and arrange our own if preferred.
I know everyone says thimeshares are dodgy but I must admit it did all sound very good. If we are to cancel (which can be done by fax or email rather than depending on post to foreign climes) we need to so by about Monday to be on the safe side (actual cut off day is Wednesday)
The company selling the points are SSB Marketing and the scheme is RCI.
PLEASE help with advice and wonder/horror stories!
Many thanks all
Katyk

katyk_2

Forgot to mention other costs involved as follows -
£308 per year maintenance fee
£77 membership fee
£72 booking fee per holiday of any length over 5 nights (unless booked at the resort where you initially signed up).
Thus once initial sum paid we could holiday in 4/5 star accomodation for 2-3 weeks per year for the cost of some flights and £450. They also have some 4-500 outlets in UK so could cut travel costs, and could have additional
breaks using the bonus weeks where we would only pay £129 (or £99 if a late booking) and not use any points.

budgetflyer

Bin it ASAP.
This is worse than timeshare IMO. At least with timeshare you own a deed that shows you have a tangible asset that is bricks and mortar.
With points, you own an "arrangement"
Have a look at http://www.timeshare-hypermarket.com/ to see what you can buy RESALE for a grand. Then take management fees RCI membership, exchange fees and do the maths.You will also be restricted to certain arrival days

The non timeshare way
You can rent good quality 1 or 2 bed accom for around £500 to £700 PW high season, a quarter of that low season.

You do the maths.

If you do decide to buy, then buy resale. There are plenty of desperate sellers trying to offload their commitments at discounted prices.

hammy_the_hammer

i'm not entirely sure but a good question to ask is will you get the weeks you want where you want ?
the web will be full of stories i'm sure

katyk_2

Thanks for advice Budgetflyer - states no transfer fee (other than the £72 booking fee) as you do not 'own' a specific week. Also no real restriction on arrival dates - just look on screen to see availability at chosen resort. Admit I am very new to this and still somewhat confused hence post here. Had a look at the address you gave and cannot see how you would tell how many years it had left to runj if buying for price quoted.? Assured I was not tied to any specific weeks of the year as I stipulated I would be working around the school hols and may choose to go Easter, Summer or October dep on other commitments.

budgetflyer

It may be worth looking at http://www.timeshare-hypermarket.com/ resales in more detail. If you select points/clubs from drop down menu there is a list of RCI points for resale.
You can actually buy 37000 RCI points for £500 + transfer +legal costs.
So for just over a grand you can get your hands on 75000 points.
Thats nearly double for a sixth of the cost !!!
That should also tell you something the salesman didn't about your "investment".

hammy_the_hammer

http://www.timesharetalk.co.uk/forum/topic.asp?TOPIC_ID=1711&#22438

these have info on points system ...i haven't looked maybe you'll find some comments and be able to navigate the site from there

katyk_2

budgetflyer wrote: »

It may be worth looking at http://www.timeshare-hypermarket.com/ resales in more detail. If you select points/clubs from drop down menu there is a list of RCI points for resale.
You can actually buy 37000 RCI points for £500 + transfer +legal costs.
So for just over a grand you can get your hands on 75000 points.
Thats nearly double for a sixth of the cost !!!
That should also tell you something the salesman didn't about your "investment".

Cannot see the drop down box you refer to - mine only gives me drop downs for country, price and accomodation. Unable to see any prices for 'pure points' However think I have been sufficiently put off. Case of wanting it to be as good as it sounded but remaining wary.

katyk_2

hammy_the_hammer wrote: »

http://www.timesharetalk.co.uk/forum/topic.asp?TOPIC_ID=1711&#22438

these have info on points system ...i haven't looked maybe you'll find some comments and be able to navigate the site from there

Thanks Hammy
Sounds like if you want to sell them, RCI can take up to a year or even longer to do so for you and you continue to pay all charges whilst they 'try'. Only alternative apparently is to surrender them FOC thus allowing RCI to resell them whilst missing you out of the loop. One woman inherited 12000 and is offereing them FOC to anyone who wants them rather than give them back to RCI, as she does not want to have to pay the charges.

hammy_the_hammer

i think you've got the message. use that money of yours wisely

Hotspur

HI Katyk,

I did a quick google search on SSB Marketing and came up with a couple of alerts/warnings on them. Nothing too specific but best to be wary IMO.

There are many marketing companies selling timeshare and points schemes and most trade off the back of reputable companies like RCI who have a UK office in Kettering, Northants but do not have any direct link with RCI. Don't know about SSB but I'd find out more before comitting.

SSB are after your money and not ensuring you have a good deal. Have you checked with RCI to see if SSB are legit?

Ask yourself the question. Did we go to Spain to buy timeshare/points. If the answer to that is NO then walk away now and consider if it is really for you. If the answer to that question is YES then walk away now and do some homework comparing options before buying.

If the offer is there now it will still be available after you have had longer to think about it.

BTW if you left your credit or debit card details with them then I'd let your credit card co know any payments haven't been approved if you don't go ahead as some marketing companies will still take a deposit.

I have seen instances where people have signed up to this sort of thing on holiday and regretted it when they have come to sell or use the points and found that they can't get what they expected.

I actually think timeshare can be good for some people BUT it has to be at the right resort and the right price.