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RCI points trap
My wife and I bought a time share an RCI timeshare in Myrtle Beach two years ago. We've now been informed that instead of a weekly exchange system, RCI will now use a "points" system. Plantation Resorts, an RCI affiliate, explains to us that it will cost us nearly $8,000 in cash to convert our time share to the new system. However, they will waive our conversion fee on our time share if we buy a second time share for between $8,000-$30,000.
When Plantation resort told us that we'd have even more difficulty exchanging our time share in the future because there will be very few resorts left on the "weekly" schedule and that RCI is always booked to capacity around the the world, we offered to sell our time share back to them. They refused, offering us the names of three charities who would take our time share as a charitable donation.
Our time share cost far less than the $8,000 conversion fee. So, investing more money in it just to convert to a "points" system would be silly. We were told that our time share is not worth much of anything financially because we are not on the "point" system. So, I guess that we've more or less lost our investment.
Submitted by: Rick P.
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