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Shell Vacations - Rips Us Off

We signed up for a ten year mortgage for 2500 points and have only been able to use it a few times in 7 years. Their resorts are always unavailable when we call to get a reservation.

Now my statement says I must pay 140 instead of 120 monthly payments of $173 to fulfill my obligation; when I inquired about the extra 20 payments they said maybe it was due to late charges or adjustable interest rates. I just want out without ruining my credit.

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0 #2 Mark 2010-04-01 05:05
As with so many of the vacation packages, they look so very good at the time you are being pressured into signing up for this supposedly "great" deal.

Sales people use alot of tatics to sell product, I guess this would be a result of pure commission sales.

My wife and I have used "the" package once since purchasing 3500 points some 3 years ago and in order to get a full week at the Vino Bella resort we needed 7000 points or (2) years worth.

Now if you look at this closely you will find out that the annual maintenance fee is approximately $900 now compare this to a standard hotel room, say at $150/night x 5 nights = $750.

I wish I would have looked at it this way before I purchased this package.

I know by comparison the suite we stayed in at the Vino Bella was much nicer than a standard hotel room, but what is it you really want when you go on vacation?

I don't need the Rockafellers style of stay, I just need a nice place to put my head down after a long day of touring the new area, or playing golf or what ever else is on the agenda for a given holiday.

I do have a complaint, when it comes to Equiant, the financing company for Shell Vacations Club.

If you are like so many of us unfortunate enough to have to experience this group, then you are in for a good one. I find that the interest rate at which they sell these packages is closer to loan sharking, doesn't matter what credit rating you have either.

When I applied or should I say attempted to apply principal reduction payments, (standard payment + additional funds), Equiant seemed to have difficulty applying these additional payments.

Even though it is stated that there is no penalty for early loan payoff.

First I paid with a bill pay site, this was not satisfactory with Equiant, they want their little remittance slip with each payment, regardless of the fact that all the pertinent information is on the check from bill pay(name and account #).

Then with each attempt to pay down the principal Equiant would apply the payment to regular monthly payments instead of applying the payment to that month with balance of the payment being applied to principal reduction, in this manner they can continue to charge interest on the full principal balance instead of recaluculating the interest charge on the new balance, this I find real upsetting.

I am now attempting to pay this loan off, I hope this will prove less challenging, then all we will have to deal with is reservations and the high annual maintenance fees.

In wrapping this up, my advice, think carefully before you purchase, like my daddy used to tell me, if its to good to be true, it probably is.
0 #1 Philip Boese 2010-03-25 14:32
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