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Does anyone know how this works. We have three contracts, two are Ambassador Gold weeks and one is a 15K point contract. I know they say you can borrow from the end of your contract if over a certain age but at what cost? Is the age over 60? Is this a worthwhile option or is it better to simply buy more points?
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The Operating Rules say:Originally posted by icydog View PostI think it's loosely interpreted.... I waited 'til I was 50 to do it (I was not 50 when I purchased) they never asked for any proof of age. I think it's a good deal.Accelerated Redemption of Holiday Credits
A Member, who on the Purchase Date is 50 years old, or older, shall have the right to accelerate the redemption of one’s Holiday Credits over a period of not less than fifteen years. Such a Member may exercise this benefit by adding to one's Holiday Credits Account for a specific year a maximum amount of Holiday Credits corresponding to the Member’s Entry Level in a calendar year, and may only accumulate up to twenty percent of the Holiday Credits of their Entry Level without taking in to account the Holiday Credits accelerated that certain year. Such Accelerated Holiday Credits shall be debited from the last year of the life of one’s membership. A Member accelerating the redemption of one’s Holiday Credits shall pay the Annual Club Fee for the normal year of usage, as well as for the Accelerated Year. -
"Accelerated Redemption of Holiday Credits
A Member, who on the Purchase Date is 50 years old, or older, shall have the right to accelerate the redemption of one’s Holiday Credits over a period of not less than fifteen years. Such a Member may exercise this benefit by adding to one's Holiday Credits Account for a specific year a maximum amount of Holiday Credits corresponding to the Member’s Entry Level in a calendar year, and may only accumulate up to twenty percent of the Holiday Credits of their Entry Level without taking in to account the Holiday Credits accelerated that certain year. Such Accelerated Holiday Credits shall be debited from the last year of the life of one’s membership. A Member accelerating the redemption of one’s Holiday Credits shall pay the Annual Club Fee for the normal year of usage, as well as for the Accelerated Year"
Does that mean if I have a contract that is to expire in 2026 I can withdraw points from that contract to this year and have 30K points? Can I do this every year?
"A Member, who on the Purchase Date is 50 years old, or older, shall have the right to accelerate the redemption of one’s Holiday Credits over a period of not less than fifteen years".
What do they mean by accelerated over a period of not less than 15 years. Don't they mean not More than a a period of 15 years?
Since this will double my maintenance fees to $830 for 30K points, is it even worth it?Comment
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There is often meaning lost in translation. What they mean is that a 30 year contract could be used up in 15 years if, every year, you opted to accelerate.Originally posted by icydog
Only you can determine the worth based on your vacation needs. You are paying current year MFs for use of a future year's points where the MFs would have been twice as much by the time that year arrives, you decide if you need to do it. If you accelerate you cannot save 100% (15K).
I don't know if they offer acceleration of a 'weeks' contract.
... not enough time for all the timeshares ®Comment
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Originally posted by Spence View Post
I can bank 15K points or is it 20% of 15K points? How many points can I actually bank? I am mixed up on this as well.
When I bought the contract, resale of course, it came with 15K worth of banked points from the year before. If one can only bank 3K (20% of 15K) how did the contract I bought have 15K banked?Comment
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Originally posted by icydog View Post
I said:
If you accelerate you cannot save 100% (15K).
If you accelerate you cannot save 100% of current year quota, they won't allow it; only 20%.
E. Accumulation of Unused Holiday Credits
Members may accumulate annually, from one year to the following, up
to twenty percent of the Holiday Credits corresponding to their Entry Level. Those unused Holiday Credits may be used only the following Calendar Year, otherwise, such credits shall expire, and be null and void. Unused Holiday Credits surpassing the above-mentioned percentage are not subject accumulation.
Regardless of what is stated in the preceding paragraph, a Member
may, up to a total of ten (10) times during the life of one s Membership, carry forward from one year to the next an amount equal to the total number of annual Holiday Credits credited to one s account, provided that such Holiday Credits were not previously redeemed for the use of Lodging Units or Other Benefits. The total number of Accumulated Holiday Credits not redeemed for Lodging or Other Benefits during the year to which they were accumulated, shall expire, not subject to accumulation to the following year, and be considered as null and void.
This benefit of carrying forward an amount equal to the total number of Holiday Credits may only be exercised by a Member in good standing, having paid the Annual Club Fee on time for the Membership year to be accumulated. This accumulation feature may not be used in succeeding years. This accumulation of Holiday Credits is not automatic. Any Member requesting to accumulate Holiday Credits not redeemed during a year shall provide written notice to the Management Company on or before December 31st of that year. The benefit of accumulation is not valid for Holiday Credits that have been accumulated from previous years.
... not enough time for all the timeshares ®Comment
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I am 41 now and for the last 2 years I have been taking points off the back end, I just purchased 60k points and now that it is unified I have 90k per year.
They never ask my age and I dont think the person I purchased from is over 50 so I am not sure if I just got lucky or if they thougth I was over 50?
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