Selling RCI Points.
When people who own a timeshare week convert to the RCI points system the resulting ownership is a combination of timeshare week/s and RCI points. RCI do not take ownership of timeshare weeks but give the owner an annual allocation of RCI points in exchange for the ‘right-of-use’ of each timeshare week.
The points RCI allocate in exchange for this right of use are known as ‘RCI cession points’. However, the week remains in the owner’s name and the owner is responsible for paying the resort annual maintenance charges.
When owners converted their timeshare week into RCI points they often had to purchase a small number of additional points to enter into the RCI point’s scheme. These points are known as RCI Pure points.
Although they operate in the same way and have the same holiday trading power, the two types of points (cession points and pure points) are essentially a separate timeshare asset. As a first step owners should contact RCI to clarify the nature of points they own, establish if they are receiving RCI cession points in exchange for right-of-use of their timeshare week/s, and whether they also have any RCI Pure Points.
RCI point’s members who simply purchased the points they own and did not place any timeshare assets into RCI in exchange for points will have purchased RCI Pure Points. Depending on their circumstances, owners may need to go through a few stages before they can sell their timeshares:
Where a timeshare week is deposited into the RCI points system: Owners cannot sell ‘cession points’ allocated to them by RCI in exchange for the use of their timeshare week. When their week was placed into the point’s system owners signed a 12 month rolling contract with RCI by which they gave RCI the right-of-use of the week in exchange for an annual allocation of RCI points. To sell, transfer ownership, or resign the timeshare week owners first have to take them back from RCI which requires a 12 months’ notice.
Owners should contact RCI who will send them a form to withdraw the week from the point’s scheme. RCI will inform the owner of the date the right-of-use has been returned (usually following the next anniversary of right of use). For more information, or for a surrenders form contact the RCI call centre on 0845 608 6380.
RCI Pure Points. These are simpler because they are not tied into the right-of-use of any other timeshare asset. Owners can sell them privately or through a reputable resale company. The difficulty with selling RCI Pure Points is that the number of Pure Points purchased may have been relatively small and, on their own, are usually not sufficient to provide an adequate level of ownership for a new purchaser. This limits the potential purchasers to people who are already RCI Pure Points owners and want to buy more.
People often find it difficult to sell a small number of RCI Pure Points and have to consider resigning their ownership. Again this requires 12 months’ notice and any fees that fall due during the notice period will have to be paid. You do, however, have this notice period within which to utilise any points you have accumulated before you leave. For contact details of Resale companies that comply with the TATOC Resale Code of Practice please see TATOC Consumer Helpline Guide number 14
Download the guide: tatocconsumerhelplineguide18
TATOC, the Timeshare Association, is celebrating its 25th anniversary in 2014. The TATOC Consumer Helpline is TATOC's flagship service providing advice, support and information to timeshare owners and the general public. If you have a question about timeshare, don't hesitate to contact the Helpline team.
Money recovered Jan – Oct 2016
*This is the amount of money that the Helpline has been able to assist clients reclaim if all advice has been followed.
— December 20, 2016
TATOC Consumer Helpline Christmas Opening Hours Friday 23 December – 9am to 5.00pm Sunday 25 December – Closed Monday 26 December – Closed Tuesday 27 December – Closed Wednesday 28 December – Closed Thursday 29 December — Closed Friday 30 December – Closed Saturday 31 December to Monday 2 January – Our office will be closed for…
— March 18, 2014
Looking for timeshare advice? Think you have been scammed and need help claiming it back? Want to find a reputable timeshare resale company? Then the TATOC Helpline Consumer Guides will be able to help. TATOC has put together a number of consumer guides on a range of topics which you can read online or download. You can view the full…
— March 18, 2014
The TATOC Consumer Helpline has launched a new LiveHelp function on their website for those who prefer to communicate online rather than telephone or email for assistance and support. The live support function will be open during working hours (Monday to Friday, 9am to 4:30pm) and opens a direct line of communication with website visitors. It will allow the Helpline…