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
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