Diamond Resorts selling or resignation of points ownership.
If you wish to sell your Points, there are four options available to you (in accordance with the Articles of Association of the European Collection, Article 8 (h) (ii), “Transfer of points and points rights”), which are as follows:
Points can be directly transferred by you to an immediate family member, i.e. spouse, sibling, child or parent.
You can sell your Points privately on the open market to an existing European Collection member provided no resale company has been involved. Should you choose to sell your Points to an existing European Collection member, you can advertise them in newspapers, shop windows, magazines, internet, etc. Some members have advised us that the internet has proved to be very successful. Subject to option (3) below, you are not permitted to sell your Points via a resale company or intermediary and we reserve the right to reject any such transfer (which will mean that the change in ownership will not proceed) if we believe this to be the case. Please note that a transfer fee is payable. We have enclosed further information regarding the transfer process with this letter.
You can utilise the services of The Travel & Leisure Group who have been appointed by the Founder Member as an authorised (but independent) third party resale intermediary. The Travel & Leisure Group will be happy to assist you in selling your Points and have authority to arrange sales on your behalf to either members or non-members.
For contact details of Travel and Leisure please contact TATOC The Timeshare Association on 0161 2373611 or email@example.com.
Diamond Resorts reiterate that in order to protect the interests of all members and prospective members, you are not able to sell your Points via a resale company or intermediary other than The Travel & Leisure Group. Diamond Resorts reserve the right to reject any transfer so requested if they believe that the services of an unauthorised intermediary have been used (which will mean that the change in ownership will not proceed).
Please be advised that should you decide to utilise the services of Travel & Leisure, your management fee account must be paid in full prior to contacting them. They will be unable to assist you in selling your Points whilst there is an outstanding balance on your management fee account. Should you require confirmation of your current management fee balance, please contact the Owner Operations department on 0845 359 0007.
Should you prefer to utilise the services of a resale company other than The Travel & Leisure Group or wish to sell to a person other than an immediate family member or existing Diamond Resorts member, you must first convert your Points into a week or weeks of equivalent Points value (Article 8(h)(i) refers). The said week(s) can then be placed with a resale company for sale. Please find enclosed further information regarding the resale process. For your information, we can confirm that the transferring of Points into a week is carried out by Diamond Resorts free of charge. However, upon transfer of a week to a third party, a transfer fee is payable and again, this cost should be confirmed at the commencement of the transfer process. Please note, if you wish, you can convert your Points into week/s and use the resale services of The Travel & Leisure Group.
Please note that any financial arrangements that you may have made to facilitate the purchase of your Points and membership will remain your sole responsibility. However should you have purchased your ownership using finance from Diamond Resorts Financial Services Ltd (formerly known as LS Financial Services), you will not be able to transfer or surrender your Points and membership until the outstanding balance is repaid in full.
You remain liable for the payment of all management fees until such time as a transfer is affected. All management fees must be paid in full prior to commencing with the transfer. Please also bear in mind that although you may have lodged a wish to dispose of your Points membership with Diamond Resorts, you will remain liable for any outstanding management fees.
Diamond Resorts do of course appreciate that from time to time, serious changes to personal circumstances can occur, and we therefore have the discretion (in exceptional circumstances) to consider whether a surrender of ownership is appropriate.
Exceptional circumstances that Diamond Resorts will consider are:
1. Death of either member with no possibility of transferring to family members – copy of death certificate will be required.
2. Bankruptcy or CAB/solicitor’s involvement to resolve serious debt issues – specific documentary evidence detailing income, outgoings, assets and liabilities will be required.
3. Over 75 years old with no possibility of transferring to family members – copy of birth certificate will be required.
4. Medical problems/terminal illness necessitating reduced travel and/or decrease in financial resources to maintain membership – medical evidence will be required.
Diamond Resorts do not intend to change the exceptional circumstances criteria, the exceptional circumstances policy (which was implemented following a change to the Articles at the AGM of June 1999) could be changed in the future, but only if the change was approved by the Members by a 75% majority.
Please note for the above, Diamond Resorts will only consider waiving the current year’s management charges. All previous year’s fees must have been paid in full. If any of the above criteria apply, the required documentation as quoted above must be provided to substantiate your request.
If you feel that any of the exceptional circumstances criteria apply to you and you would like us to consider the surrender of your Points and membership, please forward the required documentation to Diamond Resorts.
Non –Qualified Relinquishment Option
With effect from 16th February 2015, a further option is available to you in the event that you do not meet the exceptional circumstance criteria or do not wish to utilise any of the other options available. This option (referred to for ease as “the Non-Qualified Relinquishment Option”) enables you to relinquish your Points and membership on payment of a relinquishment fee equivalent to two years’ maintenance fees.
In order to for you to invoke the “Non-Qualified” Relinquishment option in respect of your Points holding you must:
1. Submit a written request to relinquish some or all of your Points (as you so wish) to the Communications Department of Diamond Resorts (Europe) Ltd (“Diamond”) at Citrus House, Caton Road, Lancaster, Lancashire England, LA1 3UA by no earlier than 1st January and no later than 1st September of the Use Year in which you wish your relinquishment request to be processed. A form shall be provided for this purpose for your assistance although its use is not mandatory. If you wish to relinquish only part of your Points holding, the partial relinquishment must be per Points certificate held. For example, if you own 20,000 Points across two Points certificates of 10,000 Points each, you can elect to relinquish 20,000 Points (both Points certificates) or 10,000 Points (one Points certificate).
2. You must be current in the payment of your maintenance fees on your Points at the time of submitting your written request to relinquish.
3. You will be required to pay a relinquishment fee for future loss of maintenance fee income equivalent to TWO years’ maintenance fees on the Points you wish to relinquish. The fee shall be based on the rate in force in the year that your relinquishment request is submitted. In respect of a partial relinquishment, the fee shall be calculated on a percentage basis as compared with the maintenance fees on your entire Points holding.
4. The relinquishment fee must be paid by you in cleared funds by no later than 1st November of the Use Year that your relinquishment request is submitted.
5. It is a condition of invoking the relinquishment option that any consumer credit loan taken out by you to fund the purchase of the Points being relinquished must be discharged in full prior to the submission of your request to relinquish, and you will be required to provide with your relinquishment request:
(i) Confirmation as to whether a credit facility was taken out by you to fund the purchase of these Points,
(ii) if a credit facility was taken out, the name of the credit supplier, the consumer credit agreement reference number and the date (exact or estimated) on which the loan was discharged, and
(iii) EITHER a copy letter from the credit supplier confirming that the credit facility has been discharged in full OR (in the absence of such documentary evidence) a signed authority permitting a Diamond team member to contact the credit provider to verify the information so provided. The signed authority should include the contact details of the credit provider in the form of an email address, telephone number or postal address.
6. Subject to strict compliance with the above conditions, 21 days after the relinquishment fee has been received, the Points being relinquished will be removed from your Points holding and, if the entire Points holding is being relinquished, your membership will also be terminated. In either case, you will have no further usage rights (or obligations) in respect of your relinquished Points, SAVE THAT;
(i) if (in respect of Points that you wish to relinquish) you have not used all of your Points in that Use Year and, within 14 days of the date on which your relinquishment request is submitted, you make a reservation (or reservations) using your unused Points for a stay (or stays) during that Use Year, your reservation/s will be honoured, and
(ii) if you have elected to save some or all of the Points that you wish to relinquish to the following Use Year in accordance with the Points saving procedures and deadlines and, within 14 days of the date on which your relinquishment request is submitted, you make a reservation (or reservations) at a Diamond managed or affiliate resort (i.e. Interval International reservations excluded) using your saved Points, your reservation/s for the following Use Year will be honoured.
7. For the avoidance of doubt:
(i) with the exception of the saved Points, no Points will be allocated to you for use in the following Use Year, and saved Points cannot be carried forward again to a subsequent year.
(ii) if you have borrowed Points from the following Use Year, you will not be in a position to invoke the “Non-Qualified” relinquishment option until the following Use Year and only if the maintenance fees on those borrowed Points has been paid in full at the time of submitting the relinquishment request,
(iii) you must be cognisant of the fact that a partial reduction in your Points holding could impact on your Loyalty Tier status and Member Benefits redemption entitlements.
(iv) if the submission of the relinquishment request AND payment of the relinquishment fee are not made on or before the deadlines referenced in this section at paragraphs 1 and 4 above, the ability to relinquish in that Use Year will be lost (although it will of course be open to you to invoke the relinquishment option the following year if you wish to do so).
Please note. This relinquishment option represents a variation to the terms of your purchase contract in the event that you purchased prior to 16th February 2015.
Inheritance of your Points
Whilst the above options are available to you, should you decide to continue owning your Points and membership, in the event of the death of a member where the membership is jointly owned, the membership will automatically transfer to the sole surviving member. In the event of the death of a sole member, and for a period of 6 months from the date of the member’s death, the personal representatives of the member’s estate are entitled to request the transfer of the Points and membership to a beneficiary. Alternatively, they can take steps to sell the Points (in which case, any proceeds of sale will be paid to the member’s estate). In either case, Articles 8(b) and (d) shall apply to any resulting transfer.
The ability to transfer a membership and Points to a beneficiary enables your loved ones to continue to benefit from your Points after your death. Of course, if your beneficiary does not wish to inherit your Points and membership, they are under NO obligation to do so. They can simply disclaim the gift, in which case, your membership will terminate.
We trust this information is helpful. If, however, you require any further assistance, please do not hesitate to contact Diamond Resorts on 0845 359 0007
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