We have been customers of Platinum Interchange (PI) for about 5 years. During that time, we have had a business relationship involving the exchange of timeshare inventory. We give them weeks, and we receive weeks back that we can rent.
Over time, Platinum Interchange has changed the rules, damaging our business, and violating our contractual agreement. The agreement we have operated under is:
- PI gives us access to 100% of its deposited timeshare weeks inventory.
- We trade our deposits for that inventory.
- We are authorized to rent the exchanged weeks.
- According to PI representatives, there were absolutely no restrictions. We can have any inventory. This was made clear to us, many times.
- Being cautious, we asked PI on several occasions, “are we were going to have any problems with this arrangement”, before we invested substantial extra funds in timeshare weeks, which provided Platinum with multiple bulk inventory deposits, in addition to our regular timeshare deposits
- On all occasions, we were assured that there would not be any problems.
- We acted as we did, based on Platinum’s representations. Had PI disclosed/replied there would be problems, we would have stopped providing inventory.
But then, after we had provided nearly $100,000 in regular and bulk inventory, PI started causing problems:
- Platinum Interchange denied us access, over time, to most of its desirable exchange inventory.
- Platinum Interchange refused our requested exchanges
- Platinum Interchange consistently refused to take any steps to mitigate our damages
- Platinum got the full benefit of our deposited weeks.
- Once PI had what they wanted from us, they changed the rules.
- As a result, we are now getting very little benefit in return for our deposits.
- We have no reasonable recourse. Our deposited weeks are paid for, and are in the past, so a refund or return of those weeks is impossible.
It is our opinion that we would have been able to use up the deposits by now, had PI not withheld so much of the inventory we wanted.
In the face of PI’s extreme restrictions, we have acted in good faith, to settle our issues and protect our investment. We have offered many compromises that would enable us to use the deposited weeks and avoid monetary damage. PI has ignored or rebuffed most of our requests.
PI has consistently refused to do anything to correct the damage done to us. PI has waited until the last minute to tell us, “we are not going to honor our agreement with you, and were are not going to help you”.
PI has acted in bad faith. PI has damaged and interfered with our business.
If things had stayed as PI’s representative assured us they would stay, when he originally signed us up years ago, we would not be here with this issue today. But apparently, PI has some reason to act in a manner to cause us deliberate and extreme harm. I do not understand what would cause PI to act in such a manner, to harm a major customer like us.
Solution: PI could fix this problem with one simple step. Platinum could extend (eliminate) our deposited inventory expiration dates. With this small gesture, costing PI nothing (in fact, making PI money), we would be able to use up the inventory over time, and avoid unpleasant and costly legal action.
In exchange for that concession, we would agree to work amicably to unwind (deplete) our account, ultimately closing it out and ending our relationship, if that is the desired endpoint.
Lesson: Platinum Interchange is a timeshare company. Timeshare companies are scorpions. They cannot be trusted. They act solely in their own self interest, showing callous disregard of their customers’ needs or wants. Platinum has shown itself to be as bad as, or worse than, most timeshare companies.
Advice: Don’t enrich companies with poor customer service ethics. Take your business elsewhere. Unfortunately, we cannot recommend RCI or Interval International, and especially not RTX, as viable alternatives. But, we have had positive results with, and will recommend, Trading Places International (TPI) and Vacation Resorts International (VRI).