TravelTalkOnline Forums Travel and Vacation Forums St. Maarten - St. Martin letting a time share go

Just wanted to know for a friend that wants to rid themselves from Sapphire if they just walk away, will it affect their credit rating in the US

I think you will get a variety of responses to your question, most of which are based on opinion not legal grounds.
If you search on recent threads you will see what I mean.
Things for your friend to consider:
1. SXM timeshares are subject to SXM laws not US laws, regardless of who owns the property or where they are based.
2. The wording on the original timeshare agreement is important. That needs to be reviewed before any action is taken.
3. Even if a Credit Rating is effected, is that preferable to ongoing maintenance fees? Most companies will ask additional questions if your credit report has only 1 negative listing.
4. The timeshare week # will effect how easily the week can be resold or rented by the resort. That could make a walk away easier for all parties.
Hope these thoughts are helpful.

All of that may be true, but unless the timeshare has your social security number, they cannot report your failure to pay your maintenance fees to any of the US credit bureaus. In addition, they must be a member of a US credit bureau to report to it. This is based not on opinion, but on my 30+ years of experience as a banker who dealt with credit on a daily basis.

I know that we didn't give our social security number to anyone when we purchased our timeshare weeks. But even if we had, again the timeshare must belong to the US credit bureau in order to report through them, which is highly unlikely.

For that reason, I would think that the original poster is safe to give up their timeshare without concern that their credit rating will suffer.

GaKay
I don't know about the Sapphire, but many of the timeshares on the island are part of U.S. based and owned resort companies. My guess is that contractually you are dealing with them and they belong to credit bureaus.

That's certainly possible, if the corporation is US owned. I still think it's unlikely. And again, even if they do belong to a US credit bureau, unless you gave the timeshare your social security number when you purchased, they don't have what is needed to influence your credit report.

We finally found someone who wanted to take over our timeshare lease at Belair. On the transfer form, there was a line for the new owner to list their S.S. #., so I guess they have figured out they need it. I know we didn't have to give it when we originally bought.

They wouldn't get mine; they don't need it, and I wouldn't provide it. Not because I'd be concerned about credit reporting, but because in the wrong hands it's the last piece of information needed to perpetrate identity fraud.

I have purchased at Towers, Royal Islander, La Vista and Atrium and did not list my SS# once. I was asked in closing a couple times but I did not supply it, and they knew it was not needed so no hassle.

T

Rather than to Give back our timeshare at the Sapphire last year, I elected not to pay the maintenance fee. figured it would be a good way to get rid of it. I received a notice from a collection agency in the states with a $100 added fee I eventually negotiated with them and they agreed to accept $50 above the fee due. I was unsure as to what would happen to our credit rating. I just received the current bill and am unsure as to whether or not to pay it or just let it go. Its a shame but the facility is a mess.

I am not sure I understand your post. You chose not to pay last year's maintenance fee because "the facility is a mess" but paid it plus $50 to a collection agency? Have you ever sought legal advice on this issue?