Best Buy wants me to re-affirm

[sophia]

It's my understanding, that the only secured debt there is, is a house and a car. Everything else, for BK purposes, is considered unsecured.

Nope, you need to read more and do a search. Ask a Moderator to point you in the right direction, I have not been here long enough. I do know you are not correct though.

[dingdong]

They are just bluffing.Playing the fear card in case you back down and reaffirm. They are in the position of,"It doesn't hurt to ask". Sorta like fishing.

Odds are some debtors may reaffirm because they don't know any better.

Most just ignore and never hear from them again.

Just wait it out, if they come, they come, but I bet they wont'

[pookieny]

Nope, you need to read more and do a search. Ask a Moderator to point you in the right direction, I have not been here long enough. I do know you are not correct though.

Nope, heard it directly from my lawyer, a paid professional.

[sophia]

Nope, heard it directly from my lawyer, a paid professional.

Well then I guess there is no need to direct you to the posts I found on here about Best Buy and posters being asked to surrender their purchases that were not reaffirmed after their discharge.

[dingdong]

Certain CC, such as Best Buy have a security interest in items financed through their personal finance products (BB Card) not BB Visa.


Sears does, BB Does, most of the furniture stores, etc.

One can even make an item secured, like lets say an expensive piece of farm equipment, by UCC filings.
So yes, there is definitely other things than Real estate and cars that are secured property. Depends on how and what agreement they were purchased with.

But I am an underpaid waitress, so ummm, you may want to ask another overpaid lawyer.

[pookieny]

Ok, sorry- I was thinking things you buy with a credit card are unsecured.

mybad!

[pookieny]

But I do know someone who had newish furniture with Penneys and computer with Sears financing and they did not go after them to return.

[2live]

I just had to write and say I'm with the others who say they're a most likely bluffing to see if you'll bite. I also had a flat screen, computer and washer/dryer that I purchased with BB credit card about 1 1/2 yrs ago. They never once contacted me and of course didn't show at the 341. My atty had said they wouldn't.

What the heck if they come and take yours don't worry, you'll soon be able to upgrade to better stuff.

[dingdong]

But I do know someone who had newish furniture with Penneys and computer with Sears financing and they did not go after them to return.

Most creditors with a security interest don't bother, as it is usually more trouble than it is worth and the secured property usually depreciates quickly with time.

You may have been confused by what your attorney may have asked you regarding secured property and BK petitions.

Generally only real estate and autos are listed under secured property on petitions. There can be some exceptions, but those would probably require special filings to make the property secured.

Most people don't even realize that store brand cards (like Best Buy) have a security interest clause when they use them. But you generally sign an acknowledgement stating such at time of purchase or the agreement is written into the original contract for credit when you apply.

Things you buy with a regular MC/VIsa etc are not secured.

[StartingOver08]

Excellent explanation Ding Dong!

Pookieny, look up Purchase Money Secured Interest or PMSI if you are interested in all the gory details of the security interest that Best Buy and some of the other retail cards have in the things they sell.

I agree with all of the others, its a bluff. Call their bluff - see if they actually come pick up your stuff after they say they will. One poster on here had a $40,000 piano that the creditor never picked up! Can't imagine that the washer and dryer would trump the piano, but you never know!

[dingdong]

Excellent explanation Ding Dong!

Thank you. Sad that I know so much about credit when I have absolutely none!

Can't even get a Crap one 300.00 Your Credit Sucks card for rebuilding. DENIED! ( just got the denial in the mail today-thought they might show a little mercy)

One of their reasons for denial was lack of revolving credit. DUH!

Not trying to get into debt, just want to improve my scores so I can buy a house in a few years. Oh well, back to creditboards for some more credit repair tips.

[Tbornetun]

I have dealt directly with BB on at least 4 of our BK cases. They try to get you to sign a reaff, but as soon as you tell them come get the stuff instead you never hear from them again.

They send a letter asking you to reaffirm.
You respond with requesting an itemized list of what you purchased, specificly what is securing the debt.
You don't hear from them again.
Once the BK is closed, it showed on your credit report as discharged.
They WILL NOT come get your stuff.

[sophia]

They were bluffing....have not heard a word from them...

[coolmom04]

They were bluffing....have not heard a word from them...

Good for you for calling their bluff!

[ready2live]

hahaha, glad I called their bluff to!

We did have to reaffirm furniture from a local store through Wells Fargo. It was purchased in January. Their atty came to the 341.