Furniture secured by cc

[TBLTZ]

I have rooms to go and im going to tell them im not go to reaffirm. If they decide to come pickup their stuff....

Do they have to wait until you are discharged or when they get it? Do they have to get court order or can they just call you to come pickup?

If they do call and want to pickup the stuff can I negoitate with them then about keeping the stuff if they will work out a deal?

Thanks

[aljohnson007]

You could say you are going to reaffirm but don't sign the agreement, providing they send you one. Perhaps will buy some time and then they may never come and repo.

[liz417]

Have you filed yet? If so, then you are protected by the automatic stay and they won't be able to contact you until after you are discharged (unless they file a motion for a lift of the automatic stay, but I doubt they'll do that for used furniture).

[frogger]

If you do try to work out any deal, I wouldn't go more than 10 cents on the dollar. Used furniture is worthless when you try to sell it. Used furniture can be bought on the cheap from a lot of places.

[Chowder]

Used furniture is worthless when you try to sell it.

Some of the places I donate to will not take anything that's upholstered.
Inference being, you can't even give it away. Now that's worthless!

To the OP. What is secured by CC? If this was purchased with a credit card, it's not secured at all. If it's purchased on a "store card", it probably is, but while they will threaten all sorts of silliness, they will NEVER pick it up.

[mom2three09]

Who does the R2G financing? Just asking because we had an Ashley Furniture card that we filed on (owed $3-$4K)... it was financed thru Citi Financial and we never heard a word from them. Obviously it was somehow considered unsecured. We would have been discharged yesterday but our lawyer asked for a 30 day extension to handle something for us.

[aljohnson007]

Liz is correct. They can't come at you while in auto stay and if the debt is unsecured, don't think you will ever hear from them. Did you list them as unsecured on your schedules?

[CityFarmer]

To the OP. What is secured by CC? If this was purchased with a credit card, it's not secured at all. If it's purchased on a "store card", it probably is, but while they will threaten all sorts of silliness, they will NEVER pick it up.

Some "store" cards are actually issued by a major bank (Kohl's cards are issued by Chase, for example), which makes them no different than a regular credit card.

[TBLTZ]

Who does the R2G financing? Just asking because we had an Ashley Furniture card that we filed on (owed $3-$4K)... it was financed thru Citi Financial and we never heard a word from them. Obviously it was somehow considered unsecured. We would have been discharged yesterday but our lawyer asked for a 30 day extension to handle something for us.

It is secured by gemoneyonline. We told the lawyer we will release in bk. Yes it is a secured creditor. If they do call to come pick it up i will try and settle.

[TBLTZ]

Also what happens if they do come into your house to take the items and damage something like put a hole in the wall who is responsible?

My Bedroom set its a few hunderd pounds and its on the second floor. It was hard getting it up there in pieces now its all put together.

[CityFarmer]

It is secured by gemoneyonline. We told the lawyer we will release in bk. Yes it is a secured creditor. If they do call to come pick it up i will try and settle.

I don't think a Purchase Money Security Interest would be valid here since the creditor (GE Money) is not the same as the store you bought it from (I'm assuming GE Money doesn't sell furniture). Was anything filed with the state establishing the security interest? If not, it may not be a secured loan.

In any case, I believe the burden of proof is on them. They will need to produce documents proving that they have a security interest in your furniture before they can attempt to repossess it.

[Chowder]

Some "store" cards are actually issued by a major bank (Kohl's cards are issued by Chase, for example), which makes them no different than a regular credit card.

Yeah. Some of mine were reissued with Visa logos.

Not that it matters though. These Purchase money security interests, seem to amount to little more then extra bloviating from creditors.