Reaffirming Best Buy card ...one question!

[wnguyen]

I have 2 credit cards left (RBS) with zero balance on each. I guess they found out about my bk filing, probably thru checking my credit report. What I don't understand is that they reduced the credit limit on each card to $250 and not close them. I'm still waiting to see if they will close them after my discharge next month or just leave them hanging like that.

About BestBuy, I'm glad that I found several posts here with very useful info. Without you guys advices, I would have freaked out already.

[tobee43]

I have 2 credit cards left (RBS) with zero balance on each. I guess they found out about my bk filing, probably thru checking my credit report. What I don't understand is that they reduced the credit limit on each card to $250 and not close them. I'm still waiting to see if they will close them after my discharge next month or just leave them hanging like that.

About BestBuy, I'm glad that I found several posts here with very useful info. Without you guys advices, I would have freaked out already.

i had more cc's with zero balances THAN with actual balanced at the time of our bk...

they caught on quickly and closed them all....in a ny minute!

[wnguyen]

So I guess mine's just a matter of time. My lawyer also told me before filing that once they know, they'll close them all.

[backtoschool]

i had more cc's with zero balances THAN with actual balanced at the time of our bk...

they caught on quickly and closed them all....in a ny minute!

I totally agree with this. The vast majority of credit cards with zero balances will end up being closed as soon as the bk hits your credit reports. A few store cards that do not subscribe to the status updates that the credit reporting companies send to credit card companies might survive, but all major cards will be closed.

[confident]

May I throw in a curve ball question, any and all opinions gratefully welcomed!

-filed BK end of August this year, 341 meeting is next Wednesday;
-received Best Buy Reaffirmation contract stating we have a balance of approx $2700, etc etc, if we don't either commit to a 36-mo pay plan or a lump sum, they can take stuff back; atty's staff waiting for our decision on whether or not to reaffirm.

CINCHER: on our SOI it shows we Intend To Reaffirm Best Buy.

QUESTION(S):
1. can we safely decide to SURRENDER this account, given our SOI shows we intended to reaffirm?
2. is it easier (for atty, for our case, for trustee to discharge us) to simply go with our SOI and reaffirm?
3. may we simply decide on this after the 341 as it appears the trustee will ask if we intend to reaffirm this (as stated on that SOI!) anyway...? SIGH.

The truth is in the back of my head we were advised against reaffirming anything, but since this is here now, of course the decision ultimately is ours; I cannot tell for sure how Best Buy was listed under Reaffirm on our SOI if our intention was to Surrender. I can only safely assume that we glossed over that page and just read the list of creditors for accuracy.

Thank you for your thoughts...

[ccsjoe]

QUESTION(S):
1. can we safely decide to SURRENDER this account, given our SOI shows we intended to reaffirm?Yes, an SOI is just that, Intent
2. is it easier (for atty, for our case, for trustee to discharge us) to simply go with our SOI and reaffirm?Makes no difference, less work actually if not reaffirming
3. may we simply decide on this after the 341 as it appears the trustee will ask if we intend to reaffirm this (as stated on that SOI!) anyway...? SIGH.I'd be ready to give the trustee an answer IF they ask

Please reread your last paragraph. I'll quote it for you:

"The truth is in the back of my head we were advised against reaffirming anything,"

DO not reaffirm with BB, ask them to come and get the (now damaged) goods-I can expand on this if you'd like

[LaurieM]

Best Buy is actually a secured credit card (as is Value City Furniture, ABC Warehouse, Dell, and just about every jewelry store's credit card. What you do not realize unless you read the fine print in the application is that you are agreeing to allow them to hold your purchases as collateral until the balance is paid. Bass & Associates adminsters these accounts during a bankruptcy process and undoubtedly they will contact your attorney to ascertain your intentions (reaffirm, surrender, or redeem).

[confident]

DO not reaffirm with BB, ask them to come and get the (now damaged) goods-I can expand on this if you'd like

...please do.

[confident]

Bass & Associates adminsters these accounts during a bankruptcy process and undoubtedly they will contact your attorney to ascertain your intentions (reaffirm, surrender, or redeem).

Thank you Laurie, that was the company in fact that was mentioned to us w/this "reaffirmation contract". I am getting more confident in deciding to surrender.

Does anyone have experience responding to the trustee (if she asks whether we are actually reaffirming this loan)? My initial thoughts are to say we decided to surrender now that we cannot afford the terms we are being offered (or a simple NO suffices?).

[ccsjoe]

Hi Laurie,

Bass & Ass. is well known here as one of the most aggressive pursuers of PMSI (Purchase Money Security Interest) settlements. BB is but one of a multitude of store cards that has this type of clause in their contracts. As simply as can be stated, it is not worth their time, expenses and effort to actually come and repo the very used (and possibly damaged) goods. They will try to scare people into settling, and all that usually costs them is a couple letters and a call. It's all about the return on investment.

[ccsjoe]

...please do.

Well, if you purchased a TV, it fell when being mounted and, although it still works, the edge is chipped off. Or you wired the sound system wrong and only 30% of it works...hey, is it still under warranty? Y'all want this back? If you have pets or children, well, just let your imagination color the world....LOL

[tobee43]

Best Buy is actually a secured credit card (as is Value City Furniture, ABC Warehouse, Dell, and just about every jewelry store's credit card. What you do not realize unless you read the fine print in the application is that you are agreeing to allow them to hold your purchases as collateral until the balance is paid. Bass & Associates adminsters these accounts during a bankruptcy process and undoubtedly they will contact your attorney to ascertain your intentions (reaffirm, surrender, or redeem).

and they will LOSE in court.

[ccsjoe]

a simple NO suffices.

See my revision to your quote above.

[LaurieM]

lt would be very interesting to hear the reaction to "come get the animal" if you're not willing to settle up for what I'm offering you. It is a fact that some of these big box pet stores sell pets using a third party financer, many of which include that PMSI language in their credit applications.

[tobee43]

May I throw in a curve ball question, any and all opinions gratefully welcomed!

-filed BK end of August this year, 341 meeting is next Wednesday;
-received Best Buy Reaffirmation contract stating we have a balance of approx $2700, etc etc, if we don't either commit to a 36-mo pay plan or a lump sum, they can take stuff back; atty's staff waiting for our decision on whether or not to reaffirm.

CINCHER: on our SOI it shows we Intend To Reaffirm Best Buy.

QUESTION(S):
1. can we safely decide to SURRENDER this account, given our SOI shows we intended to reaffirm?
2. is it easier (for atty, for our case, for trustee to discharge us) to simply go with our SOI and reaffirm?
3. may we simply decide on this after the 341 as it appears the trustee will ask if we intend to reaffirm this (as stated on that SOI!) anyway...? SIGH.

The truth is in the back of my head we were advised against reaffirming anything, but since this is here now, of course the decision ultimately is ours; I cannot tell for sure how Best Buy was listed under Reaffirm on our SOI if our intention was to Surrender. I can only safely assume that we glossed over that page and just read the list of creditors for accuracy.

Thank you for your thoughts...

immediately ammend your filing....call your atty tomorrow and do not reaffirm.

best buy is full of it...they can do nothing...honest...even if they fight they will not win.

i know someone they showed up and wanted back tv's that were two years old....really...they backed right down. i don't know why or how they want to spend all this money on atty's to fight something that can't but they do.