Wells Fargo Furniture

[bluestarCVO]

I've read through a lot of threads concerning furniture financed through Wells Fargo. I know that everyone says don't reaffirm, and that they will not come and get it because it is not effective to do so. My question is, does anyone have personal experience with filing ch 7 on furniture from Wells Fargo, and did you reaffirm? If you did not reaffirm, did they ever come and get it? What was the end result for you? I would like to think they would never come get it, or at the least settle for significantly less than what its worth.
I've had the furniture for over 2 years, and still owe about $2500 on a $5000 account. I'm just trying to decide what the best solution is for myself. I filed ch 7 on 10/29/10, and my 341 is 11/30. I'm expecting a reaffirmation agreement from them any day now.
Any input from those with personal experience with this issue is greatly appreciated!

Thanks!

Carl

[Chowder]

Here's a couple of folks dealing with them,

http://www.bkforum.com/showthread.php?62704-Discharged-but-Wells-Fargo-still-calling-about-furniture

Why on earth would you reaffirm debt on two year old furniture?

[bluestarCVO]

Here's a couple of folks dealing with them,
bkforum.com/showthread.php?62704-Discharged-but-Wells-Fargo-still-calling-about-furnitur

Why on earth would you reaffirm debt on two year old furniture?

Thanks for the reply! Yeah, I've read through that thread and many others. What I'm actually trying to find out, though, is if anyone has actually had Wells Fargo send someone to their house to repo their furniture. Or, if anyone called their bluff and heard nothing else from them after that.
In a nutshell, those that did not reaffirm Wells Fargo, were you able to keep your furniture or not?
And as far as why I would want to reaffirm a 2 year old debt, because I don't neccessarily want to go spend money on new furniture. I like the furniture I have. If I'm going to have to spend money on new furniture after they repo this furniture, then I might as well just keep paying for this furniture. I'm just trying to see if I can keep this furniture without paying anymore, or by settling for a lower amount.

[Chowder]

Not specific to Wells Fargo, I can't remember ever seeing a post where anything was retrieved from any borrower. Some of it MUCH more valuable that furniture, like motorcycles and quads.

When it comes to furniture, there is zero chance they will ever pick it up. Around here you literally can't give furniture away. The Charity places wont even pick it up as a donation.

[scorpion35]

I've read through a lot of threads concerning furniture financed through Wells Fargo. I know that everyone says don't reaffirm, and that they will not come and get it because it is not effective to do so. My question is, does anyone have personal experience with filing ch 7 on furniture from Wells Fargo, and did you reaffirm? If you did not reaffirm, did they ever come and get it? What was the end result for you? I would like to think they would never come get it, or at the least settle for significantly less than what its worth.
I've had the furniture for over 2 years, and still owe about $2500 on a $5000 account. I'm just trying to decide what the best solution is for myself. I filed ch 7 on 10/29/10, and my 341 is 11/30. I'm expecting a reaffirmation agreement from them any day now.
Any input from those with personal experience with this issue is greatly appreciated!

Thanks!

Carl

yes some guy will pull up to your house with a big semi trailer and haul your furniture away.Just kidding!!
wells fargo doesn't want your stuff,they want cash

[bluestarCVO]

yes some guy will pull up to your house with a big semi trailer and haul your furniture away.Just kidding!!
wells fargo doesn't want your stuff,they want cash

I appreciate your response, but as I stated, I am looking for someone with personal experience. Someone who filed ch 7 on Wells Fargo, did not reaffirm, ignored threats of repo from WF, and still has their furniture months (or even years) later.
I realize that it is unlikely and that it does not make financial sense for them to repo it, but that still does not mean that they will not be a$$es and do it anyway.
Thanks again!

Carl

[newbie2]

I appreciate your response, but as I stated, I am looking for someone with personal experience. Someone who filed ch 7 on Wells Fargo, did not reaffirm, ignored threats of repo from WF, and still has their furniture months (or even years) later.
I realize that it is unlikely and that it does not make financial sense for them to repo it, but that still does not mean that they will not be a$$es and do it anyway.
Thanks again!

Carl

What you're missing is that no one here has reported that Wells Fargo (or any other creditor) has every harassed them for their furniture. I've been reading here for almost 3 years now, and have never read of anyone this has happened to. Relax. If it happened to you it would be the first that we've heard of.

[bluestarCVO]

What you're missing is that no one here has reported that Wells Fargo (or any other creditor) has every harassed them for their furniture. I've been reading here for almost 3 years now, and have never read of anyone this has happened to. Relax. If it happened to you it would be the first that we've heard of.

That is not true! Do a simple search for "Wells Fargo furniture" in the forums and you will pull up a few threads where it HAS happened. As a matter of fact, if you had taken the time to read this whole thread, you would have seen that someone posted a link to such a thread in the second post of this thread! Maybe you've read so much in 3 years that you are beginning to forget what you've read.
Thanks anyways.

edit: There are also many threads from others concerning Best Buy and other such stores harassing for merchandise to be surrendered after filing and not reaffirming.

[debee]

... someone posted a link to such a thread in the second post of this thread ...

The thread you mention is an account of a creditor making harassing phone calls, not a creditor repossessing furniture. What newbie2 meant about the furniture repo men is true: they don't come.

Instead they phone and threaten to come because they are hoping the debtor will get scared and pay. That is what happens. If you indicate on your filing that you intend to surrender, it is within their right to get it as you know. But to do that they will have to:

1.) pay someone salary/wages to make the pick-up time arrangements with you
2.) pay all the other costs associated with having an employee - social security, worker's comp, etc
3.) pay at least two men salary/wages to come and move the furniture out of your house
4.) pay all the costs associated with these employees (see #2 above)
3.) pay gas and maintenance, etc on the moving truck
4.) maintain a fleet of trucks to go collect all the furniture
5.) purchase the trucks
6.) lease a warehouse to store all the repo'd goods in
7.) hire security to patrol the warehouse
8.) pay the wages/salary of someone to list the items for sale on craigslist
9.) or lease a building and open a thrift shop to sell all the repo-d items
10.) hire people to work in the thrift shop
11.) hope that people expecting a repo don't drop that camera in a full tub, or spill coffee on the cream colored sofa, etc

It would cost the creditor (Wells Fargo, whoever) money to repo the furniture. They're not going to throw good money after bad.

[tcreegan]

Hi bluestarCVO,

You must be related to St Thomas....

The thread mentioned above was just WF calling, nothing was actually repossessed. Have you posted in the repossession forum? Seems like they would have more experience, more likely to find folks w/ direct experience.

Hope you find your answer somewhere!

Tom in Colo