Wedding ring- Loan on it

[21bwife]

Hi all,

My lawyer recieved a reaffirmation agreement on my wedding ring. It is worth about 1000.00 at a pawn shop maybe and we have paid about 1500.00... We still owe 2000 on it (200.00 a month payments). I declined to reaffirm. My lawyers paralegal called them and told them I don't want to reaffirm. Then the paralegal sent me an email telling me to send the ring to them at the address she provided. Harris jewelers is the company.

Do I have to send it? I don't want to sound ignorant but why don't they have to have court order to repossess it?

Thanks in advance!

[Flamingo]

Pull out your loan paperwork for the ring. Harris has a secured interest in the ring to which you agreed when you signed. Since you don't want to reaffirm, they want it back. Simple as that.

[tcreegan]

Hi 21bwife,

Joint filers in Nevada have a $10,000 exemption for jewelry, works of art, & musical instruments, didn't it fit in there?

Tom in Colo

[debee]

Then the paralegal sent me an email telling me to send the ring to them at the address she provided.

As Flamingo said, you will have to "surrender" the ring if they want it back, but you don't have to pay the expense of returning it (postage/your time). That's like paying the repo man to come get the car. Tell them you're happy to give it back, but they need to come and get it.

[outsidetool]

I had a jewelry store account when I filed 1.5 years ago. Since they were an inhouse operation they tried to assert a secured interest and wanted either 2 items back or some over-the-top amount. The paralegal in my atty's office was calling me trying to work it out, but we were far apart on value. And I kinda felt like the paralegal "kid" was more on the jewelry store's side than mine. I happened to talk to my actual atty a few days in to this and mentioned it to him. He said "they don't get crap until they file a perfected claim." He instructed the paralegal to inform them of that. Magically, they went away without another word. Now, my matter was only over about $800; might not be so easy for your amount.

[dumpinmydebt]

I wouldn't send anything without this company filing something in court first.

I had a few companies ask for their stuff back. I just never responded to most, and one company I called and told them I didn't have what they wanted (I sold it a few years ago.)

[21bwife]

Thank you for all the replies. I am just going to wait it out. I am amazed that they didn't over a settlement just wanted the rest of the contract or the ring. This is one of the companies that prey on Military with their high interest rates and ridiculous prices. If they want it they can come and get it but I won't be driving to the post office with my 2 year old, 3 year old, and 32 plus week pregnant self unless a judge orders me to! :-)

[outsidetool]

I think that's the thing to do. I wouldn't give back anything until my atty said to do so...