Secured loan?

[KatieEllen24]

My lawyer (the legal assistant) told me the TV I bought at Best Buy and charged to my Best Buy card is a secured loan. I've bought a lot of misc. stuff there so my debt is much larger than just the TV.

Is this really secured?

[dneil]

No. To my knowledge it is not a secured loan.

[debee]

It's a purchase money security interest where the lender (best buy) takes a security interest in whatever you buy on the card.

eta: From what I've read here on the Forum, Best Buy doesn't actually repo anything. They will threaten to do it, but they don't.

[btbeme]

Katie, look for other posts here regarding "purchase money security interest", PMSI, and/or Best Buy. Generally speaking, some store credit cards have a clause that secures your purchase with the item that is purchased - this sounds like the case with your TV. Best Buy will likely make all kinds of legal-sounding noises about coming to get your TV, or demanding that you bring it in to them even after your BK discharge.

These noises can typically be ignored; or, as many posts will advise, politely telling them to come and get it - it is waiting on the front lawn ("better hurry over - it is starting to rain!"). 9 of 10 times, they won't do anything. Or is that 99 out of 100 times? I don't recall...