creditor letter-for above ground pool

[vacas47]

Our attorney informed us after the 341 meeting that American General Finance sent a letter stating they want us ro reaffirm our loan at 3,000 with 0 percent interest. They are saying the loan is secured. We took out a loan from a pool store almost 4 years ago for an above ground pool. I'm guessing there is around 3,000 left on the loan, though the loan wasn't for much higher then that to begin with. Being almost 4 years old the pool is not worth 3,000. It never had a heater and the liner may need to be replaced this year. I have no interest in paying the loan. I would like to keep the pool because it would leave a big mark in the back yard and there is a deck built half way around it but could buy a new pool for 3,000. Do you think they would come and take it if we said we surrender it? I'm guessing no, it would be a pain to tear down and more expense then its worth. I don't think you get much for used pools. Please let me know what ya think. By the way our chapter 7 is a no asset, under income deal.

[keepsmiling]

From everything I have read here on the forum, I'd be VERY surprised if they came to take the pool. They won't even come to take furniture that would require far less work to remove. They just want to see if you will bite. Chances are you are homefree.

[momofthree]

No way in heck are they going to come disassemble your pool, store it, and try to sell it.

[vacas47]

Ya, I'm not thinking they would either because of the work and expense. Think were going to let it ride!! Thanks for answering.

[tcreegan]

Hi vacas,

Be prepared, most likely they will try to strong-arm you into coughing up some cash. Stick to your guns, don't pay a dime!!

Tom in Colo

[IBroke]

I can only agree to what others stated before...

[frogger]

They might come and take it if you do not reaffirm, but they probably will not. Don't sign anything.....

[AngelinaCatHub]

American General is less than ethical in their business practices. We had a 5K note, it was secured "kinda" in that two old beaters were security. One caught fire, and one blew it's engine. I gave them both away as junk for the cost of diagnostics and the fact that one care was not fixable.

However, upon our 341 Our Trustee looked at his file on us and said, "Oh, here, this is yours", and handed us a filled out but not signed American General reaffirmation paper. I certainly did not sign it, and was never asked for the "security" of the two "now gone" ruined cars. It was a trick attempt to intimidate us into a reaffirmation as the Trustee also said, "I don't know why they sent this to me". The Trustees usually know the rats and American General Finance is one. I believe it is near 24% at that time.

About your pool, I doubt they will object more than a letter to your Trustee. They have not made an object to the Court have they? That is where it counts, not the Trustee. Just more intimidation that's all. The Trustee will not wish to take your pool, they are valueless that old, and AGF won't bother either. 'Hub

[vacas47]

Nope American General Finance only sent a letter to my attorney, whether or not my attorney sent one to the trustee I'm not sure. The trustee didn't say a word about it if he knew. From everything I read on this forum and all the replies I told my attorney that were just going to wait and see if they do anything else. If they do then were going to tell them to come get it. Don't plan on giving in at all! Looks like we shouldn't worry much about it!