Call from Bass and Associates....

[dbryant]

So here's my story. I purchased a Yamaha dirt bike about 1.5 years ago, and was finance on an HSBC secured card. After about 1 year of making on-time payments, and having some financial issues, we decided to file Ch 7 BK. In my filing i planned on surrendering the dirt bike (owed about $6k) We were discharged today, and my wife just got a call from B&A about the title to my bike. I am now in a better financial situation after filing, and am now considering keeping the bike. I dont have tons of extra CASH, but not sure how i should handle B&A. I should have enough CASH to pay a big chunk of it in the next few months, without hitting my now growing saving acct.

Should i just wait until i have all the cash then contact B&A to discuss an offer, or should i talk to them now? Since it's titled, i would like to get the title in my hand.

Thanks,

[leesi]

Well they can probably repo it at any time. Maybe you can call to see what they would will be willing to settle for.

[dbryant]

I'm not saying that i have tons of extra $$, i was able to save more $$ now that i have filed / been discharged. I know that they own the "title", so i am just trying to get some advice on when i should talk to them. I am going to wait for a letter in the mail, which i expect sometime soon. I owe $6K, and it's selling for $4k right now all over the internet and ads. I'll see how it pans out after i get a letter.

[dbryant]

So i called B&A today, since they sent a letter to my house. I spoke to a really nice woman, who said that if i wanted to keep my bike, that it would be fair market value, about $4500. I told her i had about $3k i might be abe to pay, and she said, how about $3500, and she will send me the title. She would give me about 2 or so months to pay it. So, she is sending me a letter, and we'll see what happens. If i cant pay the $$ in a few months, then i can surrender. so we'll see how it pans out.

[BigJohn]

Good job.

I wonder what she would say if you said you might be able to get $2000?

[ready2puke]

Aaahh John dont burst his bubble with what if's....he done good

[BigJohn]

I know, I know.

He did very well.

[dbryant]

I figured it wa pretty good. When i filed, i owed about $6,500. At the time, i planned on surrendering, but I will be starting a new job in a few weeks, making more, and since i dont have any debt, i can afford to pay a little to keep it. I'll see how it goes, and worst case, i'll have to turn it in

Thanks for all the suggestions on this forum, they have been helpful in the whole process! We finally were discharge on 3/2/09, and my wife and i are so relieved! Now it's credit re-build time!