Best Buy is trying to take my goods... :(

[ChaoTicMess]

Hi A/all,

i am new to this forum. i files chapt 7 and it is all signed and went to court for the creditor meeting with the trustee the other day. Now today Best Buy contacts my lawyer. i had purchased my laptop 2 years ago with their card and they were included in the filing. Well, come to find out i guess they have a clause in their contract because they are threatening to take my laptop unless i pay them in full by next week. i am freaking out because i need my laptop for school and the amount they want is ridiculous. i am also attached to my mac, i luv it

i do not know if they are bluffing but i have not heard of a company actually taking back something that is used. It makes no sense to me.

Has this happened to anyone? Has anyone heard of this nonsense?

[Logan]

Of course they're going to say that. What do they have to lose?

[despritfreya]

Best Buy is secured by the purchase of the computer. However, YOU have three choices:

1. Surrender the computer and pay nothing. (Don't think so)

2. Reaffirm the entire amount owed and continue your normal monthly payments. (Stupid to do)

OR

3. Redeem the computer for its fair market value. This requires negotiating a price everyone can live with. How much is a 2 year old computer that is operating on a now out-dated platform worth? A couple of hundred bucks if that. Offer Best Buy $100.00 to go away. (Probably your best option.)

[scorpion35]

Hi A/all,

i am new to this forum. i files chapt 7 and it is all signed and went to court for the creditor meeting with the trustee the other day. Now today Best Buy contacts my lawyer. i had purchased my laptop 2 years ago with their card and they were included in the filing. Well, come to find out i guess they have a clause in their contract because they are threatening to take my laptop unless i pay them in full by next week. i am freaking out because i need my laptop for school and the amount they want is ridiculous. i am also attached to my mac, i luv it

i do not know if they are bluffing but i have not heard of a company actually taking back something that is used. It makes no sense to me.

Has this happened to anyone? Has anyone heard of this nonsense?

its called bluffing

don't cave in.they will not take your laptop

[ChaoTicMess]

Best Buy is secured by the purchase of the computer. However, YOU have three choices:

1. Surrender the computer and pay nothing. (Don't think so)

2. Reaffirm the entire amount owed and continue your normal monthly payments. (Stupid to do)

OR

3. Redeem the computer for its fair market value. This requires negotiating a price everyone can live with. How much is a 2 year old computer that is operating on a now out-dated platform worth? A couple of hundred bucks if that. Offer Best Buy $100.00 to go away. (Probably your best option.)

Hi, i have offered them 100 bucks. They said no. They did give me 3 choices. Surrender it and pay nothing. Reaffirm entire debt $1800 and continue monthly payments with interest. Pay a settlement of $850 in full by next week.

I hate all 3 choices. i think i will tell them to #$%^ off. But i will however say it ever so nicely.

[helpmeout]

Hi, i have offered them 100 bucks. They said no. They did give me 3 choices. Surrender it and pay nothing. Reaffirm entire debt $1800 and continue monthly payments with interest. Pay a settlement of $850 in full by next week.

I hate all 3 choices. i think i will tell them to #$%^ off. But i will however say it ever so nicely.

Personally, I would choose the surrender it option. Wipe the memory of all personal items, tell them to let you know when they will be coming to pick it up after they have filed to have the stay lifted (you aren't going to make it easy for them by taking it to them), and take the $850 and buy a computer. Computers tend to cost less than laptops and work just as well. They just aren't that portable.

FYI, this is called calling their bluff. It's going to cost them more than the fair market value to file the stay and collect it.

[optimistic1]

On your way to surrender it, make sure you test it out for durability and water resistance. Accidents happen.

[debtprison]

Hi, i have offered them 100 bucks. They said no. They did give me 3 choices. Surrender it and pay nothing. Reaffirm entire debt $1800 and continue monthly payments with interest. Pay a settlement of $850 in full by next week.

I hate all 3 choices. i think i will tell them to #$%^ off. But i will however say it ever so nicely.

$1800 remaining?!?!

If you don't mind what are the model numbers of the two computers? It's highly likely they aren't worth even a forth of that amount.

I'm no lawyer but I think you should run this by your attorney or at the least get everything in writing that they are claiming and offering. You might not really have to give it up at all and I'm guessing you've already paid them a ton on it? You might consider forcing them to bring it up in court. You state that they contacted your attorney over it so get his or her advice on the matter and tell him what you prefer if possible.

If you do have to surrender it make sure to wipe the hard disks with a utility such as DBAN: http://www.dban.org/ This is needed because merely deleting files or reformatting does NOT remove your personal pictures and information. Absent securely wiping the data they can easily recover it or worse sell the computer to an unknown party who may steal your identity or worse!

[ready2puke]

Also make sure you put all your files on a portable file so you can transfer it onto your next computer..
I really don't think they will come for it, what a bunch of wackos...

[momofthree]

You can buy a brand-new up-to-date computer for $850. Tell them to come get the old piece of junk!

[OhioFiler]

What is your attorney advising you to do? Once you hire an attorney it's best to follow his advice.

[ChaoTicMess]

Hi A/all,

My laptop is a MacPro. Original cost with tax i believe was 2K. DebtPrison, thanks for the info on how to wipe it clean before surrendering. I am having a hard time deciding on what to do... I really love this laptop and do not want to surrender it. The deal they gave me $850 is a good deal, i went on ebay and these were listed for 900 and up to 1500 for used however at this time in my life I can not afford to dish out that kind of money by next week. Now i am thinking to myself, what if i told them that i dont have the laptop anymore, like what if it was stolen or i sold it, then what can they do? Would i still have to pay for an item that was not in my "possession"?

Oh of course when and if i do surrender it.. trust me...it will not be in sellable condition.

[Maine]

I have a laptop from BB that I expect them to come for...they can have it! I will let them know it has a busted keyboard and a cracked screen.

Tell them to come and get it. They probably won't but even on the off chance they do you can easily buy a new one for under the $850 they want for the old one.

Don't let emotion get in the way of sound financial decisions. Keeping an old computer for $850 you don't have is not as good as getting a shiny new one for $700(ish)

[wonderingrov]

On your way to surrender it, make sure you test it out for durability and water resistance. Accidents happen.

And, if you're concerned about the environment, you could always send the battery off for recycling. Want to be a responsible citizen after all, right?

[jadams]

They are attempting to threaten you with the "purchase money security interest" clause of the account agreement -- basically saying the computer is collateral for the loan.

What they aren't telling you is there is such a minuscule chance of them having a properly perfected PMSI that their claim is worth less than the paper it's written on. There are requirements that must be followed for a PMSI to be enforceable. No credit card company follows them, it's not cost effective for the many small purchases (in terms of corporate finance purchase size) that personal credit card customers make.

They send this letter to everyone and scare people into settling. They are not interested in your two year old laptop. They don't want it under any circumstance. They want you to be scared and send them $850.

Ignore the letter, or tell them to give you a call when they want to come get it. And enjoy the laptop.