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    #1

    Call from Bass & Assoc

    Not sure if this is the correct forum for this question, please move me if I've posted in the wrong place.

    We have a dirt bike that was financed through Yamaha (HSBC). As soon as we filed, they turned the account over to Bass. We planned to keep the dirt bike. During the last 3 months, I continued to make monthly payments to HSBC.

    We were discharged on 9/21 and this morning I got a call from Bass. The girl was actually nice, and said we could redeem in full for 50% of the remaining balance. She said they received the payments we had made. Since this is a titled vehicle, it is a secured loan and I assume if I don't pay, they could come and get it. Right? She said if we pay they will process and release the title docs to us.

    I told her I would talk to DH and get back to her. Sounds like a good deal to me. Thoughts?

    Thanks again.
    Tags: None
    #2
    What *I* would do... look up the current average wholesale on the bike. If they take it back, they certainly aren't going to retail it, so this is a good indicator of value. Then figure the costs they would have in filing fees to file a replevin, along with the costs to them for picking up, storing, cleaning, and preparing the bike for sale. Deduct all that from the wholesale value and see where you are in relation to the offer they are making. IMO they wouldn't be offering you the 50% deal if they didn't stand to make a few bucks.

    Comment

      #3
      Hey KCJ,

      I did exactly the same thing. I think I got mine at about 36% of what I owed on it. They will go somewhere between 25% and 50%. They offered you the top end. Tell them it's all you can afford. Have them send what you agree on in writing. They'll send a letter to you but sometimes you have to bug them a couple of times. Bass and Associates were fine to work with. Good Luck

      Comment

        #4
        BTW,
        Yes, they can come get it. Not because it's titled but because the credit card you bought it with is secured by the item purchesed i.e the dirt bike.

        Comment

          #5
          Originally posted by WhatJust View Post
          BTW,
          Yes, they can come get it. Not because it's titled but because the credit card you bought it with is secured by the item purchesed i.e the dirt bike.
          this is true, BUT!!! They will have to go through the proper channels and file the approriate paperwork to come and get it.. they cannot just call one day and say "we are coming to get the dirt bike".

          there have been some that have simply ignored them and they go away. although I will not say you should do this. when I filed I owed Rhodes (HSBC) for some furniture I had purchased and my attorney submitted an offer to them and they refused it, oh well - they had their chance..

          also, some friendly advice here, never talk to a collector on the phone.. ask them to contact you by mail only (send a cease and decist if you must). unless you record it, it may not have been said.
          Last edited by gacreditguy; 09-28-2006, 03:37 PM.
          Thanks,
          GaCreditGuy

          --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
          BK7 Filed : 01/29/2006
          341 Completed : 03/06/2006
          Deadline For Objections: 05/05/2006
          Discharged : 06/30/2006
          Case Closed : 06/30/2006

          Comment

            #6
            Thanks, all! I did tell her that I would have to have any agreement in writing before we could make any decision. I haven't heard back from her yet. We're not talking a large amount here, under $150.

            Comment

              #7
              likely for that small amount, they will walk away.. would not be worth their while to persue anything in court. would cost more than 150 to prep and file the paperwork
              Thanks,
              GaCreditGuy

              --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
              BK7 Filed : 01/29/2006
              341 Completed : 03/06/2006
              Deadline For Objections: 05/05/2006
              Discharged : 06/30/2006
              Case Closed : 06/30/2006

              Comment

                #8
                the bike is owned by them. remember that.

                r
                Filed: 05/04/06 (los angeles)
                341: 06/05/06
                Discharged: 8/29/06
                Closed: 9/08/06

                Comment

                  #9
                  bass ass and associates

                  I have some computer equipment purchased through Best Buy that these thugs contacted me about months ago. I simply ignored them and didn`t respond to their letters and I haven`t heard anything for several months.

                  Doesn`t mean they will not pop up but I suspect they only shear the sheep that present themselves for shearing. I will stay hidden.

                  Anyway I would have been happy to work with these thugs if they had shown up at the 341 hearing and we could have worked something out for the value of the items.

                  They prefer to work outside of the bankruptcy process and catch you when you are simply relieved to be discharged and maybe have money to throuugh at them.

                  What a bunch of scum.

                  I wouldn`t pay the bums a penny.

                  Comment

                    #10
                    Originally posted by razorguns View Post
                    the bike is owned by them. remember that.

                    r

                    to be accurate.. the OP owns the item.. HSBC holds a lien on it according to the card agreement. B&A bought a debt for pennies on the dollar from HSBC therefore ownership of the title was likely transferred to B&A as well. However, for $170, they are VERY likely not going to move an inch on it as it would cost them (B&A) more money than $170 just to go through the process.

                    B&A are bottom dwellers and will use a scare tactic or two.. They are simply trying to get blood out of a turnip and if they remotely think the OP is likely to bite then they are on him like a chicken on a june bug with the greedy little hands stuck out to get whatever they can get.

                    They pull anything with me I will simply tell them to go through the hopps and come and get this stuff. Gonna cost them WAY more to do that and I will gladly watch them do it..

                    OP, remember this.. the original debt is GONE FOREVER.. B&A cannot ever come after you for the money. And to come after the "stuff" is gonna take some legal process to do..
                    Thanks,
                    GaCreditGuy

                    --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
                    BK7 Filed : 01/29/2006
                    341 Completed : 03/06/2006
                    Deadline For Objections: 05/05/2006
                    Discharged : 06/30/2006
                    Case Closed : 06/30/2006

                    Comment

                      #11
                      Originally posted by down @ out View Post
                      I have some computer equipment purchased through Best Buy that these thugs contacted me about months ago. I simply ignored them and didn`t respond to their letters and I haven`t heard anything for several months.

                      Doesn`t mean they will not pop up but I suspect they only shear the sheep that present themselves for shearing. I will stay hidden.

                      Anyway I would have been happy to work with these thugs if they had shown up at the 341 hearing and we could have worked something out for the value of the items.

                      They prefer to work outside of the bankruptcy process and catch you when you are simply relieved to be discharged and maybe have money to throuugh at them.

                      What a bunch of scum.

                      I wouldn`t pay the bums a penny.

                      One word... AMEN!
                      Thanks,
                      GaCreditGuy

                      --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
                      BK7 Filed : 01/29/2006
                      341 Completed : 03/06/2006
                      Deadline For Objections: 05/05/2006
                      Discharged : 06/30/2006
                      Case Closed : 06/30/2006

                      Comment

                        #12
                        Originally posted by gacreditguy View Post
                        this is true, BUT!!! They will have to go through the proper channels and file the approriate paperwork to come and get it.. they cannot just call one day and say "we are coming to get the dirt bike".

                        there have been some that have simply ignored them and they go away. although I will not say you should do this. when I filed I owed Rhodes (HSBC) for some furniture I had purchased and my attorney submitted an offer to them and they refused it, oh well - they had their chance..

                        also, some friendly advice here, never talk to a collector on the phone.. ask them to contact you by mail only (send a cease and decist if you must). unless you record it, it may not have been said.
                        I don't think they have to do anything or paper work. the bike belongs to them Just like a car they DO NOT HAVE TO ASK TO REPO IT grab and go
                        Chapter 7 07/30/2008
                        341 09/17/2008
                        Discharge 11/21/2008

                        Comment

                          #13
                          Im a little confused, is the original poster still making payments on the bike? They said they had been making payments for the last 3 months and plan on keeping it. Did you reaffirm it? If so and you are making payments then I say talk turkey with them. If you stopped paying, then dont talk to them and take the gamble.

                          Comment

                            #14
                            looks to me like they are trying to get a reaffirmation after the fact by offering a deal
                            Chapter 7 07/30/2008
                            341 09/17/2008
                            Discharge 11/21/2008

                            Comment

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