50" Plasma / Best Buy

[kjb1969]

My wife and myself bought a 50" plasma last December(06)
We opened a best buy card (has a m/c logo on it) at 0% for 3 years. We paid $850 so far, never late. The balance is around $1600. We dont go out alot and we both love it and want to keep it!!
I am not filing for 90 to 120 days from now. If i pay for it like the cars, can i keep it? I am stopping all cc payments as per my lawyer. Can they actually TAKE IT? Or should i keep current on it and maybe i can pay it off??

[emoney]

The question is did you give BB a security interest in the TV. If you did they can take it as a securied creditor. Otherwise they are unsecured.
regards,
emoney

[HHM]

The question is did you give BB a security interest in the TV. If you did they can take it as a securied creditor. Otherwise they are unsecured.
regards,
emoney

Generally speaking, if you bought this TV with a Best Buy card and you received incentive financing (which it looks like you did, 0% for 36 months), then BB most definitely has a security interest in the TV. Nearly all Best Buy credit cards (and for that matter, Sears cards as well) provide that any money due on the card is secured by whatever you bought from the store.

[kjb1969]

1. Can i pay on it and keep it, what if i am paying down best buy credit card, and no other cards?

2. what would happen if i transfered $ to BOA card now, then file in 120 days?

best buy is a mastercard / HSBC Bank Nevada, N.A.

[tay666]

Not sure, but I think you can sign a reaffirmation for the TV.
Best Buy would probably prefer it, as they really don't want to repo it and have to try to resell it.

[Boscoe]

Agree with the above, and you can use your "wildcard" exemption for the tv. doubt very much they will want to repo a 1 year old TV which was purchased for less than $1k. Look in the paper on Sunday and see how many Plasma's sell for undre $1000.

You should be able to keep it no problem. Just tell your attorney that you want to reaffirm this.

[CindyLou]

I actually disagree. If the card has a mastercard logo on it then it is a regular credit card in my opinion. It cannot be a store credit card and a mastercard both???? They are two different things, right???? I would simply call up the number on the back of the care (dial *67 on yourphone before you call to block our your number and tell them you have a general question...don't give your account number.) ask them if they are a regular master card or a store account...ask them if you bought a TV is it secured. They should be able to tell you. Let us know.

[CindyLou]

Ok, this issue was bugging me So I called the customer service number 800 419 4959. This is the Best Buy Master Card. It is through HSBC. I talked to an account manager. She told me that there is no security interest in any property through mastercard. It can be used at Best Buy or at any where Mastercard is used. For example you can actually use this card to buy Groceries or gas, dinner, etc. The account manager said that buying a TV on this card is no different than buying groceries. Now whether this is correct or not ....who knows..I would follow the advice of your attorney in the end..... But, in my experience, Mastercard cannot make a purchase secured...they are in essense a third party lender......?????

Now as far as the exemption goes...if you do keep it and have to reaffirm it you wouldn't need much of an exemption if you owe as much as its worth and it looks like you probably do.

In the end....I have never heard of the best buy repo man (or the dell man for that matter....I say that all the time here on this site) knocking on anyone's door at 3am...so don't let this worry you much.

They may use a little threat tactics to get you to worry some, but be strong and they will go away. Best buy and Dell are both know to try and get you to reafirm or settle.

[HHM]

However, what concerns me is the incentive financing. Normally I would agree with you, if its a Best Buy Card with an MC logo (I missed that fact from the OP), then it would probably be a "normal" card. However, when there is incentive/special financing involved on a big ticket purchase, there is usually some type of security agreement that gets signed (the VERY FINE print).

In any event...I honestly don't think you have to worry. What I would do is this

1. List the card as an "unsecured" debt.
2. List the asset and exempt under household goods

Then see what happens...see if best buy comes out of the woods. Best Buy credit is notorious about talking tough before discharge, but ultimately, do not do anything to object.

[CindyLou]

HHM,
I TOTALLY agree with you in listing as unsescured as as exempt under household goods! If you list is as secured then you have to list our intentions. Just start off as unsecured and go from there. Put the ball in their court. With the mastercard logo you have every right to make the assumption that it is just a regular ole credit card and list it as such. I also agree with putting it under the household exemption. Remember to not over value it. Even though it is a plasma, remember it is still a used TV and those really don't go for too much. You would value it at what you could sell it for if you had to see it for in a yard sell tomorrow basically. Keep us posted and try not to let this worry you too much. Best Buy really isn't going to come knocking no matter what they might say.
Cindy

[kjb1969]

THANK YOU EVERYONE for all our replies. This damn tv is stressing me out. 1, because its our "1 toy", but MOST important is the fear of having it taken and having to explain to family, neighbors or un-expected guests syoping over and saying, "Hey, where is that t.v."

[demismom]

You don't say where you live, BUT if you have thunderstorms you could always say it got hit by lightning.