Is this secured or not?

[Stilltheone]

So on our paperwork, our attorney "reaffirmed" our furniture debt....The furniture was paid with their "store card" but the card was issued by GE Money Bank.

Since our filing, I have not received a statement from them and haven't made any payments.

We purchased a clearance $900 mattress.

Question: Is this actually a secured debt? If so, will they come take our clearanced mattress if we don't pay?

TIA!

[Minnymouth]

If your attorney "reaffirmed" the debt for the mattress, then it means that you agreed to continue making payments for the mattress after you other debts are discharged. You are aware of this, right???

If you do not make the payments the company can pick up the mattress anytime they want too. But normally they don't. It's a used mattress, and most wouldn't buy it anyways from a store.

Have you signed reaffirm papers??

The creditor is not allowed to send statements or contact you till after discharge regarding this, that is why you haven't heard anything from them.

[JRScott]

Minny is right, but to answer your other question yes if you paid for it with a store card then the debt is considered secured. I'm not sure they'd come get the mattress though....

[Stilltheone]

If your attorney "reaffirmed" the debt for the mattress, then it means that you agreed to continue making payments for the mattress after you other debts are discharged. You are aware of this, right???

If you do not make the payments the company can pick up the mattress anytime they want too. But normally they don't. It's a used mattress, and most wouldn't buy it anyways from a store.

Have you signed reaffirm papers??

The creditor is not allowed to send statements or contact you till after discharge regarding this, that is why you haven't heard anything from them.

No, we have not signed reaffirment papers with the furniture company yet. The mattress was $900 and she listed on our papers that she wanted to reaffirm us at $300, the current value of the mattress.

I thought they would continue to send us statements. We have a few others things we're reaffirming and we've been receiving statements from those companies.

Thanks for the help!

[blaze]

I don't know--If the card was issued by another lender is it really secured? Iguess you'd need to read the original contract on the card if you can find it. We bought a TV at Circuit City a year or so ago - on a Circuit City Visa issued by Chase. They sent us a reaff for the original purchase price - plus other charges made that were not at Circuit City - somehow it was a visa with their name on it we could use anywhere. They wanted us to reaffirm the whole balance - Crazy b/c most of the purchases were food and gas...We did not sign it. I don't know if they will come for the tv or not. Our attny says they can but I don't know. Confusing issue. I can't imagine they'd come after a mattress?!? If you did not sign reaffirmation papers you probably won't hear anything from them until after your discharge - I don't think they can contact you any more until then.