I got a call this morning......

[dbryant]

Sniff, sniff... We have our 341 on 12/23. In our filing, i included my dirt bike which i had financed on my HSBC CC. My lawyer just called and said that HSBC notified him theat i have 3 options:

1. Re-affirm
2. Lump sum of $7K
3. Schedule pickup

I was very hopeful that HSBC would have made a settle offer of less then $7,000. I owed $6500, but with fee's and late charges, i guess it's to their advantage to pick it up. It's KBB value is about $5,300.

I knew the main goal was to get rid of it, but it's sooooo hard. They jumped my % rate since we foreclosed on our home in October.

My lawyer is responding to them, and having them contact me to schedule pickup.

[TEW]

Sniff, sniff... We have our 341 on 12/23. In our filing, i included my dirt bike which i had financed on my HSBC CC. My lawyer just called and said that HSBC notified him theat i have 3 options:

1. Re-affirm
2. Lump sum of $7K
3. Schedule pickup

I was very hopeful that HSBC would have made a settle offer of less then $7,000. I owed $6500, but with fee's and late charges, i guess it's to their advantage to pick it up. It's KBB value is about $5,300.

I knew the main goal was to get rid of it, but it's sooooo hard. They jumped my % rate since we foreclosed on our home in October.

My lawyer is responding to them, and having them contact me to schedule pickup.

Get your lawyer a cup of coffee and and tell him to offer the bank KBB 5300 to redeem the bike. you may get to keep it

[justbroke]

Get your lawyer a cup of coffee and and tell him to offer the bank KBB 5300 to redeem the bike. you may get to keep it

I agree.

People forget that offers are sometimes initial offers. A counteroffer is always worth a look.

[Logan]

Offer them $4300!

[momof3b1g]

Why would they expect you to pay $7000 if its worth less. Is that because thats what you owe?

[ready2puke]

If its worth 5,300 I agree offer them way less

Offer them $4300!

And if you want it bad enough settle for an amount your comfortable with...

[dbryant]

It's worth 5,300 on KBB, and i owe $7,000. They have added late fee's etc, to jack the price since i have missed 2 payments. My lawyer says he doesnt think that the amount is negotiable. I have asked him to pass the calls to me, so i can talk to them. Try to bamboozal them to drop the asking price. I was hell bent on getting rid of it, so that i would not have that bill, but after i get the notice, i dont want my baby to go!!! I'm stressed!! I have not even had my 341 yet, thats 12/23. dang it!

[StartingOver08]

Call the BK dept of HSBC. You are allowed to negotiate directly with the BK dept. You have to contact them as they are only allowed to initiate contact with your attorney. Your attorney will not negotiate an amount, they typically don't - its up to the debtor to do that negotiation. As one of the others said, start much lower. Do you actually have the funds to buy it out or do you have to make payments? If you have to make payments, negotiate the interest rate etc. If you can't get them to something you can easily afford - then surrender the bike. You can always get another one when you get back on your feet...however long it takes after the BK. BTW, you will need to speak to someone in the BK dept that has the power to negotiate and not a phone drone - they will wear you out!

[TEW]

It's worth 5,300 on KBB, and i owe $7,000. They have added late fee's etc, to jack the price since i have missed 2 payments. My lawyer says he doesnt think that the amount is negotiable. I have asked him to pass the calls to me, so i can talk to them. Try to bamboozal them to drop the asking price. I was hell bent on getting rid of it, so that i would not have that bill, but after i get the notice, i dont want my baby to go!!! I'm stressed!! I have not even had my 341 yet, thats 12/23. dang it!

offer 4300 it's cheaper for them to take it. if you have 4300

[StartingOver08]

. My lawyer says he doesnt think that the amount is negotiable.

Missed this in your post before, the attorney's really do not get involved in any sort of negotiation for reaffirmations, usually. Really its not part of their job - it is their job to sort out the legal ramifications, not the amounts. Like I said before, call HSBC BK dept directly yourself. then you will know first hand what they can and can't do

[dbryant]

thanks for the great info guys/gals! I'll talk to my lawyer tomorrow, and i'll then contact the Bk dept. Fingers crossed!!

Thanks

[jessegirl]

Goodluck!

[floridian]

my lawyer said that both of my bikes had to go... i hated it, but he said they would be considered luxury items and possibly put me in a chap thirteen... god, i hate to lose them... i wonder if i can negotiate with the credit union directly after its over..

[nc73]

They got you into this mess so get rid of them. Some of you just constantly give bad advice. I love bikes myself but if it will get me out of debt I would get rid of it in a heart beat.

[want2save]

I filed chapter 7 in May and my 341 was not until 2 months later. My vehicle was paid for with a low value of $7500. I have an exemption of $2150 in my State and was going to offer the trustee the difference of $5,350. The attorney said to offer $4,500. He took care of the offer and the trustee accepted. I received a notice that I would have 10 payments of $450 each, no interest.My attorney just saved me $850 and his fee was $1,000. Lucky me! :-) I couldn't file Chapter 13 as my only income now is social security.