TV Offer

[COgirl]

OK, I may be losing my mind, but we had a creditor want to re-claim a tv we purchased back in Febuary. We had already paid $1000 on the account and the tv cost $1600. Warranty, fees, etc. had added about another $600.00 to the account.

So, we offered them $599 to settle the account (outstanding balance is $1300). They rejected it. Want payment in full. I told them to come get it the stupid thing.

Has anyone else had this experience? I can't believe they'd turn down what essentially is payment in full for the actual tv. Am I crazy?

[LimpDisc]

Who wants to reclaim the TV? Does the account specifically say that the TV was secured with the credit card you used? I highly doubt that’s the case. The TV should be exempt if included in the household goods that chapter 7 allows you to claim. I'm sure someone else can chime in on this question. I know that Dell trys to claim that PC's purchased thru their finance company are secured.

[aljohnson007]

Look at the purchase agreement/sales receipt. In any event, I would just ignore them.

[StartingOver08]

Did you buy the TV at Best Buy?

There are certain places that have a Purchase Money Security Interest (PMSI)in the property they sell. Best Buy and Rooms To Go are notorius for sending out these letters. American General too.There are other companies too. Think of store credit card and electronics and furniture are the items usually subject to this PMSI. See this link for a good defination of PMSI http://www.bernsteinlaw.com/publicat...ial/pref10.htm

Having said that, the creditor really does not want to pick up the collateral (usually). You can search on the various threads here for Best Buy to see that either telling them to pick up the TV or negotiating an lesser amount usually works. What did your attorney say? Did you get your discharge yet?

[COgirl]

It was Best Buy. We are not discharged yet. They wanted the entire outstanding balance - they did not come off the amount at all (including warranty, late fees, etc.).

They can have the stupid thing as far as I'm concerned. Just another reminder of dumb mistakes we've made and won't make again. We'll save up and pay cash for a new tv when the time comes.

Lesson learned.

[dspii]

If you have filed and listed the debt on your schedules, they may be violating the automatic stay in place. Talk to your lawyer first, but if you pay them money for a debt listed in your schedule due to be discharged, the Trustee is likely going to get very upset, preferential payment.

[ForumReader]

If you have filed and listed the debt on your schedules, they may be violating the automatic stay in place. Talk to your lawyer first, but if you pay them money for a debt listed in your schedule due to be discharged, the Trustee is likely going to get very upset, preferential payment.

In this case, might as well tell Best Buy to come get the tv. You do not need to pay all of that balance if it was listed in your petition. Like the other posters said, talk to your attorney about it.

[music12]

i can't believe they contacted you during your bk and then had the audacity to turn down an offer of $600!!! they are behaving absurdly and violating the law. my guess: don't respond and they will just go away. i'd like to see them try to repossess your TV. good luck to them. they'll need a court order to get into your home, and if they get around to asking for it, you will respond with a motion for sanctions for their attempt to collect a debt during bk. seriously!

[NoMoreCards]

i can't believe they contacted you during your bk and then had the audacity to turn down an offer of $600!!! they are behaving absurdly and violating the law. my guess: don't respond and they will just go away. i'd like to see them try to repossess your TV. good luck to them. they'll need a court order to get into your home, and if they get around to asking for it, you will respond with a motion for sanctions for their attempt to collect a debt during bk. seriously!

Very good advice!!!

[Stilltheone]

i can't believe they contacted you during your bk and then had the audacity to turn down an offer of $600!!! they are behaving absurdly and violating the law. my guess: don't respond and they will just go away. i'd like to see them try to repossess your TV. good luck to them. they'll need a court order to get into your home, and if they get around to asking for it, you will respond with a motion for sanctions for their attempt to collect a debt during bk. seriously!

Agreed!

We had some issues with American General during our bankruptcy. We purchased furniture 3 months prior to filing, total amount was $1500. Our attorney sent them a reaffirmation agreement for something around $600 I think. They sent it back, stating they wanted the full $1500 amount.

Thank goodness, we never signed it and they never came to get their used furniture.

Again, they have to get a court order to come into your home. Is used furniture/electronics really worth any resale value after all is said and done? No!

[anime-chicka]

It was Best Buy. We are not discharged yet. They wanted the entire outstanding balance - they did not come off the amount at all (including warranty, late fees, etc.).

They can have the stupid thing as far as I'm concerned. Just another reminder of dumb mistakes we've made and won't make again. We'll save up and pay cash for a new tv when the time comes.

Lesson learned.

Or buy one at Goodwill or another secondhand store. I saw quite a few nice tvs at decent prices at Goodwill last weekend when I was footstool/ottoman shopping and clothes shopping for my hubby.

[destitute]

Since it was best buy just ignore them. They will go away. I'm assuming you listed them as an unsecured creditor. In that case, in order for them to get the TV they need to file with the court to prove their status as a secured creditor. Unless they do that your discharge will take care of them and I really don't see them doing that for a tv.

If your letter was from Bass and Ass. then that's the same one everyone else is getting. They are full of it. Ignore them and they will go away. I had the same issue and my attorney's office told them they were instructed by me to ignore them. Never heard another word.

[COgirl]

They actually called today to schedule the pick up of the tv. It is Bass and Associates. My husband will call them tomorrow. How absurd that they won't accept anything less than full payment - and more than the tv cost. So, the $1000 we already paid, we lose.

My attorney tried to negotiate with them. Maybe that was a mistake?

I'll just be glad when all of this is over. I think our objection date is 11/02/09. That will be my independence day.

[mgmadara]

I doubt they will actually pick up your tv. Bass and Associates tried to get money out of us for stuff we bought at Best Buy. We ignored their calls and letters and they went away.

[mama2three]

They actually called today to schedule the pick up of the tv. It is Bass and Associates. My husband will call them tomorrow. How absurd that they won't accept anything less than full payment - and more than the tv cost. So, the $1000 we already paid, we lose.

My attorney tried to negotiate with them. Maybe that was a mistake?

I'll just be glad when all of this is over. I think our objection date is 11/02/09. That will be my independence day.

If they pick it up without moving for relief from the automatic stay, they will be in violation.