Secured Debt (Best Buy, etc)

[BKInLA]

Go to the Goodwill and buy a few pairs of used underwear and send them to Macy's if they ask.

Lol...I'll be sure to wear them to the gym first!

[ready2file]

I thought Best Buy weren't creditors? Isn't their card HBSC?

[BassBoy]

go to the goodwill and buy a few pairs of used underwear and send them to macy's if they ask.

rotfl!!!!! Brilliant!!!!!!!!

[BassBoy]

I thought Best Buy weren't creditors? Isn't their card HBSC?

Yes.

[catleg]

I don't have Best Buy as a creditor but I do have home depot. They recently filed their BK proof of claim as an unsecured creditor. Note that I said unsecured. They aren't claiming any collateral for their debt.

I heard somewhere, but don't know if it's really true, that for a purchase money security interest to exist the creditor has to be the same as the seller, in other words not the Home Depot card by Citi, but the Home Depot period.

For this and various other reasons, I really doubt you have any problems.

[viking64]

Bass & Associates sent us a letter on behalf of Best Buy and also called us 1 time asking us to return secured items. Our attorney advised us to ignore them and we never heard from them again. They don't want the items, in fact they didn't even list what they wanted returned, they were just trying to get us to offer them some money.

Wouldn't they have to list what the items are that they want back? They can't just claim that you must have a TV or computer because it's Best Buy? That's crazy.

I wonder what would happen if someone demanded a list and value of items sought?

I thought Best Buy weren't creditors? Isn't their card HBSC?

So, that would mean Best Buy isn't secured? I will have an $1100 balance discharged. I don't even know what it includes, or if I even have the items, because it's a $100 here and a $100 there.

I am also discharging Dell, about $3k. I'm wondering what they will do. Nothing was purchased in the last year or so (last items were a camera and lens) and they've still auto-debited my checking account after filing. Lawyer has written and is threatening sanctions. Maybe if they want items, we'll just call it a wash. LOL.

[Stilltheone]

We purchased $2500 worth of furniture 90 days before filing. $1500 was an actual loan from American General and $1000 was a mattress, financed through the store card (GE Money Bank) We received a reaffirmation agreement from American General,never signed it and they never contacted us again.

We had a Lowe's card, again GE Money Bank, owing $2400 on it and they never came after our "stuff".

It takes a lot of time and money to get into your house to get your items. Don't let them in without a warrant/court order. Those things cost money. In the long run, it costs more to get your used items and it's not worth it to the creditor.

[mtbc]

HSBC tangent -- addresses

Isn't their card HBSC?

This seems a reasonable moment to mention the tangent that some store cards are actually through HSBC Bank NV as opposed to the regular NY-based HSBC Bank USA we have here. HSBC has many subsidiaries so on the creditor matrix, just to be sure, I checked exactly what bit of HSBC we had what card through, and made sure they were all properly listed. (I even have one through HSBC Bank PLC.) I don't know if they have any argument that they weren't properly notified if you list the wrong subsidiary's address on the creditor matrix, but I figured it was worth making sure I'd covered all the bases, and HSBC's one of the ones that's trickier because of how big it is.

[jctwo]

Well I must say that I have A rooms-to-go loan and the bank was CITI. My lawyer called and told the that we wanted to re-affirm and keep our furniture. They said that would be great...so my lawyer asked what furniture did i get since i had multiple accounts and they could not answer her. Becuase of that, the lawyer said that you cant repo property that you dont know what i bought. So I am free and clear ow on my furniture.

[BassBoy]

Well I must say that I have A rooms-to-go loan and the bank was CITI. My lawyer called and told the that we wanted to re-affirm and keep our furniture. They said that would be great...so my lawyer asked what furniture did i get since i had multiple accounts and they could not answer her. Becuase of that, the lawyer said that you cant repo property that you dont know what i bought. So I am free and clear ow on my furniture.

Ah yes.......another situation where the right hand never knew what the left hand did......so to speak.