Hi All,
I recently filed Ch 7 and my debt was discharged. One piece of equipment I opted to surrender back to the bank. After the discharge, the people holding the title on that piece of equipment sent me a notice asking for the location to pick up the item. I called the firm that was handling the transaction and asked them if they would release the lien and title for a certain amount (about $.32 on the dollar). They agreed since it would cost them less to do that than sending someone out to pick it up and then try to resell. I requested a letter from them stating what our agreed plan would be. They sent me the letter and it looks like it covers all the bases. However, I'm worried that if I send them the money they could just turn around and say thanks for paying off some of your loan but we still want our equipment (i.e. "We won't send you the title until you pay us in full"). Could they do that or is a transaction like this something that happens all the time? Has anybody dealt with anything like this? Thanks for your help.
I recently filed Ch 7 and my debt was discharged. One piece of equipment I opted to surrender back to the bank. After the discharge, the people holding the title on that piece of equipment sent me a notice asking for the location to pick up the item. I called the firm that was handling the transaction and asked them if they would release the lien and title for a certain amount (about $.32 on the dollar). They agreed since it would cost them less to do that than sending someone out to pick it up and then try to resell. I requested a letter from them stating what our agreed plan would be. They sent me the letter and it looks like it covers all the bases. However, I'm worried that if I send them the money they could just turn around and say thanks for paying off some of your loan but we still want our equipment (i.e. "We won't send you the title until you pay us in full"). Could they do that or is a transaction like this something that happens all the time? Has anybody dealt with anything like this? Thanks for your help.
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