You would not think that Daniels would bother over such a minor amount and for something that was bought 2 years ago.
Assuming the language was the same back in 2015 the Retail Installment Credit Card Agreement you signed states, in part. . .
"You grant us a Purchase Money security interest in the goods purchased on your account. Further, items purchased previously on your account may secure later purchases. . ."
Daniels is secured by the ring. You did not list this as secured and therefore, did not include how you were going to handle the account on your Statement of Intention. Assuming that such is not a big deal (not sure on this point), you have three choices: 1) surrender; 2) redeem the ring for its fair market value; or 3) reaffirm the entire obligation and pay that very high interest rate of over 28%. The fourth choice is to ignore the letter to see if it goes away.
Personally, unless Daniels will accept a lump sum payment of, say, less than half of what you still owe, I would surrender the ring. I see no reason for anyone on this planet to finance the purchase of jewelry. If one cannot pay cash for such items one should not buy them. That just makes good business sense.
I hope this helps in your decision.
Des.
