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Daniels jewelry mailed a letter

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Daniels jewelry mailed a letter

Hi i have received a letter from an atty at law representing Daniels jewelers. i filed pro-se. the letter indicates that I either reaffirm my debt or surrender the property to them. And its also states that of I dont reply, they MAY file a motion for debtors examination. On my chap 7 bnakruptcy. I indicated that debts as unsecured. And if so they can repossess the ring is it safe to say to do that after the automatic stay has been lifted or after discharge? My bk discharge date is on the 13th of nov. pls help.
Message 1 of 5
4 REPLIES 4
Frequent Contributor

Re: Daniels jewelry mailed a letter

How much do you owe and when did you buy it?

 

Des.

Message 2 of 5
New Visitor

Re: Daniels jewelry mailed a letter

$900 and bought it 2 years ago.
Message 3 of 5
Frequent Contributor

Re: Daniels jewelry mailed a letter

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.

Message 4 of 5
New Visitor

Re: Daniels jewelry mailed a letter

Yes Des im willing to surrender it. I would want to ask too if its a common practice that bk hasnt been over yet but they are attempting to repossess?
Message 5 of 5
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