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  1. #1

    Question Creditor Suggests Selling Item to Pay Off My Account

    My question involves bankruptcy in the state of: Arizona

    My husband and I have been unable to pay our bills the past 7 months or so. My husband has a line of credit with a big name jewelry store and we owe them approximately $4500 and he purchased it (a ring) for a little under $6000 in 2006. Anyhoo, the creditors from the jewelry company are trying to get us to pay a huge amount of money over the next few months to pay off the ring; which of course we are unable to do and will be filing bk in the next few weeks (we did not tell them this).

    A month or so ago, this particular creditor suggested that if we couldn't make the payments, to sell the ring on ebay. Is that legal? I had gone to a few places a while back and they said they would only give me a few hundred dollars for the ring, and when comparing it to similar rings on ebay (I just checked), there is no way I could sell it for anywhere near what we owe this store. Why would they not try to repossess the item instead of asking me to sell it on ebay?

    Is this legal? Why would they ask me to do this?


  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Can a Creditor Ask Me to Do This

    Why would they not try to repossess the item instead of asking me to sell it on ebay?
    The contract your husband has with this jewelry store might not stipulate that the ring is collateral. If it doesn't, they can't repossess it.

    Is this legal?
    Yup.
    Why would they ask me to do this?
    Because they'd rather have the money than the ring.

  3. #3

    Default Re: Can a Creditor Ask Me to Do This

    I picked up a credit card app for this jewelry store and they said, failure to pay could result in legal action, collection, repossession, etc. The items sold there are secured unless the purchase price was under $700. I still don't understand why they would suggest I sell a secured item just to make 1 lousy payment.

    It doesn't seem like they should have suggested this to me. Maybe they're trying to get me to do it so I get in trouble when I file.

  4. #4

    Default Re: Can a Creditor Ask Me to Do This

    the ring probably wasnt worth what you paid for it.if they took it back they probably wouldnt make much off of it anyway.if you are indeed going to do the bankruptcy.have this ring appraised so you know if it does have any actual worth.you may need to know that,when you decide to either keep it or give it back in bankruptcy.

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