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Bank Says They Will Repossess My Air Conditioner. Claims Not Covered by Bankruptcy. – Jim

Consumer Complaint Submission
Written by Consumer

FILED CAPT. 13, NOW CHANGING TO CHAPT. 7, BECAUSE I GOT THE LOC STRIPPED.

I CHARGED AN A/C UNIT FOR ABOUT 5K ON CREDIT CARD. BANK WANTS MONEY BACK FOR A/C OR THEY REPO IT. I MADE ABOUT 5 PAYMENTS ON CREDIT CARD. DO YOU REALLY THINK THE BANK WOULD DO THAT? I LIVE IN ARIZONA. BANK CLAIMS IT IS A SECURED DEBT, HENCE NOT COVERED BY BK.

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2 Comments

  • agreed… ask your attorney

    however, sleep easy… I don’t think they will come rip out your A/C unit. in fact, I’d bet cash they won’t even Visit your home. they want u to be intimidated.

    I’m not an attorney, butI did stay at a holiday inn express, last night!

    good luck,
    Sweet J

  • I’m sure you understand that your bankruptcy attorney is most qualified to answer this question. Someone would have to look at your loan agreement to see if it was a secured loan. Typically credit card debt is not secured, but some cards are secured.

    As to repossessing an air conditioning unit, I have never seen a creditor repossess a unit (as opposed to a contractor). It would take some effort and cost to get the right paper work and a used unit isn’t likely to have a lot of value, but since thieves steal used units they must have some value. If your attorney says it can happen, I would find the value of your unit used and offer the lender 60% of that amount in exchange for a paid in full receipt. You’d probably pay that much to buy a used replacement and in Arizona you must have air conditioning.

    If your attorney says it can’t be repossessed, you can ignore the communication.

    Good Luck!  

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