Re: Why pick up appliances

Posted by LadynRed (68.52.43.214) on March 21, 2004 at 10:39:56:

In Reply to: Re: Why pick up appliances posted by JCarbello on March 21, 2004 at 00:21:37:

That may not be true. Up until recently, when Sears sold its credit arm to CitiBank, Sears credit card agreement said they held a security interest in EVERYTHING you bought with their card. CB has abandoned this practice (so it says in the notice I got a few months ago).

So, Sears DID have a security interest in your purchases, making them a secured debt. However, their threat to take the items isn't very stron. You do NOT have to reaffirm with Sears and the debt will be discharged - you retain the property. Sears would then have to file for Replevin after your discharge - and that will cost them a fair chunk of change to do, so its unlikely they will follow thru. No Replevin, no repo.

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