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Does a voluntary surrender affect your credit for jewlery.

Does a voluntary surrender...

Does a voluntary surrender affect your credit for jewlery

Lawyer's Assistant: What state is this in? And when did the issue begin?

Pa. We lthought we lost my engagement ring so we purchased a new one. Found the old one and now are looking to get the bill down.

Lawyer's Assistant: Has anything been filed or reported?

No we did not report it as lost or stolen

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That should be all

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Answered in 5 minutes by:
3/12/2018
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 13,863
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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So to be clear you are attempting to return the ring and request that the original purchase price be refunded?

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Customer reply replied 5 months ago
We purchased the ring a few years ago. We have made other purchases to the account as well. He purchased another engagement ring to replace the one we lost. Since we found the old one we were looking to understand if we could do a voluntary surrender to attempt to get the outstanding debt reduced. And if we do, how does it affect our credit

Thank you;

unfortunately that is a matter of contract law and as such the relevant contract (the purchase contract) would control the terms of that.

There is no statutory right to voluntary surrender merchandise.

(I am glad you found the original ring).

It is possible to negotiate and request that if the ring is returned then the debt will be erased-essentially a buy back. That is a matter of store policy.

A buy back would not affect one's credit.

A voluntary surrender is usually used when there is a security interest (ie the situation where the lender can repo a car) and does not generally apply to merchandise.

A reported voluntary surrender does negatively affect one's credit; please see:

https://www.experian.com/blogs/ask-experian/category/credit-advice/report-advice/voluntary-surrender/

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Customer reply replied 5 months ago
I understand. Thank you so much for your time.

You are most welcome.

If no further questions kindly rate 5 stars if you feel I have earned it.

Thank you and take care!

legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 13,863
Experience: Just Answer consultant at Self employed
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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