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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: 12,570
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 1 month 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 1 month 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: 12,570
Experience: Just Answer consultant at Self employed
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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