Motor Vehicle Repossession
If you fall behind on secured loans as you are struggling to balance all of your debts during financial difficulties, you may face repossession of your assets.
Your credit provider can start proceedings to repossess if:
- You Default on Agreed Terms i.e. get behind in payments, and
- You receive a Default Notice to pay whats overdue.
- You have Defaulted again within 30 days of the first notice.
If you have moved address since purchasing the vehicle, this may take longer than usual or you may not receive any notice at all. It is important to keep your address updated with all credit providers under the terms of your loan.
Get the Facts
You need to be aware that your credit provider can legally tow away your car if it is parked on the street but cannot enter your property to repossess goods without a court order or written consent from you.
Before your debt situation escalates to repossession of assets, you should find out all of your options on managing debt and avoiding legal recovery action.
Even if you are now caught up in the court process, you can contact us to discuss what you can do to save your assets and establish affordable repayment plans with your unsecured debts so that you can afford to pay your secured debt obligations.