People call us about the threat of losing their car. They believed that if the family car was needed for work or to take children to school that it was safe from debt collectors. This is not the case. Your car could be taken and sold if you fall seriously behind on your secured car loan or even if you are taken to court for other unsecured debts and the court issues an Order for your assets to be sold to pay the debt.
Your secured credit provider can start proceedings to repossess if:
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.
You need to be aware that the lender 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 or seizure of assets, you should find out your options to manage your debt and avoid legal recovery action.
Your outstanding debts can also cause your car and other assets to be seized and sold by the Court Bailiff to satisfy creditors for other debts.
Even if you are already caught up in the court property seizure process now, 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.