When Do You Need a Repossession Agent?
When someone enters into a credit contract, some items may be listed as security and may be repossessed if the loan repayments are not made.
If there is a default on a loan, the lender has a choice:
- Either issue proceedings and continue to charge interest and fees; or
- Repossess the secured goods, which freezes the amount owed under the loan.
Often repossessions are vehicle-related (car, truck, motorcycle, boat, caravan, tractor, etc.) since there is a registration/serial number on the asset that can be secured against.
But a credit contract could also have been for a loan to specifically purchase a household item, which then became the security interest for the loan.
Repossession is the ‘nuclear’ option, where the attempts to bring the loan back into line with its’ credit contract have been unsuccessful, and the borrower is unable to make the outstanding payments.
Repossessions are stressful to both the lender and the borrower, but the borrower will also have an emotional involvement.
This is when you need an experienced and professional repossession service that ensures that all legal obligations have been met and that your property is quickly and efficiently recovered, whilst also maintaining a respectful and caring manner towards the borrower.
We have successfully undertaken all manner of repossessions across New Zealand.
For an obligation-free discussion about your requirements, please fill out the Contact Form or call us now.