Repossession is the taking back of goods or chattels where the correct documentation is held, and a debt is due. 

To repossess something is a here and now demand for payment, if the debtor fails to pay the full amount due the property is forfeit.  The property is normally held for a set period (generally a month, or a period as set down in the documentation), and then sold at auction to recover monies owed. During this time the debtor may pay restitution (including monies owed, interest, fee's associated with the repossession and cost of storage), and recover their goods.

A court application may be made which shortens the time for which the property is held.

The repossession process does vary depending on the agreement between the parties made at the time of the lease or hire purchase agreement, or loan/other agreement between parties. Title in the property is transferred back to the creditor as a result of a breach of contract.  For leases title is not transferred until the completion of the lease, a chattel mortgage grants title to the owner, but a security is held over the goods - this security is the basis of the repossession for failure to pay.  Any interest in the property by the debtor is destroyed by the process of auction. 

If the auction fails to gain sufficient funds to cover the debt the difference is still the responsibility of the debtor. An auction will not generally receive the same value as a shopfront sale - when talking about good and chattels - including motor vehicles and boats, auctions receive lower prices.

Other forms of repossession include as the result of a court order, or as part of the winding up process undertaken during foreclosure or bankruptcy action.

To request our assistance:

Email: Repo@theprivategroup.com.au

Phone: 1300 966 103

Or use the *online form from the list to your left.

Your initial consultation is free.

For more information on Repossessions please follow this link:

Repossession Townsville | Charters Towers

Mackay Repossession | Repossess Airlie Beach

Brisbane Repossessions | Repossess

Repossession and Debts

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