Repossession takes place when the creditor claims back the assets you bought on credit. However, there are a number of legal actions that have to take place before repossession occurs.
Before repossession takes place, you will receive
- A letter of demand/warning letter: You have 10 business days to respond. Contact us (link to contact form) as soon as possible to avoid going to court.
- A summons: This means the litigation process has begun and you have 10 business days to respond. A summons must be served by a sheriff to the address that you noted on your credit agreement.
- A judgment: If you have ignored a summons, or signed consent to judgment, the sheriff of the court can come to your house with a warrant of attachment to repossess your assets. In addition, the judgment will immediately reflect negatively on your credit record.
Our Debt Assist experts can help you
- Speak to the creditor or attorneys directly on your behalf and try to come to an agreement, so as to alleviate your debt problems.
- Communicate with the creditor’s attorney on your behalf and try to delay legal action or come to a settlement agreement. We can also try to negotiate an extension, so you have time to pay the money back.
- Negotiate on the amount you owe as well as the legal fees you may have to pay, and find a payment plan that you can afford.
Call us before you sign
It's important that you never sign anything given by a creditor or debt collector without calling Legal&Tax first. With Debt Assit, you will always have a guiding hand to help you with your debt concerns.