Repossession of goods
The recovery of financed or secured movable goods, such as a vehicle, when a debtor is in default or enforcement steps are being taken.
Definition
Repossession should be checked against the credit agreement, default notices, Section 129 notice, court order where required, surrender documents, arrears, insurance, settlement amount, and whether the National Credit Act applies. A person should not sign voluntary surrender or settlement documents without understanding the consequences.
Key takeaways
The recovery of financed or secured movable goods, such as a vehicle, when a debtor is in default or enforcement steps are being taken.
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Related legal problems
This glossary provides general information only and does not constitute legal advice.
Common situations
Vehicle repossession
Credit agreement default
Section 129 notice
Related resources
Resources and guides
Debt Defence Consultation Pack
Debt Defence Consultation Pack: prepare Demand letter, Summons, Credit agreement and identify missing records before legal advice.
Debt CollectionChecklistCredit And Finance Checklist
Credit And Finance Checklist for preparing documents, facts, dates, and questions connected to banking and finance.
Banking and FinanceFAQs
Repossession of goods FAQs
What does Repossession of goods mean?
The recovery of financed or secured movable goods, such as a vehicle, when a debtor is in default or enforcement steps are being taken.
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