Debt collection and repossession
Know your rights when a debt collector demands payment or takes your stuff because you can’t pay your bills.
Someone’s demanding money
When you can’t pay for things you’ve bought or money you’ve borrowed, the person or company you owe money to will probably chase you up to get the money back.
Find out what happens if:
- you don’t pay debts back
- a collection agency is chasing you for a debt
- you don’t agree with a debt.
Someone wants to take your stuff
When you take out a loan or buy something on store credit or hire purchase, you sign a contract. If it was in the contract, the person or company can take back the thing you bought if you don’t pay for it as agreed.
This doesn’t always wipe out the debt — you might still have a balance to pay.
What can be taken has to be detailed in the contract you signed when you bought the goods. You must also be given the opportunity to get your stuff back.
Someone loaning you money can ask you to list things you own in the credit contract. These things are your security — and if you get too far behind in your payments or breach the contract, they can take these things off you and sell them to recover their money.