Debt from loans and credit contracts is covered by the Credit Contracts and Consumer Finance Act (CCCFA). If you don't keep up repayments for loans, fines and other debt, it can be passed onto a debt collector.
If you get behind on your home loan, repossession can result in a mortgagee sale. The debt collector cannot add extra fees or costs at this point. For example, you might have $5,000 left on a car loan, but the repossessed car sells for $4,000. If an item is repossessed and sold, but there is still money left owing, this leftover debt could get passed onto a debt collector. Once your item is sold after repossession, it freezes your account. The items listed as security should not be worth a much larger amount than the loan itself, eg using a home as security for a car loan. For example, if you have two Sony TVs, it's not enough for the contract to just mention a Sony TV. The security items written in the contract must be specific and detailed.
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The items listed as security might be the item you bought with the credit contract, eg a car or TV bought with the loan/credit, or it could be items not connected to the reason for the loan, eg jewellery, house, car, savings. They cannot repossess items not listed in the credit contract. If your credit contract lists items as security and your payments are overdue, the lender could try to recover their money by repossessing those items. If a debt collector tries to repossess items, ask to see their ID and paperwork. They need to provide paperwork proving who they are and what they can repossess. Repossession agents are different from debt collectors. Your credit rating will be negatively affected by both these processes. Debt collection - the lender or organisation takes extra steps to get their money back, sometimes using a debt collection agency.
Usually the item is what you bought with the loan, eg car or TV, but it can be another item if it's listed on the contract. Only secured items written in the credit contract can be repossessed. Repossession - taking back a product or item to cover overdue debt.The two processes are repossession and debt collection. How they do this can depend on what it says in your credit contract and whether your debt is secured.
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