Question 1

What notice must be given before a Repossession can occur?

Accepted Answer

Before a repossession can take place, the credit provider must issue a default notice giving the borrower at least 30 days to remedy the missed payments or default. If the borrower fails to take action within this period, the lender may proceed with repossession. This process ensures the borrower is given a fair opportunity to resolve the issue before any recovery action is taken, as required under the National Credit Code (NCC).

Question 2

How does the Australian Law work with debtors and repossession?

Accepted Answer

Consumer protection laws, such as the National Credit Code (NCC) and Australian Consumer Law (ACL), require that all repossessions are conducted fairly and lawfully. Creditors must issue a default notice and give the debtor an opportunity to remedy the missed payments before repossession can occur. Repossession agents are the final solution once all avenues have been explored in order to recover the debt (these may include payment plans, hardship applications etc). Our agents operate ethically, avoiding any form of harassment, intimidation, coercion, or unfair conduct throughout the process.

Question 3

How does a vehicle repossession work from start to finish?

Accepted Answer

In a car or motorcycle repossession, the lender or financial institution has the legal right to reclaim the vehicle if the owner defaults on their scheduled payments. The lender will reach out to a repossession agent with court "repossession" paperwork, instructing the asset to be recovered. One or more of our skilled agents is tasked with locating and recovering the vehicle in accordance with all applicable laws. The vehicle is then usually towed to a depot or location determined by the court where it will be secured and remain.

Question 4

What happens if a person resists during the repossession process?

Accepted Answer

If an individual resists the repossession, our agents are trained to make ongoing risk assessments and will adjust their approach depending on the person and demeanor they are facing. We always conduct a thorough risk assessment and plan prior to executing any repossession job. All repossessions are conducted in full compliance with Australian law and regulations.

Question 5

My vehicle or property has been repossessed. What happens next?

Accepted Answer

If your asset is repossessed, the credit provider has 14 days to issue a Notice After Taking Possession of Mortgaged Goods. This notice details:
 • The estimated value of the asset
 • The outstanding loan amount
 • Any repossession-related costs
 • Your right to reinstate or pay off the loan before the asset is sold.

Once the notice is sent, the asset cannot be sold for 21 days. This period allows you the opportunity to recover the asset by paying the overdue amount and any reasonable costs.

Question 6

Will a reposession affect my credit score?

Accepted Answer

Yes. A repossession can negatively impact your credit report and credit score. Missed repayments leading up to the repossession, as well as any remaining debt after the asset is sold, may be recorded on your credit file. This can make it more difficult to obtain credit or loans in the future. It's always best to communicate with your lender early to explore repayment options and avoid repossession where possible.

Repossessions

Vehicle Repossession

Lockout Service - Mortgagee In Possession

Code Nine Process Serving
Melbourne | Victoria | Australia | International

Repossessions

Vehicle Repossession

Lockout Service - Mortgagee In Possession

Code Nine Process Serving Melbourne | Victoria | Australia | International

Code Nine Process Serving
Melbourne | Victoria | Australia | International