What Is Repossession?

When you buy something on credit, or get a loan, the person or business you owe the money to be called the “creditor.” Often when you buy on credit, or get a loan to buy something, you will sign an agreement giving the creditor the right to take the item back if you miss payments. Or you may have used your current household goods to secure a loan, giving the creditor the right to take your household goods if you miss payments on the new item. The property that can be taken is called “collateral.” When you creditor takes the goods back it is called “repossession.”

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