If regrettably, a consumer’s asset has been seized, there are legislation protecting the buyer following the repossession. This basically means, the lending company cannot simply offer your item right following the repossession.
Within 2 weeks for the repossession, loan providers must provide you with a post-possession purchase. Furthermore, the post-possession purchase claims you’ve got 15 times to either:
- Settle the arrears, also any extra repossession costs, and carry on with all the loan.
- Pay back most of the money you borrowed from.
- Offer the asset at the value set into the notice.
- Some other person gets control spending the contract. Continue reading