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Home English FAQs Collections-Creditors Rights Oregon

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."

Other Oregon Collections-Creditors Rights FAQs

Q: What Is A Debt Reduction Settlement?
A: A Debt Reduction Settlement is a process used by both debtors and creditors to settle a debt for less than what is owed. The process may also be referred to as Third … More
Q: What Is The Statute Of Limitations (In Years)?
A: Open Acct.: 6 Sale of Goods: 6 (4 yrs UCC Transaction) Written Contract: 6 Domestic Judgment: 10 Renewable at 10 Foreign Judgment: 10 More
Q: What Is Cram Down And Collateral Valuation?
A: If you are a creditor with a security interest in the debtor's assets, ask yourself if the value of your collateral is properly listed in the plan or whether it should … More