Repossession? Is this legal?

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Jun 5

Repossession? Is this legal?

Know More: Creating a Credit Policy, FAQs, Fair Debt Collection Practices Act, I have past due customers, what do I do?, What makes a Good Collector?

Can you go to your clients store and repossess what you sold to them and they did not pay for? Isn't the product still yours if it is not paid for?

When I first started out as a credit manager, I worked at a shoe tree company. We had a shoe store that kept telling me they would send a check, but they never kept their promise. I involved the sales man who had made the sale and he contacted the owner of the shoe store. Still no payments. The sales man finally went to the shoe store with an empty cardboard box. He went into the store and into the display window that had our shoe trees on display for everyone walking by to look at. He started putting the shoe trees into the box and the owner came running out from the back room and asked him what the *&$! he was doing.
The sales man explained that we had been calling him for over 8 months, sending him letters and statements and all we were getting was the run around and no payment. He was very nice about it and explained to the owner that we were all done trying to collect from him and would just take our products back. The owner ran back into the office and came out with a check for payment in full.
This may or not be okay to do in your situation, it depends on your contract or agreement so check your paperwork.
If you want this to be an option you can utilize, incorporate the correct working into your contracts or agreements.
Good luck!

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