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Glossary > R > "Repossession" Definition

Repossession

This is when a borrower fails to pay back their loan in accordance with the Terms and Conditions of that loan and the lender exercises their legal charge over the borrower"s property by taking legal ownership.

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Repossession - This is when a borrower fails to pay back their loan in accordance with the Terms and Conditions of that loan and the lender exercises their legal charge over the borrower"s property by taking legal ownership.

Repossession : this is when a borrower fails to pay back their loan in accordance with the terms and conditions of that loan and the lender exercises their legal charge over the borrower"s property by taking legal ownership.