Updated: August 7, 2011 17:49 IST

When it is ‘repo’ time

D. Murali
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Is repossessing a difficult and dangerous task? Not necessarily, says Steven F. Coyle in ‘Debt Collections’ (, narrating from his ‘repo’ experience. “A majority of the equipment I repossessed was from people who didn’t accept prior offers of help. They didn’t return my calls. They hid during site visits. They didn’t want to negotiate payment plans. They swore when I called. It’s easy repossessing from such people,” he reminisces.

Those rare customers who do keep in contact, who do accept help, and who do treat you with respect are the most difficult accounts to repossess, the author opines. He observes that by the time it is repo time, most customers know the game is over; and that as a creditor it is important for you to know when they have given up.

“Often, debtors will mentally give up months before you repo. They tell others about giving up, but rarely do they tell their creditors. Instead, some will try to use your goods and services to generate some quick income to pay their staff or other creditors before closing the doors.”

Insights of value for those on the ‘repo’ road.


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