RepoOntario.com - Heavy Equipment - Repossessions
It's time to get your heavy equipment back! We are the experts in heavy equipment repossessions. We will search high and low to reclaim your heavy equipment. Each new assignment receives an initial investigation by our staff to expedite the conclusion of your account, which includes the verification of the lien. The lien is a legal concept which gives the lender the right to take possession of the heavy equipment if certain conditions aren't met, such as making the monthly payments.
When a borrower fails to continue making their loan payments, most times the lender will make an effort to reach the borrower and try to resolve the matter possibly by offering the borrower an alternate payment plan. When all efforts have failed at resolving the matter in house, the lender will place the heavy equipment out for repossession.
This is where we step in. We obtain the proper documents and then we find a Ontario Bailiff in your area, that has the legal right to reclaim the heavy equipment for the rightful owner. Often times when people fail to make their monthly payments on their heavy equipment, we find that they usually are having other financial issues as well. A lot of times we find that these people don't remain in the same place, or intentionally hide the heavy equipment from us. When a person moves to elude their debts, this is what we call a "skip". RepoOntario has developed the best relations in the industry with Private Investigators that have an art of skip tracing and uses the most up to date, state of the art skip tracing services in an effort to locate your collateral even if the borrower has skipped out of town.
Call us today for more information on RepoOntario.com heavy equipment repossession services. see our Pricing Page for more details
Debt secured by goods goes into default, the lender can immediately retain a Bailiff.
PPSA - Personal Property Security Act Repossessions
A Bailiff in Ontario can enforce the PPSA - Act in Ontario;
Debts are secured in one of two ways. They are secured either by land or by goods.
If secured by land, the security takes the form of a mortgage that is registered against title to the property. If secured by goods, the security takes the form of a Notice of Security Interest that is registered with a Notice of Security Interest under the Personal Property Security Act (the “ PPSA ”), usually identifying the specific goods pledged as collateral.
If the debt secured by land goes into default, the mortgagee can bring an action for power of sale against the mortgagor under the Mortgages Act and eventually sell the property to cover the debt. However, this can be a long and costly court procedure. This is why it is usually beneficial to also secure the debt against goods, as well as the land, because collection against goods is faster and more cost efficient.
If the debt secured by goods goes into default, the lender can immediately retain a Bailiff to go in and seize the goods that were pledged as collateral to the loan. The security must be registered under the PPSA , but after only 15 days notice, the Bailiff is able to sell the goods in satisfaction of the debt. It is a fast and efficient remedy, and allows the debt to be dealt with before the arrears get too high. There must be 2 Independent Accredited Personal Property Appraisals done before liquidation of the assets can be sold privately.
The PPSA allows debts to be secured against both land and goods, giving the lender the option to proceed against one or the other, or both. The provisions of the Mortgages Act allow the debtor so many delays and options to prolong the process, it is good practice to include a security in goods, in addition to the mortgage, just to ensure that effective steps can be taken to get payment on the debt before the arrears get out of control.
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* ALL PRICES ARE IN ACCORDANCE WITH THE COSTS OF DISTRESS ACT R.S.O. 1990, THE BAILIFF ACT R.S.O. 1990,
THE RSLA (REPAIR STORAGE LIENS ACT , THE PPSA ( PERSONAL PROPERTY SECURITY ACT)
AND THE CONSUMER PROTECTION ACT. * (CALL FOR MORE PRICING DETAILS)
ALL ASSIGNMENTS ARE IN WRITING AND FULL DISCLOSURE TO CLIENTS
BEFORE ANY BAILIFF WARRANT ARE COMMENCED.
WE OFFER: Car Repossessions, Truck Repossessions, Heavy Equipment Repossessions, Boat Repossessions, RV's Repossessions, Tractor Trailer Repossessions, Equipment Repossessions, Collateral Repossessions, Commercial Tenant Lockouts / Evictions, Landlord Distress of Tenants Goods