Repossession

Description

The procedures and legislation dealing with the confiscation of goods or property when a debt cannot be repaid.

Alternative labels

reclamation of goods
reclamation
retrieval
recovery of goods
retaking
recovery
confiscation
confiscation of goods
retaking of goods
retrieval of goods

Skill type

knowledge

Skill reusability level

cross-sector

Relationships with occupations

Essential knowledge

Repossession is an essential knowledge of the following occupations:

Court enforcement officer: Court enforcement officers enforce orders of court judgements such as managing the recovery of money owed, seizing of goods, and selling goods in public auctions to obtain the money owed. They also send summons and arrest warrants to ensure attendance in court or other judicial procedures.

Optional knowledge

Repossession is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.

Foreclosure specialist: Foreclosure specialists revise documentation related to properties that are under foreclosure. They assist clients whose property has been reclaimed by banks due to non-payment of their mortgage by assessing the owner’s possibilities for saving the property.

 


 

References

  1. Repossession – ESCO

 

Last updated on September 20, 2022

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