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Difference between revisions of "Getting a Credit Card"
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Getting a Credit Card (view source)
Revision as of 17:21, 19 December 2014
, 17:21, 19 December 2014→What happens if the seller or lender seizes the goods?
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==What happens if the seller or lender seizes the goods?== | ==What happens if the seller or lender seizes the goods?== | ||
Consider the piano example, where you’ve agreed to pay for the piano over two years. After one year, your employer lays you off and you can’t make the payments. The security agreement lets the seller come to your home and seize the piano. The seller chooses to seize the piano but, by law, cannot sell it until giving you 20 days “notice of disposition” and waiting until the end of the 20 days. Section 59 of BC’s Personal Property Security Act lists all the information the seller must give you in the notice. | Consider the piano example, where you’ve agreed to pay for the piano over two years. After one year, your employer lays you off and you can’t make the payments. The security agreement lets the seller come to your home and seize the piano. The seller chooses to seize the piano but, by law, cannot sell it until giving you 20 days “notice of disposition” and waiting until the end of the 20 days. Section 59 of BC’s ''Personal Property Security Act'' lists all the information the seller must give you in the notice. | ||
In response (and assuming the goods seized are consumer goods), you may bring your account up to date, or “reinstate” the security agreement, by paying, within 20 days, the amount in arrears plus the seller or lender’s reasonable costs of seizure. If you reinstate the security agreement, you get the piano back. You also have the right in any situation to pay the balance of your full debt to get the piano back. | In response (and assuming the goods seized are consumer goods), you may bring your account up to date, or “reinstate” the security agreement, by paying, within 20 days, the amount in arrears plus the seller or lender’s reasonable costs of seizure. If you reinstate the security agreement, you get the piano back. You also have the right in any situation to pay the balance of your full debt to get the piano back. | ||