The Repossession Demand Letter is a crucial document in Canadian secured lending practices, used when a borrower has defaulted on their obligations under a security agreement. It represents a critical step in the enforcement process, typically issued after informal collection attempts have failed but before actual repossession occurs. The letter must comply with various provincial and federal regulations, including the Personal Property Security Act (PPSA), provincial consumer protection laws, and federal interest regulations. It serves multiple purposes: formally documenting the default, providing the debtor with a final opportunity to cure, and meeting statutory notice requirements. The document needs to include specific details about the default, amount owing, remedy period, and repossession rights. It's essential in both consumer and commercial contexts, though the specific requirements may vary depending on the type of collateral and the jurisdiction within Canada.
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1. Sender Details: Full legal name and contact information of the creditor or their authorized representative
2. Date: Current date of the letter
3. Recipient Details: Full legal name and address of the debtor
4. Re: Line: Reference to the specific loan or security agreement and collateral
5. Default Notice: Clear statement that the loan is in default and specific details of the default
6. Amount Owing: Detailed breakdown of the total amount owing, including principal, interest, and any additional charges
7. Demand for Payment: Clear statement of demand for immediate payment and the consequences of non-payment
8. Right to Cure: Statement of the debtor's right to cure the default and the deadline for doing so
9. Repossession Notice: Notice of intent to repossess if payment is not received by the specified deadline
10. Legal Rights Statement: Statement of the debtor's legal rights under applicable provincial law
11. Contact Information: Clear instructions on how to contact the creditor to resolve the matter
12. Signature Block: Signature of authorized representative and their title
1. Previous Communications Reference: Include when there have been previous attempts to collect the debt or communications about the default
2. Personal Property Registry Details: Include when there are multiple secured creditors or to confirm the priority of the security interest
3. Redemption Rights: Include when provincial law requires specific mention of redemption rights after repossession
4. Insurance Requirements: Include when the collateral must maintain specific insurance coverage
5. Bankruptcy Notice: Include when there are known or suspected bankruptcy proceedings
6. Co-Signer Notice: Include when there are co-signers on the loan who must also be notified
1. Schedule A - Collateral Description: Detailed description of the collateral including serial numbers, registration numbers, or other identifying information
2. Schedule B - Payment History: Detailed breakdown of payment history showing missed payments and accumulated interest
3. Schedule C - Security Agreement Reference: Copy or summary of the relevant portions of the security agreement that authorize repossession
4. Schedule D - Default Calculation: Detailed calculation of the default amount including all fees and charges
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Automotive
Equipment Leasing
Consumer Lending
Commercial Lending
Asset-Based Lending
Credit Unions
Vehicle Finance
Equipment Finance
Relevant Teams
Legal
Collections
Credit Risk
Compliance
Operations
Asset Recovery
Account Management
Portfolio Management
Credit Administration
Document Management
Relevant Roles
Collections Manager
Credit Manager
Legal Counsel
Recovery Specialist
Account Manager
Risk Manager
Compliance Officer
Collections Officer
Asset Recovery Agent
Legal Administrator
Credit Risk Officer
Portfolio Manager
Lending Officer
Recovery Operations Manager
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