Repossession information

We’ve sent you a formal repossession warning notice because your consumer loan is in arrears. This notice is required under the Credit Contracts and Consumer Finance Act (CCCFA) and outlines our intention to repossess the vehicle or asset listed in your consumer loan agreement.

Please read the repossession warning notice carefully.  Within 15 days of service of this notice on you must pay the overdue amount.

Please contact our Collections team on 0800 42 08 42 if you wish to discuss a payment arrangement.

If no action is taken by you within this period, we may proceed with repossession.

In some cases, if the asset is considered “at risk” (for example, if it’s been sold or moved), we may not need to issue a repossession warning notice before taking steps to repossess the vehicle or asset.

We encourage you to get in touch as soon as possible – we’re here to help.

We’ve sent you a formal Property Law Act Notice because your business loan is in arrears. This notice outlines our intention to repossess the vehicle or asset secured under your business loan agreement.

Please read the Property Law Act notice carefully. You have 15 days from the date of the notice to pay the overdue amount.

Please contact our Collections team on 0800 42 08 42 if you wish to discuss a payment arrangement.

If no action is taken by you within this period, we may proceed with repossession.

This notice is issued under the Property Law Act 2007 and the Personal Property Securities Act 1999. It is also sent to the registered office (if the borrower is a company), and any guarantors associated with the loan.

We encourage you to get in touch as soon as possible – we’re here to help.

Consumer Loan

If you have a consumer loan and your vehicle has been repossessed, within 14 days of repossession, we’ll send you a Post Possession Notice (PPN).

You’ll have 15 days after service of the PPN to act.

You have three options:

1. Pay the full arrears outstanding and any reasonable repossession costs, to redeem the vehicle, as set out in the PPN.

If your vehicle has been repossessed, you can still get it back by paying the full arrears plus repossession costs. To confirm the exact amount, check the PPN or please call our Custody Team on 0800 85 60 60.

Please note:
Storage fees may apply if your vehicle is held at an auction house. These fees are separate and must be paid directly to the auction house.

Our Custody Team can check with the auction house to confirm any storage costs before you collect your vehicle.

Once the vehicle is repossessed, partial payments or payment plans are no longer available – in most circumstances, the full arrears must be paid to redeem it. Please call our Custody Team to discuss if there are any alternative options on 0800 85 60 60.

2. Want to settle your loan by paying off the full balance and collect your vehicle?

Call our Custody Team on 0800 85 60 60 to get the exact amount needed to settle your loan on the day you plan to pay.

Please note:

• If your vehicle is held at an auction house, storage fees may apply. These are separate from your loan settlement and must be paid directly to the auction house.
• Once your payment clears, we’ll arrange for you to collect your vehicle.
• We’ll also remove our security interest from the Personal Property Securities Register (PPSR).

If you have any questions, we’re here to help – just give us a call.

3. Let the vehicle be sold

• You’ll receive an auction notice at least 7 days before the auction date.
• If the vehicle doesn’t sell, it may be re-listed. You’ll be notified at least 3 days before any subsequent auctions.
• Heartland may adjust the reserve price based on previous auction results.

Even if an auction is booked, you can still redeem your vehicle up to 24 hours before the auction – be aware that additional costs (like grooming fees) may apply.

Questions? Call 0800 85 60 60 or email [email protected] – we’re here to help.

Business loan

If you have a business loan and your vehicle has been repossessed, within 14 days of repossession, we’ll send you a Post Possession Notice/Mortgagee in Possession Report (PPN).

You’ll have 15 days after service of the PPN to act.

You have three options:

1. Pay the full arrears outstanding and any reasonable repossession costs, to redeem the vehicle, as set out in the PPN.

If your vehicle has been repossessed, you can still get it back by paying the full arrears plus repossession costs. To confirm the exact amount, check the PPN or please call our Custody Team on 0800 85 60 60.

Please note:
Storage fees may apply if your vehicle is held at an auction house. These fees are separate and must be paid directly to the auction house.

Our Custody Team can check with the auction house to confirm any storage costs before you collect your vehicle.

Once the vehicle is repossessed, partial payments or payment plans are no longer available – the full arrears must be paid to redeem it. In most circumstances, the full arrears must be paid to redeem it. Please call our Custody Team to discuss if there are any alternative options on 0800 85 60 60.

2. Want to settle your loan by paying off the full balance and collect your vehicle?

Call our Custody Team on 0800 85 60 60 to get the exact amount needed to settle your loan on the day you plan to pay.

Please note:

• If your vehicle is held at an auction house, storage fees may apply. These are separate from your loan settlement and must be paid directly to the auction house.
• Once your payment clears, we’ll arrange for you to collect your vehicle.
• We’ll also remove our security interest from the Personal Property Securities Register (PPSR).

If you have any questions, we’re here to help – just give us a call.

3. Let the vehicle be sold

• You’ll receive an auction notice at least 7 days before the auction date.
• If the vehicle doesn’t sell, it may be re-listed. You’ll be notified at least 3 days before any subsequent auctions.
• Heartland may adjust the reserve price based on previous auction results.

Even if an auction is booked, you can still redeem your vehicle up to 24 hours before the auction – be aware that additional costs (like grooming fees) may apply.
Questions? Call 0800 85 60 60 or email [email protected] – we’re here to help.

Consumer Loan

Yes, if you choose to surrender your vehicle, please phone Heartland to determine which auction house the vehicle should be dropped to. When you drop off the vehicle, let the auction house know that Heartland Bank holds a security interest in the vehicle.

If you’re unable to deliver the vehicle yourself, Heartland can arrange a tow at your expense. Costs vary depending on location, whether the vehicle is driveable, and if a key is available.

Once the vehicle arrives at the auction house:

• It will be inspected, and a valuation will be provided.
• Heartland will then send you a Post Possession Notice (PPN) within 14 days. This includes:
  • Estimated vehicle value
  • Outstanding loan balance
  • Cost to redeem the vehicle and reinstate your loan

You’ll have 15 days from service of the PPN to act. If you don’t respond or sign a consent to sell, the vehicle will be booked for auction.

Auction Process

• You’ll receive an auction notice at least 7 days before the auction.
• If the vehicle doesn’t sell, it may be re-listed. You’ll be notified at least 3 days before any subsequent auctions.
• Heartland may adjust the reserve price based on previous auction results.
• Even if an auction is booked, you can still redeem the vehicle up to 24 hours before the auction. Additional costs may apply, such as grooming fees.

After the Sale

• You’ll receive a Statement of Account showing:
  • Sale proceeds
  • Sale-related costs
  • Remaining loan balance

If the sale doesn’t cover the full amount owed, you’ll be responsible for the shortfall. If it sells for more than you owe, the extra amount will be refunded to you.
Heartland’s Recoveries Team will contact you to discuss repayment options. You can also reach them on 0800 85 60 60 or email [email protected].

Business Loan

Yes, if you choose to surrender your vehicle, please phone Heartland to determine which auction house the vehicle should be dropped to. When you drop off the vehicle, let the auction house know that Heartland Bank holds a security interest in the vehicle.

If you’re unable to deliver the vehicle yourself, Heartland can arrange a tow at your expense. Costs vary depending on location, whether the vehicle is driveable, and if a key is available.

Once the vehicle arrives at the auction house:

• It will be inspected, and a valuation will be provided.
• Heartland will then send you a Post Possession Notice (PPN) within 14 days. This includes:
  • Estimated vehicle value
  • Outstanding loan balance
  • Cost to redeem the vehicle and reinstate your loan

You’ll have 15 days from service of the PPN to act. If you don’t respond or sign a consent to sell, the vehicle will be booked for auction.

Auction Process

• You’ll receive an auction notice at least 7 days before the auction.
• If the vehicle doesn’t sell, it may be re-listed. You’ll be notified at least 3 days before any subsequent auctions.
• Heartland may adjust the reserve price based on previous auction results.

Even if an auction is booked, you can still redeem the vehicle up to 24 hours before the auction. Additional costs may apply, such as grooming fees.

After the Sale

• You’ll receive a Statement of Account showing:
  • Sale proceeds
  • Sale-related costs
  • Remaining loan balance

If the sale doesn’t cover the full amount owed, you’ll be responsible for the shortfall. If it sells for more than you owe, the extra amount will be refunded to you.
Heartland’s Recoveries Team will contact you to discuss repayment options. You can also reach them on 0800 85 60 60 or email [email protected].

The information provided above is general in nature and does not consider your personal circumstances – it is not financial advice. Please contact us if you need assistance specific to your situation.