You have to think over the good and bad side to this based on your case:
- Good side – giving them the property back might save you money in the long run. They spend less money getting it back, and can re-sell the item more quickly. This might mean you end up owing less money. Also, you can bargain for some things in return for giving back the property. Ask if they will lower the amount you owe if you return the property. Get any agreement in writing. It must be dated and signed by you and the creditor. Keep a copy.
- Bad side - If you do not give up the property they have to file a court action to get the property. A court action can be good if you have a legal defense to the repossession or the loan. The problem with it is that the creditor might be able to charge you for their legal costs. This might mean you end up owing more money.
If you decide to not give up the property, be firm but polite. Don’t get into a fight or make threats. But say loudly, “I object! Please leave! Don’t touch my car!” If you have any trouble, call the police. Write down what happened.