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Repossession business booms with poor economy

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PUNTA GORDA - The economy may be hurting many businesses, but one Suncoast company can't keep the business away.  We're talking about the Repo man.

Gas is up...groceries are up...and now the number of repossessions are on the rise.  And somebody has to collect it.

Cars...motorcycles...ATV's...company equipment...even snack machines.  If you owe on it and you're not paying, the Repo man can come and get it.

Jim Given recovers the goods.  "Getting them is easy.  It's just finding the vehicles because people hide them all the time."

Joann Pike with Broward Dade Investigation and Recovery says her business has seen a 60% increase over the past year.  She says it's all because of the economy.  "We have an influx of all different kinds of vehicles, from BMW's to the lower grade Fords.  Unfortunately, the economy doesn't have prejudice and everybody's being affected."

Pike says her company has been busier than ever.  "The phone is just ringing off the hook."  Calls from banks, car dealerships, and regular people who just want their stuff back.

But for some people these items are their livelihood.  So while they can't afford to keep it, they also can't afford to give it up.  "The more lower income families, this is their source of transportation.  It is their bread and butter, that's how they get to work.  They don't want to give it up, they don't want to lose it."

But Pike says this is usually the last resort and families are given every opportunity to pay.  "We are not the bad guys.  It is our job.  Sympathize and try to help them out any way you can and you just try and be compassionate."

If you are having trouble making your payments and if you're worried about a visit by the Repo man, you need to talk to your lender.  He or she may be able to help you keep your possessions by working out a payment schedule.

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