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Hire Purchase Reminders
- When you take goods on “hire purchase”, you agree to hire or rent the item until you have completed all payments.
- It is a myth that the item cannot be repossessed if the consumer has paid 70% or more of hire purchase price. Such Items can be repossessed through a court order.
- If the supplier made an error in repossessing and selling the item, the item has to be returned or replaced by the company, to the satisfaction of the consumer.
- You are not the owner until the final installment has been paid.
- The consumer is liable and will be fined if there is any obstruction by the consumer of the legal repossession of an item.
- If you change address within the duration of the HP contract, you must inform the seller of the new address where the goods are now located. Failure to do so can result in goods being repossessed, if owner becomes aware of this development. Repossession can occur in this instance, even if account is not in arrears.
Hire purchase always costs the consumer more in the long run. You may end up paying almost twice the cash price when buying on hire purchase.
Remember, the power is yours!
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