Hp Agreement Explained
If your payments are less than half the total price of the goods, you may still have some money to pay, since the lender is entitled to this amount according to the agreement. If you have already paid more than half the price, if you cancel the agreement, you cannot be refunded, but you usually no longer have to pay. However, if the consumer has paid one third or more of the total cost of the rental purchase, the owner cannot repossess the goods without taking legal action. Any deposit made at the beginning of the agreement or the value of a payment is taken into account, for example, for the calculation of one third of the costs. If you`re not sure if you still need anything, check the original credit agreement, which should show the total price of the goods and the amount you`ll have to pay if you cancel the contract. The credit agreement is the legal document that you signed when purchasing the goods. If you`re having trouble stopping repayments from a lease purchase or conditional sales contract, it may be best for you to terminate the contract yourself. This limits the amount you owe. Once you are late in repayments, the lender may terminate the agreement and you may end up wearing more. Unless all these requirements are included in the agreement, the agreement itself may not be applicable. But if you paid less than a third of the total amount, you don`t need a court order.
The deal should tell you how much it is a third party….