(a)any reference to a lessee was a reference to a buyer; The hire purchase agreement, commonly known as an H.P. contract, must be concluded in writing and then printed in a font size not exceeding 10 points. You should also note that any form of verbal agreement in the hire purchase agreement is not valid. (9) The above provisions of this Division apply to sections 11(1) and 12(1) of the Main Act, as amended by section 15 of this Act (which relates to successive hire-purchase agreements between the same parties), since those provisions come into force in respect of sections 11(1) and 12(1), with the exception of Article 15. Provided that in the event of a breach of a condition relating to the payment of the outstanding balance of the hire purchase price, it is not necessary for the owner to apply to the court for permission to perform the duty of care on the order, unless the court has ordered it. 1. Any provision contained in a contract (whether or not it is a hire-purchase agreement or a credit-purchase agreement) and a provision to which this Subsection applies shall be void. (1) If property has been leased under a hire-purchase agreement to which the principal law applies and the owner brings a legal action to assert the right to repossess any of the property from the lessee before one-third of the hire price has been paid or offered in accordance with section 11, paragraph 1 of this Act, the action shall be brought before the district court of the district, in which the lessee has his domicile or carries on his professional activity or at the time when he made a final payment under the hire-purchase contract, had his domicile or a commercial activity. (a)the purchase price or part thereof is payable in instalments and (a)any reference in Article 20 of the main law to a hire-purchase agreement shall be interpreted as a reference to a conditional purchase agreement; In the case of specific consumer complaints against a financial undertaking under a hire-purchase agreement, consumers should address their complaint primarily to the financial undertaking. If they are not satisfied with the outcome, a formal complaint can be lodged with the Financial Services and Pensions Ombudsman. The Ombudsman has the power to award compensation to the consumer if his rights have been violated or if there is evidence of unfair treatment. Companies that need expensive machinery — such as construction, manufacturing, equipment rental, printing, road transportation, transportation, and mechanical engineering — can use hire-purchase agreements, as can startups that have few collateral to set up lines of credit.
(1) The requirements of Article 2(2) of the main law (which lays down the requirements for hire-purchase agreements) and those of Article 3(2) of this Law (which sets out the requirements for credit termination agreements) apply to the hire-purchase agreement or the credit-purchase agreement and not to a note or agreement relating to such a contract; and therefore – 1If the tenant has not terminated the contract himself, the owner of the property cannot take it back from the tenant without the tenant`s consent, unless the landlord receives a court order. (6) References in this section to the termination of an agreement do not include the termination of an agreement under Article 4 of the main law or by the exercise of any right or power on that behalf expressly conferred by the agreement. Where goods have been leased under a hire-purchase agreement and at any time after one-third of the hire-purchase price has been paid or offered, the owner enters into another hire-purchase agreement with the lessee for all or part of those goods (with or without other goods), the provisions of sections 11 and 12 of this Act apply in respect of that other agreement as in section 11 (1) of this Law, the terms “and a third party” and in Article 12(1) of that Law, the words `after payment of one third of the hire-purchase price or as announced above` are omitted. If the goods leased under a hire-purchase agreement are or become defective, the retailer and the owner (financial company) are liable. In this situation, a consumer can assert claims against both parties. A claim cannot be made against the manufacturer of the goods. To be valid, HP agreements must be in writing and signed by both parties. You must clearly state the following information in a printout that anyone can read effortlessly: (b) the amount that became due under the contract but remains unpaid, and the date on which each unpaid payment became due, and the amount of each of these payments, and whether the consumer paid one third or more of the total hire-purchase costs, the owner cannot repossess the goods without taking legal action. Any deposit made at the beginning of the agreement, or, for example, the value of an exchange, will be taken into account in the calculation of one third of the cost. (7) In this division and in the next section, “first legal copy” in respect of a document means a copy of the record (in the form in which it exists at the material time) sent either as referred to in paragraph (ii) or as referred to in paragraph (iii) of paragraph 2(2)(e) or section 3(2)(d) of the Main Act. As part of a hire-purchase plan, the consumer is required to treat rental items appropriately.
If the goods are damaged by the consumer and returned to the owner or the financial company, they are entitled to send the consumer a repair invoice. (7) Without prejudice to the application of the definition of “hire-purchase agreement” in section 21(1) of the Main Act under the last paragraph above, any reference in this Part of this Act to a document constituting a hire-purchase agreement or a credit-purchase agreement shall be interpreted as including a reference to a document that, with one or more other documents, constitutes such a contract, and any reference to a document; which, if issued by or on behalf of another person, would constitute such an agreement must be interpreted accordingly ….