Statutory Rights Hirer under Hire Purchase Agreement

When you enter into a hire purchase agreement to buy a product, you are giving the seller the right to retain ownership until you have paid the agreed amount. This means that you are a hirer under the hire purchase agreement until the final payment is made. As a hirer, you have certain statutory rights that protect your interests and ensure that you are not unfairly treated during the agreement.

One of the most important statutory rights is the right to end the agreement. This means that you can terminate the agreement at any time before the final payment is made, without incurring any additional charges. This can be helpful if you find that you are unable to keep up with the payments, or if you simply no longer want the product.

In addition to the right to end the agreement, you also have the right to return the product. If, for whatever reason, you find that the product is not what you expected or is faulty, you can return it to the seller and end the agreement. Again, this can be done without incurring any additional charges.

Alongside the right to end the agreement and return the product, you also have the right to receive a statement of account. This is a document that outlines all of the payments you have made, as well as any charges that have been added to the account. This ensures that you are aware of how much you have paid, and how much you still owe.

Another important statutory right is the right to settle the agreement early. This means that you can make a lump sum payment to clear the outstanding balance, and end the agreement. This can be helpful if you come into some money and want to clear the debt early.

Finally, it is worth noting that you have the right to seek legal advice if you are unsure about any aspect of the agreement. This can be helpful if you do not understand a particular clause or if you believe that you are being treated unfairly.

Overall, these statutory rights provide vital protection for hirers under hire purchase agreements. If you are considering entering into such an agreement, it is important that you are aware of your rights and that you seek legal advice if necessary. By doing so, you can ensure that you are protected and that you are able to enjoy your purchase without any undue stress or financial burden.

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