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Hire Purchase Debt in Northern Ireland

What is a Hire Purchase Agreement?

A Hire Purchase agreement is an arrangement between you and a lender where you pay up for an item over an agreed period of time in equal monthly payments until it is paid off. The reason for this would be if you could not afford the asking price for the item so instead agree to pay up for it with monthly payments that are affordable to you. There will usually be interest added to the Hire Purchase Agreement so in the long run you will pay a bit more than the items asking price but it will mean you can own the item straight away and then pay up for it over a longer period of time. During the payment period the goods technically still belong to the lender or creditor but once you make your final payment the goods belong to you. People usually take out Hire Purchase arrangements for Cars, Furniture, Electronics and other high priced goods.

Hire Purchase problems

Hire Purchase is a debt from the moment you take it out. Problems with Hire Purchase can begin if you don’t keep up with your monthly repayments. If you are not making the payments or can’t afford to keep up with them the creditor can ask for the goods to be returned. Depending on how far into your agreement you are you may have to return them. If you have paid more than a third of the debt to them they cannot just turn up and repossess the goods they much get a court order, if they do not get a court order then you are entitled to a full refund of all the money you paid to them.

Each case of a Hire Purchase agreement is different depending on how much you have paid back, how long the agreement has elapsed, your payment record etc. If you are experiencing difficulty with Hire Purchase Debt please get in touch with Debt Advice Northern Ireland today. Our expert advisors are on hand to advise you on your debt problems and point you in the right direction to resolving your debt worries.

Contact Debt Advice Northern Ireland for Hire Purchase Debt Help and Advice

Get in touch with Debt Advice Northern Ireland now and we will be able to help you with your debt problems and advise you on what Debt Solutions are available to you. All our advice is FREE so you are under no obligation by giving us a call. Call us now on 0800 043 0550 or visit our Contact Page to see the various ways to get in touch with us. Alternatively you can Chat Online to one of our Debt Advisors now or take our Debt Calculator to figure out how much of your debt you could be paying back.

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