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Term in a Hire purchase agreement ?

  • 17-01-2012 12:50pm
    #1
    neiler987
    Registered Users, Registered Users 2 Posts: 239 ✭✭


    Can someone help me with this terminology ive a good idea what it means but just in case anyways :

    Default: You will be considered to be in default and to have repudiated this rental agreement if you:

    a. do not pay in full any total monthly rental payment
    b. become insolvent, bankrupt etc
    C. sell, dispose or encumber the equipment or attempt to do any of those things


    So say you do fall into default how could the company do anything about it like repossess the goods if the company is based outside europe doesnt have agents or anything in the UK/ireland and doesnt even know were i live ??

    any advice would be appreciated thanks


Comments

  • #2
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Better off in Banking & Insurance & Pensions

    dudara


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    neiler987 wrote: »
    Can someone help me with this terminology ive a good idea what it means but just in case anyways :

    Default: You will be considered to be in default and to have repudiated this rental agreement if you:

    a. do not pay in full any total monthly rental payment
    b. become insolvent, bankrupt etc
    C. sell, dispose or encumber the equipment or attempt to do any of those things


    So say you do fall into default how could the company do anything about it like repossess the goods if the company is based outside europe doesnt have agents or anything in the UK/ireland and doesnt even know were i live ??

    any advice would be appreciated thanks

    A bit more info would be good? The agreement specifies they have the right to repossess but it may not be feasible for them to do so.

    From previous posts it appears a family member has passed away and some consumer goods are on hire purchase. I take it you now have them in your possession and want to know if they will chase you down.

    If this is the case the executers of the deceased person's will should deal with any outstanding debts with the creditors.

    If you are dealing with it then you should contact the finance company and let them know the situation and what should be done.


  • #4
    sambo4932
    Registered Users, Registered Users 2 Posts: 2 ✭sambo4932


    hi could some 1 be able to tell me if im entitled to money back i got a hire purchase with ge money in 2008 and was paying the full amount then i rescheduled the hire purchase and was told on the phone if i payed the car off at the same time i would get the interest back that they add on .
    i never sign any other documents
    eventually last december 6 months before my 5 year final payment
    the car was robed and when i was dealing with the insurance company they had to pay them direct but the never took the interest off will i get it back it just nearly 600 euro
    help please


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