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Legal ownership of handsets on financing

13-11-2019 05:24PM

#1

Elite Woad Raider

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Join Date: July 2019

Posts: 39

Who legally owns an unpaid handset on financing?

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Comments

#2 13-11-2019 05:25PM

Mr. Incognito

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The financer.

Hire purchase agreement no doubt

0
#3 13-11-2019 05:29PM

Elite Woad Raider

Closed Accounts Posts: 77 ✭✭

Join Date: July 2019

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So if the purchaser goes bankrupt before the item is paid for he must return the item to the financer?

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#4 13-11-2019 05:39PM

hullaballoo

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It depends on the finance agreement but as above, in a bog standard HP agreement, the seller retains title in the property (car, handset, lawnmower etc.)

Again a bog standard clause will have personal insolvency as a trigger for possessory interest to revert to seller also meaning that the seller can take the item back. If there was not such a clause or the clause was somehow unlawful, the seller would still probably have the right to take the item back.

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