Hire Purchase Debt FAQs

Hire Purchase

What Happens if I Don’t Pay Hire Purchase?

Hire Purchase is most commonly used to buy cars; however, some businesses will use it to purchase expensive equipment. As long as you consistently make your repayments, once your payment term has ended, you will own the item outright.   But, if you continually miss payments, then the consequences can be severe. Here are the steps your lender is likely to take:    Payment Reminder- …

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