The short answer is that you can cancel an agreement by contacting the lender and returning the item you purchased. However it is worth bearing in mind that you may still owe them money.

Hire Purchase, also known as a Conditional Sale, is an agreement whereby you take out a loan to purchase an item, but you don’t actually own the item until all the repayments have been made. 

To find out more, take a look at our Hire Purchase page.