Hire Purchase Debt Problems

There can be a bit of confusion surrounding Hire Purchase (or HP as it's often known). Many people aren't aware of the different types of credit agreements available, and what financial difficulties can mean for each of them.

For individuals, HP is most commonly used when buying a car. For those who purchase a car on credit, it's often arranged through the salesperson and discussion over the type of agreement is uncommon. It tends to be decided by the finance company who receives the credit application.

Hire purchase debt

Hire purchase is different from most other types of finance because you don't actually own the goods straight away. For example, if you buy a car and sign a 36 month HP agreement, you will not own the car until the last payment has been made, the finance company owns the car until this point. If you experience problems paying an HP agreement, the lender has the right to repossess the car.

Help with hire purchase debt problems

It's essential to act quickly if you're having problems with an HP agreement to avoid the goods being repossessed. If this is something you're worried about, please contact us for some free, no obligation advice.

We can also offer advice and assistance with all kinds of debt problems, with debt solutions such as debt management, remortgaging and consolidation as well as those specifically available in Scotland (protected trust deed, sequestration, The Debt Arrangement Scheme) and England & Wales (IVA, bankruptcy, Debt Relief Order and Administration Order).

Campbell Dallas Debt Solutions - if you have debt problems, we have debt solutions.

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