Rights of Hirer under Hire Purchase Agreement
When it comes to making expensive purchases, hire purchase agreements can be a convenient way to spread out the cost. However, it`s crucial for hirers to understand their rights under these agreements.
The first right a hirer has is the option to terminate the agreement at any time before the final payment is due. This right can be exercised by returning the goods to the seller and paying any outstanding amounts owed. It`s important to note that the seller has the right to charge a termination fee, which may be specified in the contract.
Another right of the hirer is the ability to receive a statement of account at least once a year, showing the amount paid and the amount still owed. This statement should also include any charges or fees incurred during the agreement period.
Hirers also have the right to end the agreement if the seller breaches any of its terms. For example, if the seller fails to provide the goods as agreed or fails to meet its obligations under the contract, the hirer can terminate the agreement and seek compensation.
Similarly, if the goods are faulty or not as described, the hirer has the right to reject them and receive a refund or replacement. This right is protected by consumer laws and cannot be waived in the hire purchase agreement.
Finally, hirers have the right to complain if they are not satisfied with the goods or services provided by the seller. This complaint can be made directly to the seller or to the relevant regulatory authority.
In conclusion, hire purchase agreements can be a useful way to finance expensive purchases. However, hirers must understand their rights under these agreements to protect themselves from unfair practices or breaches of contract. By exercising these rights, hirers can ensure that they get what they paid for and receive fair treatment from the seller.