Glossary

Should a customer fail to pay the instalments on hire purchased goods, the vendor may be able to repossess them. The purchase documentation should indicate how much must be paid to prevent the creditor from reclaiming the item, which is generally around thirty-three percent of the total cost. As a rule of thumb, assuming this amount has already been paid, the vendor must secure a Court Order before they can attempt to remove it. If the minimum amount has been met and the vendor removes it before obtaining a Court Order, the buyer is entitled to seek a full refund. However, there are many variables which may affect a debtor's situation, so it's best to contact one of our advisors for information specific to your case.