Repossession Of Hire Purchase Goods
How to deal with hire purchase depends on how much you’ve paid and where the goods are kept. You creditor can repossess the goods without a court order if; You’ve paid less than a third of the amount owed under the HP agreement, and the goods are not kept in your home or on private land. If you’ve paid more than a third of the agreement, or if the goods are stored on private land or inside your home, your creditor will need a court order before they can repossess them. Also you’re struggling to pay back HP arrears and you want to keep the goods, contact our free debt helpline. We can help you work out what you can afford and discuss your options to see if you can keep the HP goods.
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Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.
Debt Consolidation Advice
Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.
Individual Voluntary Arrangement
An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.
Debt Relief Order Advice
A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.
Protected Trust Deed
A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.