2006-06-23 03:59:20 · 14 answers · asked by C K 1 in Business & Finance ➔ Personal Finance
(In the UK) It can only be repossessed if you buy the item on Hire Purchase. If it is an unsecured personal loan then it cannot be taken back, without a court order.
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2006-06-23 04:03:56 · answer #1 · answered by Emma T 4 · 0⤊ 0⤋
It can be taken back/repossessed right up until the last payment has been paid until that last payment it is not yours you are hiring it with the option to own it once the last payment has been made.
Some companies take back the item and still make you pay the whole amount even when you dont have it, you will have to read the small print on your hp agreement to see what they do and if theres anything you can do altho I suspect like in most cases you will have to pay in full for the item you no longer have
2006-06-23 04:05:24 · answer #2 · answered by madamspud169 5 · 0⤊ 0⤋
Depends what the contract/agreement states.
And how long the finance period is.
Usually they can take the goods back if payments stop. However this is final resort, they tend to prefer other means of getting you to pay. Getting the item back usually involves bailiffs and black listing of you for future finance.
2006-06-25 11:01:04 · answer #3 · answered by linkysplinx 3 · 0⤊ 0⤋
Yes, if you have not been regular in payment of installments or having failed to fulfill other conditions of the lending financial institution. The article is mortgaged to the lending company. Till you clear the loan amount including interest, the lien of the lending company remains on the article purchased on loan. After you clear After clearance of all the dues, the article has to be got released from the mortgage of the company. Only after that formality you become the owner of the article.
2006-06-23 04:08:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends on whether or not it is a secured or not and what the definition of "some" payments is. Lenders will work with you unless you totally blow them off.
2006-06-28 10:09:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Absolutely.
2006-06-23 12:37:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If it was a 'secured loan', yes. They can take it back if you miss even one payment. That's why they call it a secured loan. Read your loan contract.
2006-06-23 04:02:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes it most certainly can. Keep up your payments!
2006-06-23 04:03:33 · answer #8 · answered by littledan77 1 · 0⤊ 0⤋
it depends on the finance agreement
2006-06-23 04:02:58 · answer #9 · answered by jay79 1 · 0⤊ 0⤋
yes
you might prove not to be a regular payer
the company can repossess
2006-06-23 05:08:25 · answer #10 · answered by spike 3 · 0⤊ 0⤋