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Hire Purchase - Coggle Diagram
Hire Purchase
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Statutory right of hirer
Section 12 - Right to assign his right, title and interest under the hire-purchase agreement
Section 13 - Right to have his rights, title and interest passed on by operation of law.
Section 11 - Right to apply to the Magistrates’ court for an order approving the removal of the goods to another place
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Section 10 - The right to require the owner to appropriate payments made in hire-purchase agreements
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Repossession
Section 16(5) - Documents must contain a short description of the goods and the date, time and place where the owner took possession.
Section 16(3) - Owner within 21 days after repossession, a written notice in the form set out in the 5th Schedule
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Guarantor
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Right
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Against Hirer
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Section 24(2) – The guarantor is entitled to compel the hirer to pay the instalments in respect of the hire purchase agreement
Definition
Who guarantees to the owner that the hirer would perform his obligations, to repay the hirer’s debt to the owner should the hirer fail to pay the debt