Most hire purchase agreements tend to be for cars, although some do still take place for furniture. It involves making a specific number of payments at a set amount to the seller. The problem comes when the buyer can't afford to keep up with repayments because of financial problems.

Repossession Rights of the Seller when Less than a Third of the Sale Price Has Been Paid

Provided that all repayments are made in full and on time the item will become the property of the buyer. If the buyer fails to keep up with the repayments because of financial problems the lender can take action to repossess the goods. All repossession rights should be stated in the agreement small print.

A seller is entitled to 'snatch back' any goods when less than a third of the amount has been paid back. It is imperative that an agreement is reached with the seller. They may be willing to accept a reduced rate for a while if financial problems exist.

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