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Hire Purchase Agreement regulated by the Consumer - aldermore co 2025

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The document is a Hire Purchase Agreement between Aldermore Bank PLC and the Customer, regulated by the Consumer Credit Act 1974. It outlines the terms for hiring equipment, including payment details, responsibilities for maintenance and insurance, rights of withdrawal, early repayment options, and consequences of default. The agreement also specifies conditions for termination and repossession of the equipment, as well as data protection measures regarding personal information.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in your Customer Details. Use BLOCK CAPITALS for your full name, trading name (if applicable), address, postcode, telephone number, mobile number, main contact name, email, nature of business, and legal entity type.
Next, provide Equipment Details. Indicate whether the equipment is new or used and fill in the make/model and description of the equipment.
In the Financial & Security Details section, enter chassis/serial number, registration number, date of registration/year of manufacture, cash price including VAT, basic rentals amount and frequency.
Complete the calculations for total cash price and advance payment by following the prompts provided in each field.
Review all entered information for accuracy before signing. Ensure you understand your rights under this agreement regarding withdrawal and early repayment options.

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What is a hire agreement regulated by the Consumer Credit Act 1974?

CONSUMER CREDIT ACT 1974 The law defines a consumer hire agreement as an agreement made by a person with an individual for the hiring of goods where the following applies: the agreement is not a hire purchase agreement. the agreement must last for more than three months.

What is the difference between a credit agreement and a hire purchase agreement?

Hire Purchase agreements are also credit agreements. This is where you pay by instalments to use the goods, but have an option to buy the goods if you want to after all the instalments have been paid. If you have taken a loan from a friend or relative however, this is not a credit agreement protected under the Act.

What is a hire agreement?

What Is A Hire Agreement? Hire or Rental Agreements set out the terms and conditions by which customers hire or rent goods or equipment from your business.

What is the difference between regulated and unregulated hire purchase?

Regulated means you are covered under the Consumer Credit Act 1974 with recourse on any advisor or lender. Unregulated means you have removed yourself from consumer protection by declaring certain aspects when setting up the agreement and may not have the appropriate FCA protection.

What is a regulated consumer hire agreement?

Under the Consumer Credit Act 1974, a consumer hire agreement is an agreement under which goods are hired by an individual, natural persons, small partnerships and unincorporated bodies for a period which is capable of continuing for more than three months and is not a hire-purchase agreement (a hire-purchase agreement

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Is a hire purchase agreement regulated?

The Hire Purchase agreement is regulated by the Consumer Credit Act 1974 (as amended) if: - It is a business credit agreement where the total amount borrowed is less than 25,000; and - You are a sole trader, partnership of 3 partners or less, or an unincorporated body such as a club or society.

What is a hire purchase agreement?

Introduction. A hire purchase (HP) agreement is a credit agreement. You hire an item (for example, a car, laptop or television) and pay an agreed amount in monthly payments. You do not own the item until you have made the final payment. Personal Contract Plans (PCPs) are a type of hire purchase agreement.

Hire Purchase Agreement regulated by the Consumer - aldermore co 2025

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What is a hire agreement regulated by the Consumer Credit Act 1974?

What is the difference between a credit agreement and a hire purchase agreement?

What is a hire agreement?

What is the difference between regulated and unregulated hire purchase?

What is a regulated consumer hire agreement?

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