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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 to withdraw or terminate the agreement, and conditions for repossession. The agreement also includes provisions for default interest, charges for late payments, and data protection regarding personal information. Customers have rights under the Act to receive statements and withdraw from the agreement within a specified period.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in your personal details in BLOCK CAPITALS. This includes 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 the equipment details. Indicate whether the equipment is new or used and fill in the make/model and description of the equipment.
In the financial section, input the cash price including VAT, basic rentals per frequency (monthly/quarterly), and any deposits or part exchanges. Ensure all calculations for total cash price and advance payments are accurate.
Review terms regarding payment schedules and ensure you understand your obligations regarding direct debit payments to avoid additional charges.
Finally, sign the agreement digitally within our platform to confirm that all information provided is correct before submitting.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What are the cons of a hire purchase agreement?

Cons of a Hire Purchase If your money situation changes, youll still be locked into monthly payments. Its difficult to trade your car in for a newer model during your agreement. Your car will lose value (depreciate) over the course of your agreement.

What is the purpose of a hire purchase agreement?

Hire purchase agreements are used to pay for expensive consumer or business goods and services. They dispense with the need for large outlays of money for products one needs or wants.

What is a hire purchase agreement?

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.

What is a regulated loan agreement?

The most obvious example of a regulated mortgage contract is a loan made to an individual to enable the individual to buy a home for themselves where the loan is secured on that home. However, there is no requirement that the borrower should occupy the property.

Is a hire purchase agreement regulated, unregulated, or exempt under consumer credit rules?

A consumer hire agreement is a regulated agreement if it is not an exempt agreement.

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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 lasts for more than three months.

What is a regulated hire purchase agreement?

How a Regulated Hire Purchase works. Hire Purchase is a financing product which allows you to spread the cost of capital investment via regular rental payments, throughout the funding period, which fully pays off the capital cost of the equipment.

What are the types of hire purchase agreements?

There are two main types of hire purchases based on the functional purpose of the asset involved. These types are the consumer and industrial hire purchase agreements.

Hire Purchase Agreement regulated by the Consumer - aldermore co 2025

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What are the cons of a hire purchase agreement?

What is the purpose of a hire purchase agreement?

What is a hire purchase agreement?

What is a regulated loan agreement?

Is a hire purchase agreement regulated, unregulated, or exempt under consumer credit rules?

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

What is a regulated hire purchase agreement?

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