Credit agreements

smac | 00:35 Tue 19th Nov 2002 | How it Works

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If you pay off a hire purchase agreement before the first installment are you still liable to pay the interest?

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couchy

Depends on the term of the agreement, if its regulated by the consumer credit act then its likely you will have to pay a penalty based on the amount of interest you would have paid. From memory its called rule 78 see www.nds.coi.gov.uk or www.b4u-pay.co.uk. for info.

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