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WHERE I HAVE ENOUGH MONEY, CAN I SETTLE MY HIRE PURCHASE LOAN IN ONE LUMP SUM PAYMENT INSTEAD OF PAYING THE MONTHLY INSTALLMENTS UNDER THE HIRE PURCHASE AGREEMENT ?

Yes, you can.

But you must give notice in writing to the finance company of your intention to do so, on or before the day specified for that purpose in the notice.

Your notice required to be served on the finance company may be served

• by delivering it to the finance company personally or
• by posting it by registered post address to the last known place of business

You will then have to make the payment of the net balance due under the hire purchase agreement.

The net balance due under the hire purchase agreement is the originally balance payable under the agreement less

• any amount paid other than deposit, by or on behalf of the hirer under the agreement
• the statutory rebate for interests or terms charges and
• if you require any contract of insurance to be canceled, the statutory rebate for insurance.

You may exercise your right to early settlement of your hire purchase loan

• at any time during the continuance of the hire purchase agreement
• where the finance company has taken possession of the goods, upon payment to the finance company (within 21 days after serving a Notice To Hirers Under Section 16 on you) in addition to the net balance due together with the reasonable costs including any costs of storage, repair or maintenance of the goods incurred by the finance company incidental of his taking possession of the goods or
• where you has returned the goods to the finance company within 21 days after the service on you of a Notice Of Intention To Repossess, upon payment to the finance company (within 21 days after serving a Notice To Hirers Under Section 16 on you) the net balance due under the Hire Purchase Act 1967.