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• Library > Legal Subjects > Banking and Financial Law > Buying on Hire-Purchase

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• Library > Legal Subjects > Litigation > Civil Matters

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• Banking and Financial Legalese (Terms)
• Exchange Control Rules
• Securities
• Offshore Banking
• Commodities
• Danaharta Act

WHAT SHOULD I DO IF THE GOODS UNDER THE HIRE PURCHASE AGREEMENT ARE LOST ?

Where the goods comprised in a hire purchase agreement are lost, you should first make a police report at the nearest police station.

You shall then inform the finance company in writing or state in the presence of the finance company

• the date and circumstances in which the goods were lost

and if you do not within 14 days of the loss comply with the above, you shall be guilty of an offence and shall

• be liable, on conviction, to a fine not exceeding RM$3,000.00 or to imprisonment for a term not exceeding 6 months or to both.

HOW DOES A FINANCE COMPANY ENFORCE THE HIRE PURCHASE AGREEMENT AGAINST A HIRER ?

The finance company may only repossess the goods that is take possession of goods comprises in a hire purchase agreement arising out of any breach of the agreement relating to the payment of installments, where,

• there had been two successive defaults of payments or
• a default of the last payment

and finance company

• has served on hirer a Notice Of Intention To Repossess and
• the period fixed by the Notice Of Intention To Repossess has expired, which shall not be less than 21 days after the service of the notice

The notice required to be served on the hirer may be served by

• delivering it to him personally or
• by posting it by registered post addressed to him at his last known place of abode or business