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Hire Purchase
Hire Purchase otherwise known as HP.An HP agreement is a debt.
You dont actually own your goods until the debt (HP Agreement) is paid off.
Then and only then do the goods belong to you.
Before this they are still owned by the person you bought them from (the creditor).
HP Agreements are most commonly used when purchasing cars, tv equipment, computer equipment e.t.c.
If you cannot continue to make the required payments the creditor can request the goods back.
More often than not this will be through the courts.
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