If things go wrong
Contact the retailer but don’t stop your payments in the meantime, as you may be charged penalty interest.
Faulty products and services — Resolve a problem
If you want to cancel the agreement
You can cancel within five working days, but you will have to pay the full price up front.
Cancelling your credit contract
If you damage, lose or sell the products
If you damage, lose or sell products before you have paid them off, you still have to make your payments.
If you fall behind on payments, the finance company may have the right to repossess the product(s) you bought on credit. They can only take products identified in the agreement, eg the TV bought on hire purchase.
If you can't keep up to date with payments
Contact the finance company as soon as possible to change or cancel the contract.
You can also make a hardship application where the lender can agree to:
- reduce each payment but spread payments over a longer period
- take a payment holiday until a future date when you can start paying again.
Credit Contracts and Consumer Finance Act