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No, hire purchase is generally considered a form of secured debt. In a hire purchase agreement, the item being financed acts as collateral, meaning the lender can reclaim it if the borrower fails to make payments. This security for the lender distinguishes hire purchase from unsecured debt, where there is no collateral backing the loan.
What else can I help you with?
When was the Origin or development of hire purchase?
origin and development of hire purchase
How do you reduce debt easily?
There are several ways to easily reduce your debt. For example you can hire a debt consolidator to help, or file bankruptcy , or even hire debt helpers. You can even make a budget and follow it closely.
What are the advantages of hire purchase as a source of finance?
Hire purchase can give the good profit,
Where can one hire debt managers?
One can hire debt managers from the following sources: Payplan, Harrington Brooks, Debt Free Direct, Chiltern, Gregory Pennigton, Step Change, Debt Freedom, Ask Debt Management, National Debtline, to name a few.
Learn From The Experts?
If one wants to achieve unsecured debt consolidation, then it is a wise idea to hire a financial advisor to help with the process. All too often, the process of debt consolidation can seem overwhelming and at times monotanous. A financial professional is someone that is skilled at helping people manage tough financial situations. One should never be afraid to consult with a financial advisor for unsecured debt consolidation. It may be the wisest choice a person makes in his or her life. In addition, unsecured debt consolidation can truly help a person to make wise financial choices in the future. By managing this sort of debt early on, a person is better equipped to make better financial choices and avoid debt in the future. Debt consolidation can be a tricky process and is often very involved with creditors. A person will usually want to avoid building up credit after going through this entire process. The one key thing people should remember is to hire financial professionals when seeking to achieve a sort of unsecured debt consolidation in one's life.
What do you do if a loved one dies with no life insurance?
I'm not sure whether you are worried about burial services, old debt, or what you are referring to. Burial: Most counties have free or very reduced service options...call your county office. Re: debt, you do not need to pay the persons credit card or other unsecured debt. Other debts are supposed to be paid and most pay out of the estate. If things are too tricky...hire an attorney
Advantage of hire purchase?
One advantage of hire process is that it allows low-income individuals to purchase items that would otherwise be out of their budget. Hire purchase is also known as installment plan.
What means repossesion as regard to hire purchase?
If a company fails to make it's repayment under the hire purchase agreement then the loan providers can tale the goods bought under the hire purchase as settlement for the loan.
Why would a company use hire purchase?
The legal term for hire purchase is a contract. Companies may prefer using hire purchase because it spreads the costs of expensive items over a period of time.
What is the explanation for the features of hire purchase system?
higher purchase
Solve you a problem on hire purchase system?
caluculation of intrest under hire purchase system
Can a credit card company sue you?
Yes, they can. Credit issuers hire law firms that specialize in collection of debt including lawsuit action. A credit card is defined as "unsecured debt" this does not mean that the creditor has not legal recourse to recover monies owed. It simply means there is no specific property that secures the debt, such as a vehicle or other real property. Merchant accounts such as Sears are secured debts, because the item purchased is considered collateral and can be repossessed if the circumstances warrant.
