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Hire Purchase: Is this a new method by banks other than Reposession Order

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asked on Jan 23, 2020 at 09:22
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edited on May 8, 2020 at 15:57
 
I received this lawyer letter few days back. Is there such law that banks can demand for the outstanding money? Other then Repossession Order (RO) out after 2 months 21 days. Can I just ignore & continue with the loans?

Need advice, please advise.


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2 Answers

answered on Jan 23, 2020 at 12:41
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edited May 8, 2020 at 15:57
 
The Repossession Order (RO) cannot be issued because the car is more than 75% paid up.
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answered on Jan 23, 2020 at 13:06
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edited May 8, 2020 at 15:57
 
Since it is already 75% paid up they need to get court order to issue you the Repossession Order (RO).

This is reminder from the lawyer that they intend to do so. Giving you 14 days to pay the outstanding installment.

Can I just ignore & continue with the loans. Need advice
You can try by making the normal monthly payment, if the payment is accepted maybe they may also delay their intention of going to court and this can drag the status till you finish to the last installment..  

Anyway the risk is on you..
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