Fifth Schedule Notice to be Included in Hire-Purchase Agreement
Right of hirer to terminate agreement
1. The hirer may put an end to this agreement by giving notice of termination in writing to any person who is entitled to collect or receive the hire-rent.
2. The hirer must then either -
(i) pay any instalments which are in arrear at the time when he gives notice, and
(ii) if, when the hirer has paid those instalments, the total amount which he has paid under the agreement is less than (here insert the minimum amount the hirer is required to pay under section 63(2)(a)) the hirer must also pay enough to make up that sum, or
(b) purchase the goods by paying the difference between the amount already paid under this agreement and either the hire-purchase price reduced in arrordance with section 52 or 53 of the Consumer Credit Act, 1995, or such lesser amount if specified in this agreement.
3. Where a hirer has not purchased the goods and the goods have been damaged owing to the hirer having failed to take reasonable care of them, the owner may sue the hirer for the amount of the damage unless that amount can be agreed between the hirer and the owner.