ABSTRACT
The borrower or hirer has a right to information on his or her financial position throughout the duration of a credit or hire agreement. A lender or owner need not supply a copy of the agreement or financial statement if the borrower or hirer has no further liabilities towards the lender or owner. The financial statement must contain details of the borrower up-to-date position, particularising the amounts remaining to be paid. On occasions, it may not be possible to give precise figures setting out the borrower's future indebtedness, for instance if the charges element is index-linked. In such a case, the lender must state the basis of future calculation. The Consumer Credit Act 1974 gives the right to a borrower to terminate a hire purchase or conditional sale agreement. These provisions originated with the Hire Purchase Act 1965. This right cannot be excluded by the terms of the agreement and any attempt to do this will be void.
