Hire-Purchase Charges?

ashg657

Hello to all...
I have recently been looking over my past loan agreements ensuring that I have not been unfairly charged for something I didn't realise.
I came across an agreement I had back in 2005 which was a finance agreement (HP) for a car.

Within this agreement, there details a charge titled 'Hire-Purchase Charges'. It does not detail what this is, or what it consists of.

Is anyone able to help me to identify whether or not this is required or if it is something that could be potentially claimed back?

Please excuse my lack of knowledge in this matter, the case may be that this is perfectly legitimate, but I just thought I'd check anyway.

Thank-you in advance.

Ash.

safestored4

Hire purchase is something out of the dark ages. In the 1950s and early 1960s most working class men and women were paid in cash and did not have bank accounts. Banks would, not unreasonably, not lend money to people they did not know so Hire Purchase was introduced to both meet the aspirations of the borrower and the caution of the lender. With Hire Purchase you borrow the money and get the goods but the lender retains ownership until the loan is paid off. If the loan is defaulted the goods can be repossessed by the lender. It is alleged that quite a lot of washing machines were repossed in the early days.

This is not PPI. Hire purchase persists today for higher value items.