COOLING-OFF PERIOD IN HIRE PURCHASE

COOLING-OFF PERIOD IN HIRE PURCHASE

Has someone you know ever signed a hire purchase agreement and immediately regretted it? Nigerian law understands this feeling. That is why it grants you a cooling-off period in hire purchase.

So what is a cooling-off period? It is a short window of time after signing your hire purchase contract during which you can change your mind and cancel the agreement without penalties.

Think of it as a legal ‘time-out’ to rethink your decision without losing money.

Under the Nigerian hire purchase law, once you sign a hire purchase agreement, you get 3 working days (excluding weekends and public holidays) to cancel it. During this time, you can walk away if you find better terms or realize you are not comfortable.

But you must give written notice of cancellation to the owner or seller within this period or else the contract remains valid and binding.

Hire purchase deals can involve big money and long term commitments. The cooling-off period protects you from rushed decisions, unfair pressure or terms that only become clear after signing.

If you cancel within the cooling-off period, you will get back payments made, minus reasonable expenses incurred by the owner. It’s a fair balance between protecting the buyer and covering the owner’s costs.

It is your legal chance to stop and think before locking yourself into a long-term financial commitment.

Use it wisely.
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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate /Commercial Lawyers, Attorneys , Barristers, Solicitors, Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public in Port Harcourt, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
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