Why not Hire-Purchase: A Critical Examination of the Consumer Credit Act No. 29 of 1982

Abstract

Hire-Purchase agreements have become a common method for individuals seeking to purchase movable properties in Sri Lanka due to some of the conveniences it provides in comparison to some of the other modes which are available. However, often individuals get into trouble by not knowing the full implications of the rights and duties of the respective parties to such a contract and hirers find themselves at a distinct disadvantage due to the existing law and the lack of knowledge. This paper aims to bring some insights into this issue and to clarify matters for the parties concerning their respective rights under a hire-purchase agreement pursuant to the Consumer Credit Act No 29 of 1982 in Sri Lanka.