Debt question

J

jimbob123

Guest
Hello everyone, I signed a contact about 1.5 years ago for long term catering equipment hire. The contract was for 5 years but business has not been too great lately and I'm thinking of canceling my monthly direct debit, and let them take the equipment back? How will I stand in the eyes of the law, I'll loose my deposit but I'm just wondering if there is anything else the company could do to me.
Regards,
John
 

mark1

Frequent Poster
Messages
154
Been in this business a long time myself and the first thing I would do is ring them and let them know your situation, a lot of small businesses in this sector are experiencing hard times at the minute so it won't come as a major surprise I'd say, sorry posted to quick, I would be inclined to ring and see if you can agree to end the contract rather than cancelling your debit and maybe try work out giving them 30 days notice. At least that way if business picks up you may need to use them again and relations will be good
 

J.Ryan

Frequent Poster
Messages
152
Depending on whether its a lease or HP and how many payments you made, you may be able to give them notice and terminate the contract, once the goods are available for them to reposess.

Read the small print of the contract
 
Last edited:
J

jimbob123

Guest
Thanks everyone, I'm going to contact them today and see if we can work it out. Business can only get better at this stage so i will probably be looking at hiring equipment again in the future.
Thanks
John
 
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