Hi,
I have some questions on the half rule in relation to hire purchase.
From the itsyourmoney website I can see that I "must, by law, pay half the hire purchase price, less the total of your payments to date."
First Question. What is the "hire purchase price". Is it the amount initially advance to purchase the car or the total value of the full repayments? I suspect its the total of the repayments.
Second Question. If I invoke the half rule, having paid half the purchase price, does this have any effect on my credit rating?
Thanks for any help.