Hire-Purchase Agreements

HC Deb 21 July 1955 vol 544 cc63-4W

59. Mr. Wiley

asked the President of the Board of Trade what action he has now taken to prevent misrepresentation in hire-purchasing trading.

Mr. P. Thorneycroft

The Hire-Purchase Acts of 1938 and 1954 provide that the customer must sign an agreement showing the cash price, the hire-purchase price and the amount of each instalment. The Acts should be adequate protection against fraud. If the hon. Member has any specific evidence of abuse, I should be glad to look into it.

60. Mr. Osborne

asked the President of the Board of Trade if he will make an investigation into the high rates of interest charged under hire-purchase agreements in view of the effect they have in increasing the cost of living.

Mr. P. Thorneycroft

No. The Government believe that, in general, both cash and credit terms are best settled on a competitive basis.