COMPLETE REPOSSESSION IN HIRE PURCHASE SYSTEM- PRACTICAL SOLUTION B.com 1st Year

When the hire purchaser fails to pay any installment in that time the hire vendor takes the possession of the goods from the purchaser, its known as Repossession.

Repossession is two types-

Complete repossession- where the vendor takes the possession of all the goods from purchaser.

Partial Repossession- where the vendor takes the possession from the buyer some of the assets and other assets remain within buyer and the values are adjusted.

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Jai Hind

Jai Bharat

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