This guide contains important laws that apply to a lease and provides a declaration of rights and remedies you have against a trader if things go wrong. Leases (where you can buy goods) are not covered by this manual. There are safety rules for certain products or product groups. Leased property must comply with applicable security rules – for example: if you do not comply with the terms of the contract, do something with the goods that you must not return or that you do not return when the rent is finished, the merchant may be allowed to repossess it. If you return the goods late, you can pay penalties. If the goods are damaged, you may lose your deposit to cover the cost of repair or replacement. If the merchant`s losses are greater than the deposit you paid, the trader can take action against you to recover the additional fees. A court could make certain orders for a lease, even if it is terminated if the relationship between the individual contractor and the use of the lease, arising from the lease agreement or the agreement associated with it, is unfair to the individual contractor. The Financial Services and Markets Act 2000 (FSMA 2000) regulates consumer credit contracts, including consumer leases. FSMA 2000, s 19 (1) provides that a person (as in the Financial Conduct Authority (FCA) glossary may not engage in any regulated activity in the United Kingdom unless authorized or exempted. For separate information on consumer credit contracts, the contract must be signed in writing and by you and the distributor. You must receive a copy of the agreement which contains all the rental conditions.
Be sure to read all the terms and conditions before you sign. There are certain terms “greylisted” that are not automatically unfair, but can be considered unfair depending on how they are used – for example, a term that allows a trader to get out of the rental contact at his own discretion, but that does not allow you to do the same. (c) anything else that is done (or not done) by or on behalf of the owner at any time. A related transaction made before a lease is entered into is only effective when the agreement is reached (if any). When the contractor withdraws from or terminates the lease, he withdraws from or terminates related transactions. Similarly, certain provisions regarding the application (or accountability) of the lease can be applied to related transactions.