Just curious to know. I have worked with people who just puts things on hire purchase cos they have a job etc ... like a phone, holidays, cars etc. If you are not behind payment they cannot ask you to quickly settle it or that part that is outstanding. If the lender goes bust and there is no willing buyer who would take over that. What happens? Do they drive down the price to sooo cheap that there will be a buyer who will take over that and you make payments to this new entity? Assuming this goes through. What happens when they renegotiate your newer interest rates, can they sky rocket it up?
Cheers.