(1) The hirer under a hire-purchase agreement may complete the purchase of the goods by paying or tendering to the owner the net balance due to the owner under the hire-purchase agreement.
(2) The right conferred on the hirer by this section may be exercised by him or her at any time during the continuance of the hire-purchase agreement.
(3) Where a hire-purchase agreement is completed in accordance with this section the owner shall, within 14 days of completion, send to the hirer a settlement letter.
(4) For the purpose of this section “the net balance due” means—
(a) where the hire-purchase price is paid on the date of final payment, the amount for the time being payable in terms of the hire-purchase agreement to enable the hirer to acquire title to the goods;
(b) where the hire-purchase price is paid before the date of final payment, the amount for the time being payable in terms of the hire-purchase agreement to enable the hirer to acquire title to the goods after taking into account the rebates allowed by the hire-purchase agreement for early completion or the rebates calculated in accordance with section 23, whichever is the greater.