It depends on what type of store you bought the furniture and appliances from (e.g., a department store or a rent-to-own store) and the terms of your purchase contract. Start by reading the terms and conditions of your purchase contract. It may or may not have a clause that indicates that the items that you purchased are security (collateral) for loan repayment. In that case, or in the case of a weekly rent-to-own agreement, the items will be repossessed (taken back) by the merchant in the event of non-payment. If you don't have a copy of your purchase contract, call the merchant and ask for one.
Once you've familiarized yourself with your loan contract, contact the merchant and explain your financial situation before you get behind on payments. Perhaps you can arrange a reduced payment schedule, although this could cost you more in interest over the long run. If the merchant says no and the item(s) that you borrowed money for are being used as collateral, they will be repossessed and you will be out from under the loan payments.
Beware, however, that, if financed items are returned or repossessed, you will lose all money that was previously paid on loan payments, and you could be liable for a deficiency payment, which is the difference between what you owe and the fair market value of the items being returned. Consider getting help from a nonprofit credit counseling agency (see National Foundation for Credit Counseling) or legal services clinic.
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