Terminating a Hire Purchase Contract

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/u/manny_chuks

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Please, lawyers in the house or anyone who has gone through this: I recently bought a Redmi phone on a payment plan less than 3 weeks ago from an official Xiaomi Store in Abuja, to be paid in monthly installments of approx. 58k over 6 months. I had every intention to pay, but I was unfortunately informed late last month that I had been let go from my job. Since I don't have the means to repay now (and probably won't in the near future, considering the state of the job market right now) , and would really like to avoid any protracted drama/disputes, how do I go about terminating the contract, with the prefereble outcome being me voluntarily surrendering the phone in pristine condition, with minimal to zero financial penalties?

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