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    BrightHouse pays £14.8m in redress.

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    papa_umau
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    BrightHouse pays £14.8m in redress.

    Post by papa_umau on Tue 24 Oct 2017, 12:05 pm

    BrightHouse rent-to-own firm pays £14.8m in redress

    Rent-to-own retailer BrightHouse has been told to pay £14.8m to 249,000 customers by the financial regulator, the Financial Conduct Authority (FCA).

    BrightHouse will compensate customers who had cancelled agreements after one downpayment but had not been refunded.

    It will also make payments to those who signed up to lending agreements that "may not have been affordable".

    The FCA said BrightHouse had not acted as a "responsible lender".

    Read all of this article from the BBC HERE

    Brighthouse 2

    Why a £358 washing machine can cost £1,092

    In an exclusive report for the Victoria Derbyshire programme, former Labour leader Ed Miliband investigates rent-to-own companies and says he wants them to be regulated like pay day loan firms.

    The companies allow shoppers to pay for items such as TVs, games consoles, fridges and washing machines in weekly instalments, spread over years with interest.

    But consumers can end up paying up to three times more for the products and some people may not understand what they are signing up for.

    The biggest company in the rent-to-own sector is called BrightHouse. 

    Read this full story from The BBC HERE




    Many of us will remember that these types of shops were numerous on the high-street up until we realised that they were much more expensive than even straight hire-purchase.

    Once this happened most of these companies just disappeared from the market-place, but because of the amount of very poor families that are now being seen because of government austerity policies these rent-to-buy companies are coming back.

    In fact they are no better than the greedy payday lenders that also target the poor.

    Brighthouse 3

    Brighthouse going out of business ?

    Struggling electricals chain BrightHouse submits reform plan to FCA

    The struggling rent-to-own electricals chain BrightHouse has made a bid for survival by offering permanent reform of its controversial practices in talks with lending watchdogs.

    The company, owned by private equity firm Vision Capital, has submitted a detailed business plan to the Financial Conduct Authority (FCA) in an attempt to ward off circling bondholders who are preparing for the worst.

    The FCA is due to scrutinise the plan and assess whether BrightHouse should be allowed to continue to lend on the basis of it.

    The situation is increasingly urgent for the chain, with quarterly rent payments on its 311 stores looming at the end of March and its heavy debts due to be called in.

    Get the whole story from The Telegraph HERE




    There you go then. Brighthouse looks as if it is going down the same way as Radio Rentals is today.

    It couldn't happen to a better bunch of rip-off merchants.


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    zathrus
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    Re: BrightHouse pays £14.8m in redress.

    Post by zathrus on Thu 26 Oct 2017, 12:17 pm

    You are really hitting them hard Paps.  Twisted Evil

    I found out that renting-to-purchase was a terribly expensive way to buy anything.

    The contract phone users are getting robbed in that exact way too.
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    papa_umau
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    Re: BrightHouse pays £14.8m in redress.

    Post by papa_umau on Fri 27 Oct 2017, 11:33 am

    Yes the contracts that tie people to their phones at around £30.00 a month, or more, can easily add up to a very high cost after three years or so.

    At three years the cost to the customer is over a thousand pounds.

    If bought at a sim-free and PAYG cost, the best of the new phones are seldom over £700.00

    Rent-to-buy has never been a way to get good VFM.


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    Angie baby
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    Re: BrightHouse pays £14.8m in redress.

    Post by Angie baby on Sat 28 Oct 2017, 12:31 pm

    I have to admit that I have used the Brighthouse method of buying stuff, but I would never buy a phone that way as I prefer to use PAYG.

    Now, I probably will never use Brighthouse again.
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    papa_umau
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    Re: BrightHouse pays £14.8m in redress.

    Post by papa_umau on Sun 29 Oct 2017, 11:45 am

    Most people like the freedom that a contract gives them as they have a lot of call time and texts built into these contracts. I still think they are far too expensive in the long run.


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