Bright House — downside of good news

[patman post]

Indeed there are rich scummy people, but it's the poor ones that are the underclass. If someone is stupid enough to get themselves in debt buying something they can do without, why the hell should they get my sympathy. Being poor isn't an excuse for being stupid.

I don't think BrightHouse and similar in the UK go for real poverty like that seen in some developing countries, but target and exploit those those who regularly have just a little extra over their basic needs coming in, and can budget regular small amounts for cookers, washing machines, TVs, beds, etc.  

Even DWP and NHS routinely communicate directly to individuals on benefits via email and text, generally communicate info via TV and radio, and expect service users to have phones. These days cookers, fridges, and washing machines are regarded as essentials and can each be rented for less than £2 a week. Even second hand, these items are unlikely to be found for less than the equivalent of 10 or 20 weeks' rent. And achieving a home life above subsistence level is something everyone should entitled to, and not be ripped off...

[Wiggles]

Being poor or in need doesn't make someone scum there are plenty of wealthy scum too and in between the two,that you cannot see that comes as no surprise whatsoever.

Indeed there are rich scummy people, but it's the poor ones that are the underclass. If someone is stupid enough to get themselves in debt buying something they can do without, why the hell should they get my sympathy. Being poor isn't an excuse for being stupid.

[johnofgwent]

I once had the pleasure of dealing with a chap who ran a company offering the same 'service' as bright house.



It was manifestly clear to me held his 'customers' in the same delightful regard wiggles does. Scum who are there to be exploited, because they were too stupid to know better.



He agreed to two stage payments for the software, divvied up the first 50% but surprise surprise didnt pay the rest when I sent over the full product.



So I neglected to decrypt the functionality beyond the 21 days I gave him to start setting up.



Made my bloody day that did.

[Barry]

I would instead suggest that wishing better for people is better for both you, and them.

Absolutely.  :hattip

[cromwell]

They homed in the underclass. People who wanted nice things, but were never really prepared to work hard for them. I have no sympathy for their scummy customers, and I don't have much sympathy for them either. They were so expensive they didn't appeal to the cash buyer, which was a big mistake.

Being poor or in need doesn't make someone scum there are plenty of wealthy scum too and in between the two,that you cannot see that comes as no surprise whatsoever.

[Nalaar]

I have no sympathy for their scummy customers

Lovely.

I would instead suggest that wishing better for people is better for both you, and them.

[Wiggles]

They homed in the underclass. People who wanted nice things, but were never really prepared to work hard for them. I have no sympathy for their scummy customers, and I don't have much sympathy for them either. They were so expensive they didn't appeal to the cash buyer, which was a big mistake.

[Borchester]

BrightHouse — the biggest rent-to-own operator in the UK — has collapsed, with administrators now attempting to salvage parts of the business.

https://www.bbc.co.uk/news/business-52090976">https://www.bbc.co.uk/news/business-52090976

In October 2017, the company was fined nearly £15m by the City regulator, the Financial Conduct Authority (FCA), for not acting as a "responsible lender".

In January, the business said it was under pressure from dealing with additional mis-selling claims.

Rent-to-own stores offer people the chance to buy items they need for their home — such as TVs or washing machines — through smaller, regular payments, instead of paying for the goods in one go.

But once interest charges have been added, some rent-to-own consumers have ended up paying more than four times the retail price they would have paid in normal shops.

The FCA ruled that interest charged would be capped to as much as the cost of the product. This now means that if a cooker costs £300, borrowers will pay no more than £600 in total, including the cost of credit. In the past, some customers claimed to have paid £2000 for a £450 TV set.

The downside of BrightHouse's demise is that customers awaiting payouts to compensate for over charging will likely have to take their place in the queue of creditors...

Reading between the lines it does not appear that Brighthouse's customers had particularly good credit ratings, which suggests that the poor sods are going to have a long wait for their compensation.

[patman post]

BrightHouse — the biggest rent-to-own operator in the UK — has collapsed, with administrators now attempting to salvage parts of the business.

https://www.bbc.co.uk/news/business-52090976">https://www.bbc.co.uk/news/business-52090976

In October 2017, the company was fined nearly £15m by the City regulator, the Financial Conduct Authority (FCA), for not acting as a "responsible lender".

In January, the business said it was under pressure from dealing with additional mis-selling claims.

Rent-to-own stores offer people the chance to buy items they need for their home — such as TVs or washing machines — through smaller, regular payments, instead of paying for the goods in one go.

But once interest charges have been added, some rent-to-own consumers have ended up paying more than four times the retail price they would have paid in normal shops.

The FCA ruled that interest charged would be capped to as much as the cost of the product. This now means that if a cooker costs £300, borrowers will pay no more than £600 in total, including the cost of credit. In the past, some customers claimed to have paid £2000 for a £450 TV set.

The downside of BrightHouse's demise is that customers awaiting payouts to compensate for over charging will likely have to take their place in the queue of creditors...