Bright House misleading consumers with their interest rate?

ReadingTim

Bright House are being quite clear about the ARP and total price paid - it's there in black and white. But then again, you could say the same thing about Wonga.

It has been noted that their products have slightly different model numbers and their service plans distort direct price comparisons with high street retailers, but let's be honest, there can't be that many 60 inch Samsung tellies to choose from.

However, none of this is relevant to the punters that come into the store. They see a shiny thing they can't otherwise afford at a price that (on a weekly basis) they think they can and sign on the dotted line - it's basically a payday loan with furniture

BillJones

ReadingTim wrote: »

However, none of this is relevant to the punters that come into the store. They see a shiny thing they can't otherwise afford at a price that (on a weekly basis) they think they can and sign on the dotted line - it's basically a payday loan with furniture

Companies such as Brighthouse and Yes Car Credit show why redistribution of wealth would never achieve its stated aims. Even without the means to pay for it, there's a section of society that just can't help themselves when it comes to spending money.

Give everyone an equal share, and it'd only be months until the people who've currently got nothing would have nothing again, having wanted "a treat" the second they were able.

bsms1147

InsideInsurance wrote: »

So what APR does Currys charge on the TV given you can get the same TV online for about 15% less than Currys?

26.3% and 19.9% representative; the cheaper of the two means the £1000 TV would cost £1100 with Curry's, compared to £4056 from Brighthouse.

~

Brighthouse: For the Not-so-bright house.

iolanthe07

It's a crying shame that the poor get screwed whichever way they turn, whether it is prepayment meters for gas and electricity or buying overpriced goods at huge interest rates. It seems that the wealthier you are the less you have to pay for stuff!

pelirocco

iolanthe07 wrote: »

It's a crying shame that the poor get screwed whichever way they turn, whether it is prepayment meters for gas and electricity or buying overpriced goods at huge interest rates. It seems that the wealthier you are the less you have to pay for stuff!

It could also be argued that its all about priorities , and since when did being poor mean you have to have prepayment meters?

Or turn it on its head , the less you pay for stuff the wealthier you can become?

No one needs to buy a large flat screen TV , and if you can afford the monthly purchase price from Brighthuse you could easily save up for a much cheaper one

dealer_wins

iolanthe07 wrote: »

It's a crying shame that the poor get screwed whichever way they turn, whether it is prepayment meters for gas and electricity or buying overpriced goods at huge interest rates. It seems that the wealthier you are the less you have to pay for stuff!

Its not the poor that get ripped off, its people who have a history of not repaying what they borrow.

From my banking days I know poor people with great credit records, and wealthy people who couldnt get a payday loan!!

InsideInsurance

iolanthe07 wrote: »

It's a crying shame that the poor get screwed whichever way they turn, whether it is prepayment meters for gas and electricity or buying overpriced goods at huge interest rates. It seems that the wealthier you are the less you have to pay for stuff!

You have a fundamental flaw in your logic, your assuming someone has to have a brand new LED TV today even if they cannot afford it.

If they saved up their money rather than be willing to get into debt then they can get the identical price as a "rich person". Online retailers that have the lowest prices dont care who you are or how rich you are its simply a case of being able to pay or not.

BillJones

iolanthe07 wrote: »

It's a crying shame that the poor get screwed whichever way they turn, whether it is prepayment meters for gas and electricity or buying overpriced goods at huge interest rates. It seems that the wealthier you are the less you have to pay for stuff!

The poor are not screwed at all. They pay little to no taxes, receive generous benefits, and generally wander through life being supported no matter how bad their decisions.

If they then take the decision to go and pay £4,000 for a television, then that is their choice, and they should bear the cost of it.

rob404uk

It does not help when the press make Bright house out to be saving the day!


http://www.express.co.uk/finance/city/463720/Ask-the-Boss-The-future-is-bright-for-Leo-McKee-of-BrightHouse


My favourite quote is
“The basic thing is that the vast majority of them are hard-working, sensible people who are very careful about managing their income. They are pretty savvy.”


Ummm, savvy!!!

iolanthe07

BillJones wrote: »

The poor are not screwed at all. They pay little to no taxes, receive generous benefits, and generally wander through life being supported no matter how bad their decisions.

If they then take the decision to go and pay £4,000 for a television, then that is their choice, and they should bear the cost of it.

Yeah - I know. But you're asssuming everyone has your intelligence and forethought. A lot of poor people don't really think things through, don't understand the maths of interest rates or have any understanding of budgeting, and live from day to day. You only need to have a look at the posts on the DFW board to see how hopeless some people's situations are, even if often it is their own fault. I just think sometimes on this board we (and I include myself) lack empathy with those who are living on very low incomes and whose lives are pretty crap.