Do you have any views on rent-to-buy stores such as Brighthouse?

leeroy2009

im not able to and unwilling to comment on the mentality of some of the posts on here, especially after reading the above.

PinkPoppies

The mind boggles.

Angry_Bear

topaztiger1983 wrote: »

Yes you lose the money you have paid, but you don't have to pay anymore, so in the long run you will be better off, as you will have say £20-£30 more each week/fortnight

But to take the washing machine for example, as you rightly say you can't really go for a year without. But at the £68 per week you're paying just now you could buy a brand new one from Currys with delivery and installation in 3 weeks. For 3 weeks you could manage handwashing, with goodwill from neighbours or using a laundrette (or something else).

Then you'd know that if something went horribly wrong you wouldn't have to hand the washing machine back, and meanwhile you could be putting £68 per week aside for the next most important item.

I'm not attacking you - as you say, it's your money to do what you like with. But this is MSE, and the ethos of the site is to get the most for your money! For the extra you'll have paid to BH at the end of you term, you could have bought yourself a brand new car.

Herzlos

FOXGLOVE wrote: »

In an ideal world there would be a not for profit store offering basic economical appliances for those in need of household items. Not PS4s and massive leather corner sofas. Unfortunately, providing hire purchase must be offset with a higher APR to allow for the fact that some may not pay as required.

I've no problem with them making a profit, but I dislike the exploitative way they do it. If you genuinely need to pay something up and have low income/bad credit, you're paying something like twice what the thing is actually worth, plus the same again in interest, for something mid-ranged.

I bet that's reflected in the percentage of people who pay up front Versus installments. I can't imagine anyone who can afford to pay up front will buy from them and not from a normal retail outlet like Argos or Comet.

If they sold basic white goods at a reasonable base cost and reasonable interest rates, I'd have no problem with it. I'm surprised there are no council run or co-ops doing just that.

Herzlos

topaztiger1983 wrote: »

Yes you lose the money you have paid, but you don't have to pay anymore, so in the long run you will be better off, as you will have say £20-£30 more each week/fortnight

Except you've probably already paid for it. So instead of going without after a few months, if you'd bought it outright you'd own it (and could even sell it if you wanted).

Your logic makes perfect sense if you stop paying within a few weeks (and I'd be surprised if there were cancellation/return fees), but after a few months to a year, you're much worse off if you stop paying it.

Take the X-Box example, they have one with Assassins Creed for £11.60/week (~£780 outright, ~£1500 after interest). You can buy a new one over the counter for under £450. After 39 weeks you have paid the standard RRP for one. After 68 weeks you've paid the BH price for one. So if you give it back after 9 months, you've essentially bought one and thrown it away.

This is a great example of the monthly payment focus though; a lot of people don't know/care how much the stuff actually costs. I have an uncle with the biggest TV I've ever seen (like 60+"), and all he knows about the cost is that it's £10 a week. No idea what the total bill is, but he's happy with £10 a week. Personally I'd make do and save up (I did, for the first year or so in my flat I went through a series of ~20" CRT hand-me-downs from people upgrading, and eventually saved up to buy a decent branded 32" in cash).

sourcrates

topaztiger1983 wrote: »

Yes you lose the money you have paid, but you don't have to pay anymore, so in the long run you will be better off, as you will have say £20-£30 more each week/fortnight

Please, OP,


tell me you are having a laugh with us all.


This is a wind up.........right ??? :shocked:

topaztiger1983

What do you mean

bsms1147

This is why financial education is desperately needed in schools.

sourcrates

topaztiger1983 wrote: »

What do you mean

You seriously bought all those goods on credit ?
This is taken from the Bright house website.


"The representative APR is 64.7% and fixed for the duration of the agreement".


But this bit is my personal favourite:


"Your personal APR will vary, and is based on your credit rating and repayment history".


The above little gem means if they don't like the cut of your jib, they can charge you a whopping :


96.9% APR :eek::eek::eek: !!!!!!!!!!!


Utter and complete madness.

topaztiger1983

Oh well, I guess that I am an idiot, but I really don't care, I am able to stay alive ain't I

Please don't put me down I am not the only person who buys from Brighthouse am I, pick on someone else

I just wanted to share my experience with them, but you all want to be condescending & put me down