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Bright House entering administration
Rent-to-own giant BrightHouse is close to collapse, the BBC understands, putting 2,400 jobs at risk.
The company is expected to fall into administration on Monday after facing an influx of compensation claims for selling to people who could not repay.
In 2017, it was ordered to pay almost 250,000 customers £14.8million in
compensation after it failed to be a "responsible lender" according to
the Financial Conduct Authority. Any collapse could reduce the amounts
many are still waiting on.
And those who are currently paying off products bought via
BrightHouse will have to continue to do so, with administrators likely
to oversee the payments, with the loans likely to be sold on to another
lender.
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