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Erika Bone

Erika has a degree in Politics and International Relations from Plymouth University and enjoys a great passion for interior design. Her articles focus mainly on insolvency and other personal finance issues.

BRIGHTHOUSE HINDERED BY FCA COMPLIANCE

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BrightHouse, the controversial rent-to-own firm, has admitted that the imposition of more rigorous affordability checks is hindering its business model. Since the Financial Conduct Authority took over the regulation of the rent to own sector in 2014, BrightHouse has attempted to allay a number of concerns the FCA raised regarding affordability checks and the treatment of customers who fall behind on payments. These changes, according to its chairman Henry Staunton are “onerous and time consuming” and have, “had a material impact on the level of customer sign-ups and consequently on profit”.

BrightHouse specialises in selling household goods and furniture via weekly payment plans. Typical interest rates range from 69.9% to 99.9% dep .....

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17 Oct 2016 by Erika Bone Declined Credit
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