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Brighthouse

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2008/05/15 10:01:53 (permalink)
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Brighthouse

I know it's an agreement people sign up to of their own free will, but I can't help feeling it's a bit tight that this company get people to pay 30% interest on stuff.

It'd be cheaper to stick it on a credit card - and even that's a rip off compared to the 6% loans you can get.

Why don't people just save up for consumables - like fancy tv's etc?

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#1

15 Replies Related Threads

    tuc biscuit
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    RE: Brighthouse 2008/05/15 10:16:37 (permalink)
    people want them now, and think a new washing machine, or a leather sofa, or a huge tv will make them happy


    there's a massive brighthouse in the Runcorn shopping centre and it seems to do good business, I've noticed they often have them in poorer areas where they know there will be a willing audience

    I wish I was more attractive like Dagless.
    #2
    knoxville
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    RE: Brighthouse 2008/05/15 10:19:06 (permalink)
    Maybe some cant get Credit cards but these are easier to get credit on
    #3
    tuc biscuit
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    RE: Brighthouse 2008/05/15 10:22:00 (permalink)

    ORIGINAL: knoxville

    Maybe some cant get Credit cards but these are easier to get credit on



    yeah I think they make it really, really easy to sign up and set up that weekly direct debit, often advertising low weekly repayments, but over long periods for the amount of the loan so you end up paying a lot

    I wish I was more attractive like Dagless.
    #4
    galenkia
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    RE: Brighthouse 2008/05/15 10:22:58 (permalink)
    We are living in a 'i must have it now' society.I find the biggest buzz is the anticipation and purchasing of something.9 times out of 10 i am bored with it very shortly.That's why i don't really buy much material things anymore.No point really,it don't make me any happier over the long term.I would rather have a nice holiday.
    #5
    elbowsandknees
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    RE: Brighthouse 2008/05/15 10:29:46 (permalink)
    They do not credit check, which is why the rate of interest is so high.

    Lending someone £1000 for a plasma telly who cannot even get a credit card their credit record is so bad might be seen by some as unethical.

    They are not the worst of the bunch though believe me.

    I have a friend who just got accepted for a 50% interest loan (hurray), despite my warnings he has now accepted it :(
    post edited by elbowsandknees - 2008/05/15 10:40:22
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    erekose
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    RE: Brighthouse 2008/05/15 10:32:40 (permalink)

    Lending someone £1000 who cannot even get a credit card their credit record is so bad might be seen by some as unethical.


    Certainly by me, especially as the people accepting these loans are often among the poorest in society anyway. I'd like to see these people given more protection against such loan companies.
    #7
    Bodybuilding Warehouse
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    RE: Brighthouse 2008/05/15 10:39:11 (permalink)

    ORIGINAL: erekose


    Lending someone £1000 who cannot even get a credit card their credit record is so bad might be seen by some as unethical.


    Certainly by me, especially as the people accepting these loans are often among the poorest in society anyway. I'd like to see these people given more protection against such loan companies.

    I don't mind people marketing to poor people so much - poor people want cool things as much as rich people - what I think's a bit tight is marketing to people who obviously have the financial sense of a packet of crisps.

    If an average APR of 29.9% doesn't scare the **** out of you....what does?

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    Ash The Man
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    RE: Brighthouse 2008/05/15 19:41:11 (permalink)
    You never see a poor loan shark, people who borrow money to the sub prime market make shed loads of money each year on interest alone, there's a Brighthouse in our town and like many across the country they do a right old trade, these companies offer the sub prime something they can't get their hands on in normal stores like Currys and Comet.

    I know a guy who works for one of the doorstep companies as a collector, he gets a commision on what he collects, he's on some right money each week he's been doing the job for over 10 years and has built up a solid client base, when I was last talking to him he was collecting well over £8,000 a week in loan repayments alone, come Christmas time when the vouchers come out he can earn some right money.
    #9
    JK2
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    RE: Brighthouse 2008/05/15 19:45:53 (permalink)

    ORIGINAL: ThaiFighter


    ORIGINAL: erekose

    Certainly by me, especially as the people accepting these loans are often among the poorest in society anyway. I'd like to see these people given more protection against such loan companies.

    I don't mind people marketing to poor people so much - poor people want cool things as much as rich people - what I think's a bit tight is marketing to people who obviously have the financial sense of a packet of crisps.

    If an average APR of 29.9% doesn't scare the **** out of you....what does?



    Thatcher's legacy: Free enterprise unfettered by pesky ethics.

    #10
    erekose
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    RE: Brighthouse 2008/05/15 20:18:38 (permalink)

    ORIGINAL: ThaiFighter


    ORIGINAL: erekose


    Lending someone £1000 who cannot even get a credit card their credit record is so bad might be seen by some as unethical.


    Certainly by me, especially as the people accepting these loans are often among the poorest in society anyway. I'd like to see these people given more protection against such loan companies.

    I don't mind people marketing to poor people so much - poor people want cool things as much as rich people - what I think's a bit tight is marketing to people who obviously have the financial sense of a packet of crisps.

    If an average APR of 29.9% doesn't scare the **** out of you....what does?



    Trouble is, I strongly suspect that a great many people don't actually understand how the APR translates into the actual amount owed, which is possibly why these high percentages don't scare them
    #11
    MrMauy
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    RE: Brighthouse 2008/05/16 10:33:48 (permalink)

    ORIGINAL: erekose


    ORIGINAL: ThaiFighter


    ORIGINAL: erekose


    Lending someone £1000 who cannot even get a credit card their credit record is so bad might be seen by some as unethical.


    Certainly by me, especially as the people accepting these loans are often among the poorest in society anyway. I'd like to see these people given more protection against such loan companies.

    I don't mind people marketing to poor people so much - poor people want cool things as much as rich people - what I think's a bit tight is marketing to people who obviously have the financial sense of a packet of crisps.

    If an average APR of 29.9% doesn't scare the **** out of you....what does?



    Trouble is, I strongly suspect that a great many people don't actually understand how the APR translates into the actual amount owed, which is possibly why these high percentages don't scare them


    Yep, unfortunately most people don't bother to work out that £3.50 a week over 520 weeks makes that £600 sofa one hell of a kick in the teeth. Nor do they realise they'll be paying for it long after the item has stopped working or needed to be replaced.
    #12
    leerc
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    RE: Brighthouse 2008/05/16 10:43:47 (permalink)
    because debt doesn't seem to bother anyone and they want it now to keep up with teh neighbors and friends,rather than doing the sensible thing an stick with your old cheap tv until you can afford to go and buy it without getting into debt

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    #13
    galenkia
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    RE: Brighthouse 2008/05/16 10:53:55 (permalink)

    ORIGINAL: JohnKerr2


    ORIGINAL: ThaiFighter


    ORIGINAL: erekose

    Certainly by me, especially as the people accepting these loans are often among the poorest in society anyway. I'd like to see these people given more protection against such loan companies.

    I don't mind people marketing to poor people so much - poor people want cool things as much as rich people - what I think's a bit tight is marketing to people who obviously have the financial sense of a packet of crisps.

    If an average APR of 29.9% doesn't scare the **** out of you....what does?



    Thatcher's legacy: Free enterprise unfettered by pesky ethics.


    We are all much better off now under Labour aren't we John.

    #14
    dawniesb
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    RE: Brighthouse 2008/05/16 11:14:17 (permalink)
    I was once lured by a decent salary to work for a company which provided the interest free credit to large electrical retailers/furniture stores. You know the type, 12 months interest free credit etc etc. Their tactic was to place a call to the customer a week or so before the 12 months ran out, hoping that they wouldnt settle the whole balance in full. They would try and convince the customer that settling would be a bad idea. Instead they should let us take over the remainder of the debt and consolidate it with any other debts they have. This was about 8 years ago and their APR was 29% back then. I absolutely despised working there as, like has already been said it was those who were struggling financially that would in effect be shafted even further for even longer.

    However on the flip side, I am also of the opinion that if these people are stupid enough to sign up to a 29% APR loan, then more fool them.

    We cannot babysit these folks, it is their responsibility. I reckon the only thing a person should get in debt for is a mortgage. Anything else should be saved for.
    post edited by dawniesb - 2008/05/16 11:16:45
    #15
    Slinkex
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    RE: Brighthouse 2008/05/16 11:55:24 (permalink)
    if they don't do a credit check how exactly can they guarantee you will pay it back?
    #16
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