Starling must’ve put out a useful press release, just seen this article in the Guardian:
Seems like this is something Monzo could be doing as well, especially if their patterns are markedly different from Starling’s.
BrightHouse was targeting the poorest customers in the market. The reason they shopped at BrightHouse was because they lacked the capital or credit to go elsewhere.
It’s no use another retailer being cheaper when they want the whole sum at once and you’ve only got a few pounds a month to put towards the item, adnd no line of credit to use an overdraft or card instead. £400 might not be a lot to you or me, but it is a lot to many who don’t have much left over after bills and food come out of their pay.
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£400 is a lot to me and as a result I just don’t see the the urgency in needing a very large TV like that straight away.
I’d make do with a smaller one, my phone or none at all while I saved up if I had no credit anywhere else, rather than paying £2k.
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The point is it isn’t for sale for £2000. It was on sale for £400. People put their head in the sand when the legalese and credit interest was mentioned (or not mentioned) because they want that £400 TV. They realise its a £2,000 TV much later on (or not at all as they just keep paying it).
Not only that, but their are customers who were due to have their interest refunded because the FCA ordered BrightHouse to pay back people who were given loans they shouldn’t have been. These people are now unlikely to get the full refund, if anything at all, and whatever they do get will be delayed.
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I think they would class as priority creditors. Some irony in one borrower paying back another…
From my point of view, it’s a positive that they’re just not doing any new business…
Yes, it is 
Failed by parents, school, then fall into the hands of loan sharks - it’s a terrible trajectory and heart-breaking, but all too real and common
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Yes, it has helped out a lot of people - specifically all those less financially literate people who might have been tempted to pay over the odds to buy a TV from them. In my opinion, that’s still very valuable.
I get that for essential things like a fridge freezer etc but a huge TV? Surely not. They’ve got to take some responsibility themselves unlike the person in the article that blames it all on the company.
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I was going to say the same thing. Even for a fridge freezer there are better options. When I got my first place and needed a fridge freezer I got one for free because a neighbor just happened to be replacing theirs and I saw it in their garden and asked if it worked and if I could have it 
Second port of call would have been gumtree.
It doesn’t take much effort to realise that brighthouse were rip off merchants. I saw them advertise an xbox one. Thing the total cost for it came out at around £800!!
Should they also wash all their clothes by hand because a washing machine isn’t technically ‘essential’. I’m not saying a massive TV is essential, but people feel differently on what is essential or not. High-minded moralising isn’t usually the solution when people are struggling to the point that they are going to a place like BrightHouse.
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That’s my point. If they determine a TV to be essential then that’s fair enough, don’t lay all the blame on the company that gave you to opportunity to own one when nobody else would.
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It’s easy to get suckered in by the weekly deal prices though. There’s a lot to be said for the psycology of the sales tactics they used, especially coupled with the price points.
I’m not saying people aren’t at fault, but a company like BrightHouse (and Wonga, and all those in the same bucket…) rely on people both being in a specific need state, and being suspecptible to marketing tricks.
I just looked through some of their adverts on YouTube; it’s easy to see the appeal of “just pay £3 a week”, on top of all the other tag lines.
Part of the challenge no doubt is that the company itself creates that “need” for that big new TV or PS4 through their pricing, marketing and sales techniques.
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THIS!!!
Are the company at fault? Debatable.
Is the customer at fault? Yes.
What happened to personable responsibility since the 90s? Did it just evaporate overnight for many people? Do parents not bring up children to have it any longer?
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Yeah that’s a good point!
A lot of places now get you to spread the cost instead of encouraging saving. £3 a month sounds great but if you’ve got 15 items it soon adds up.
Hopefully if a new wave of these companies start up they’re a lot clearer with their APR and they have more stringent checks instead of accepting anyone and everyone. Which is what I believe was the downfall for Wonga and such.
What are Aldi doing in regards to opening hours in the morning?
Have you asked your local store?
You’ve got to educate people better.
What I mean by this is using education so people can think for themselves and interpret whether a “good deal” really is a good deal.
Ordogs school of life is now in session 
haha only kidding 
what you’ve said is very true. I understand that it all falls down to math, but is financial management of any sort taught at school these days?
Nope haven’t had a chance as we’re supposed to be staying at home and I have been shopping at tesco recently