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Rent-to-own stores “rip people off” say MPs. We highlight the alternatives

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Rent-to-own

Rent to own now, keep paying much, much later?

Have you ever bought a TV from BrightHouse or a sofa from PerfectHome? Then you might be interested by news that MPs have called for a crackdown on these kinds of stores. This comes after feedback you provided to us last year.

A cross-party group of MPs says the regulator, the Financial Conduct Authority (FCA), needs to take urgent action to stop people from being “ripped off”.

Firms like BrightHouse charge APRs of 94.7% and make customers fork out for expensive cover that can treble the price of household goods.

For example, a washing machine sold for £295 at Co-Op Electricals will cost a whopping £1,092 at BrightHouse once insurance and interest payments are added in.

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