Bright House opening in Newbury, Dark days ahead?.... Options

[wabbit]

Oh great just read that Bright House are opening one of their stores in Newbury...

For those unfamiliar with this set-up, they are (quote)

We’re BrightHouse, and we’re the leading rent-to-own company in the UK. We have over 240 retail stores nationwide which provide quality branded household goods to our customers for low weekly payments and no deposit.

So, Newbury has the dubious honour of being graced by one of these 'preying mantis' type shops... feeding on the financially naive and credit disadvantaged. If you have any doubts about their 'pedigree', just Google them

What next for Newbury? Cash Converters? Pawn Shops?

[Roost]

Yeah but the adverts are good........

[lordtup]

Oh sorry you said "pawn shops".

[Roost]

Oh sorry you said "pawn shops".

[JeffG]

What next for Newbury? Cash Converters? Pawn Shops?

We already have at least one "pay-day loan" shop.

Oh, and I remember the days when many people rented TV sets (Radio Rentals) without any fuss being made - this sounds like a similar enterprise.

[Guest_xjay1337_*]

Sometimes people can't afford £1000 for a TV but they could afford £30 a month? As long as there is transparancy in the process I see this as a good opportunity for people to get what they want, as long as they don't get in over their heads.

Pawn shops Well with the departure of Ann Summers in the Highstreet we have nothing else to go to..

[wabbit]

Personally, I don't think that an APR of 29.9% is reasonable and, whilst there is nothing illegal or hidden about this rate, it may very well be just the type of customer who can least afford these rates who will be tempted? I'm not at all sure either that most of these customers will have even heard of APR, let alone its implications. Bright House don't seem to have an exactly glowing reputation for customer care either.

Yes, I agree Radio Rentals renting scheme worked very well in the 'good old days' before rampant consumerism and the 'because I'm worth it' ethos meant people borrowing way beyond their means (fuelled by irresponsible bank lending). Aren't we all paying the price for that now?

Still, as with the development of Parkway, we were told we do have to compete with Reading... we'll soon be just like Reading. Whoopee.

[Bloggo]

Personally, I don't think that an APR of 29.9% is reasonable and, whilst there is nothing illegal or hidden about this rate, it may very well be just the type of customer who can least afford these rates who will be tempted? I'm not at all sure either that most of these customers will have even heard of APR, let alone its implications.

Then perhaps they should take a reality check and realise that not everybody can afford to have whatever they see and exercise some self restraint.
Times are hard and getting harder and people will have to learn a little discipline or face the consequences.

Yes, I agree Radio Rentals renting scheme worked very well in the 'good old days' before rampant consumerism and the 'because I'm worth it' ethos meant people borrowing way beyond their means (fuelled by irresponsible bank lending). Aren't we all paying the price for that now?

Exactly. people, and the country for that matter, should only borrow what can be easily paid back.

Still, as with the development of Parkway, we were told we do have to compete with Reading... we'll soon be just like Reading. Whoopee.

No, Parkway is not at all like Reading. It is a great improvement for the Newbury consumer shopping experience but once the novelty wears off people won't choose it above Reading and Basingstoke. Not in the same league I'm afraid.

[Guest_xjay1337_*]

Personally, I don't think that an APR of 29.9% is reasonable and, whilst there is nothing illegal or hidden about this rate, it may very well be just the type of customer who can least afford these rates who will be tempted? I'm not at all sure either that most of these customers will have even heard of APR, let alone its implications. Bright House don't seem to have an exactly glowing reputation for customer care either.

Yes, I agree Radio Rentals renting scheme worked very well in the 'good old days' before rampant consumerism and the 'because I'm worth it' ethos meant people borrowing way beyond their means (fuelled by irresponsible bank lending). Aren't we all paying the price for that now?

Still, as with the development of Parkway, we were told we do have to compete with Reading... we'll soon be just like Reading. Whoopee.

The APR is generally matched to the intial cost. For example a £20,000 loan with an APR of 8% is quite good. However when dealing with loans of under £2000, there's not enough profit in it for the credit company to offer loans with that sort of rate. 30% on a loan for £1500 isn't really that bad, especially if your credit rating is quite bad. I can however completely understand your viewpoint and the worries you have.

[geff]

29.5 %? Thats CRAZY
You can get a loan for 18% at the local Credit Union. Why pay £169 interest on £1000 loan when you only need pay £100?
AND with the Credit Union loan you can choose where to buy your stuff, so you can get a better product at a cheaper price.
Check out Community Savings and Loans at Sovereign Housing, 22-24 Bartholomew Street, Thursdays 10.00 to 12.00
and West Berkshire Council Offices, Market Street, Tuesdays 10.00 to 14.00
I can recommend them

[geff]

Thinking of shopping at Brighthouse? Think again

Extract from The Mail online, This is Money section

For the full article go to http://blogs.thisismoney.co.uk/2012/02/thi...-stop-dont.html

One shopping chain that is thriving in recession-hit Britain is Brighthouse, the hire-purchase firm selling TVs, furniture and white goods through its 243 stores and online.
My advice is to steer clear.
Brighthouse is highly profitable for a number of reasons, and here are just a few:
- Brighthouse uses a unique product-coding system which makes it almost impossible for customers to compare prices with those of rival retailers.
- In at least some cases, Brighthouse appears to be selling electrical goods at extremely high and uncompetitive cash prices.
- Brighthouse sells a high proportion of 'exclusive' products - ie products which vary slightly from standard models supplied to other retailers, making them impossible to compare on price.
- Brighthouse makes it compulsory for customers to have insurance, and sells its own enormously expensive cover.
- Brighthouse encourages customers to buy warranty-type service agreements which can almost double the overall cost of a product.
- Brighthouse lends customers the money to pay for all the above at a rate of 30% APR.

[user23]

So where and when is this opening in Newbury?

[theone09]

So where and when is this opening in Newbury?

In the Kennet Centre opposite Poundland. The shops that were occupied by Gimmie Gizmo & Past Times.

Think it 'should' be opening this month