Brighthouse = Shitehouse

[lurker]

They dont really. Buying outright is always cheaper. The 'interest' is just added into the cost of the contract.

Apple care for example, give you an interest free Loan for your phone, and give you insurance against accidental damage and an extended warranty.

It’s not therefore always cheaper.

Because if they aren't capable of saving then they'll have no chance of a loan from a credit union.

You’re over simplifying things, and putting people into brackets. How do you know people can’t save?

I can understand the side of Brighthouse here, it’s a risk giving credit to high risk debtors, so prices and interest rates are appropriate.

Nobody is forced to buy anything if they can’t afford it, and although these companies are being classed as vultures, they’re simply offering goods and giving people in certain financial situations a choice.

Responsibility falls firmly on the customer.

The prices totally aren’t appropriate. If I went round charging 4x as much to pensioners because there’s a risk they might die before they can pay me back there’d be absolute f***ing hell on.

 

[AndrewP]

You’re over simplifying things, and putting people into brackets. How do you know people can’t save?

Some people can save, but you asked why don't we educate those who aren't capable of saving about credit unions, hence my reply.

 

[lurker]

Some people can save, but you asked why don't we educate those who aren't capable of saving about credit unions, hence my reply.

You seem to have written them off

 

[AndrewP]

Apple care for example, give you an interest free Loan for your phone, and give you insurance against accidental damage and an extended warranty.

It’s not therefore always cheaper.

Apple care is an insurance product.

Apple do offer finance through Barclays but at 14.9 percent.

Apple Financing with Barclays

You seem to have written them off

What makes you think that?

 

[Kevj]

Do you own your own house mate?

I do. Not outright, but I’m a good way on with my mortgage and will pay it off before I retire.

 

[lurker]

Apple care is an insurance product.

Apple do offer finance through Barclays but at 14.9 percent.

Apple Financing with Barclays



What makes you think that?

That’s a lot lower than 99 per cent so illustrates my point perfectly

 

[Mr.Thunders]

I do. Not outright, but I’m a good way on with my mortgage and will pay it off before I retire.

When you bought your first house did you get loads of donations for old shit people didnt want as you were skint?

I did.

I just dont buy this line that people are "forced" to get brand spanking new gear at shitehouse with a massive apr.

 

[42]

That’s a lot lower than 99 per cent so illustrates my point perfectly

Well it doesnt as you said it was free. Also Apple products are overpriced so using them as an expample is counterproductive. I also suspect you wont get the finance if you have a shit credit history. Which is why they charge so much, as the people they sell to are high risk so will have loads of defaults.

 

[TheWanderer]

The prices totally aren’t appropriate. If I went round charging 4x as much to pensioners because there’s a risk they might die before they can pay me back there’d be absolute f***ing hell on.

Well your business wouldnt last long would it, its as simple as that.

It's high risk giving money/goods to people who are unlikely to afford it and have a higher chance of defaulting (or megging it), so the numbers need to add up for the company.

Only 50% of customers of Brighthouse complete their agreements, a quote from the CEO:

"Typically across all the contracts about half get to the point of ownership. Maybe a third get to the point where [customers] change their mind and hand the product back to us. And the remaining sixth would be situations where the customer doesn’t return the product but stops paying, that would be in default. "

 

[Kevj]

When you bought your first house did you get loads of donations for old shit people didnt want as you were skint?

I did.

I just dont buy this line that people are "forced" to get brand spanking new gear at shitehouse with a massive apr.

I had next to nothing in the first place I moved into. Bought a cheap bed from somewhere in Pallion ind estate. Had a few things from my parents house such as sound system and tv. I did buy a DVD player from Curry’s on buy now pay in three month or something and saved like mad to pay that in time. That was in 0% interest if I paid on time mind.

I believe it’s those who don’t have prospects or “a way out of poverty” that will continually use these places which doesn’t really help longer term. Just my experience, welcome being wrong.

 

[42]

The prices totally aren’t appropriate. If I went round charging 4x as much to pensioners because there’s a risk they might die before they can pay me back there’d be absolute f***ing hell on.

Travel insurance is a lot more expensive for the elderly. Also try getting a mortgage as a pensioner.

 

[Ambivalent Dave]

Aren't they usually free, rather than interest free?

price of the phone factored into your contract. It’s why three are getting shit of late, not reducing payment once the contract is up

 

[Dogbark]

Well your business wouldnt last long would it, its as simple as that.

It's high risk giving money/goods to people who are unlikely to afford it and have a higher chance of defaulting (or megging it), so the numbers need to add up for the company.

Only 50% of customers of Brighthouse complete their agreements, a quote from the CEO:

"Typically across all the contracts about half get to the point of ownership. Maybe a third get to the point where [customers] change their mind and hand the product back to us. And the remaining sixth would be situations where the customer doesn’t return the product but stops paying, that would be in default. "

Look before you quote

 

[AndrewP]

That’s a lot lower than 99 per cent so illustrates my point perfectly

Aye. Your point was they offer interest free credit so aye, perfectly illustrated.

price of the phone factored into your contract. It’s why three are getting shit of late, not reducing payment once the contract is up

Aye, they all used to do the same thing years ago.

 

[offshore]

I'm not defending the like of bright House but we now have people who don't work with kids wanting the best kit! IE phones and games consoles. And the only option for them is 99% credit. The interest rate is so high and so is the amount of people who default . It's been going on for years with the provident and even Joplings in the town doing massive credit. Pawn shops still do it... Way of life for some.

 

[Mr.Thunders]

I had next to nothing in the first place I moved into. Bought a cheap bed from somewhere in Pallion ind estate. Had a few things from my parents house such as sound system and tv. I did buy a DVD player from Curry’s on buy now pay in three month or something and saved like mad to pay that in time. That was in 0% interest if I paid on time mind.

I believe it’s those who don’t have prospects or “a way out of poverty” that will continually use these places which doesn’t really help longer term. Just my experience, welcome being wrong.

I've dealt with people in poverty for a number of years,been into houses where they have fuck all,been into some where they have fuck all apart from the massive tv on tick.

I just think you cant label everyone who shops in brighthouse as a benefit scrounging ronker but at the same time think "oh poor them,this is the only way they can afford a washer".

Like cars on finance, brighthouse and the like allows people who couldnt normally afford high-end products a way to so so,even if it's not a good idea.

 

[TheWanderer]

Look before you quote

Have you?

Handing your product back isnt completing on the agreement to the point of owning the product, maybes i shouldve been more specific.

 

[andymulesafc]

Save for a year for a new telly or get it instantly and pay over five years but pay four times as much. Many choose the more expensive .

People want it now these days, and aren’t prepared to wait. Many don’t give a toss what they are signing up to and just want the product they’re being ripped off for.

 

[Kevj]

I've dealt with people in poverty for a number of years,been into houses where they have fuck all,been into some where they have fuck all apart from the massive tv on tick.

I just think you cant label everyone who shops in brighthouse as a benefit scrounging ronker but at the same time think "oh poor them,this is the only way they can afford a washer".

Like cars on finance, brighthouse and the like allows people who couldnt normally afford high-end products a way to so so,even if it's not a good idea.

What do you consider to be the core market for Brighthouse then? As said, I can only go off the experience I have.

 

[Gutmackem]

Just seen an advert on telly for brighthouse advertising a shit phone at 17 quid A WEEK.

They seemed very proud of the fact their advert had NO SMALL PRINT and they charge 99 per cent APR for something most phone shops do for free.

I think we should have a whip round to get someone to stand outside their shop giving free financial advice.

They're basically loan sharks under the guise of something else, most car dealers are going down this route, it's not about buying the product, it's about getting the punter to buy on the Chucky

The people who use Brighthouse aren't usually capable of saving up so if they want something quite expensive, such as a large TV etc then they will end up at Brighthouse. Brighthouse deserve to have defaulters as that's who they actively target.

This is simply not true, if they can pay Brighthouse £xx per week then they are capable of saving that money until they have the cash to buy it, unfortunately a lot of people don't want to wait to save up, they want it now, if there's one things I've taught my kids I hope it's to save up