Brighthouse - The Store That Prospers in Bad Times

[longjohn1953]

i think the word "con men" comes to mind to me.

[stoop]

I agree but I suppose they are pricing their goods based on the risk they are taking with their customers. ie: how many default on payments?

[Scunner]

Well it depends which way you want to look at it. Are they pricing based on risk or targeting the risky?

[stoop]

Both I think Keith. They target those who are higher risk and then make them pay for the things they really want. A bit like Sky did when they first started out.

[nuttybird]

I hate to see stores like these, I know its each to their own and people have the choice to buy in these places or not, but a lot of the people that do, do not look at the APR % and do not realise (or understand) what they are paying back. Ive been there, been silly, and im paying for it now, not with a store like this, but just as bad, store cards, bank loan, catalogues, my APR on some of my store cards was 32% but at the age I was when I got these out I didnt think of the paying back, I just wanted the items I was buying. I was a very very silly girl, who has learnt a lesson the very hard way. I now work full time and then I work all weekend in my dads black cab to pay back my debt. I was lucky, as I confessed to my parents, they were not happy at all, and I wont repeat the words that came out of my dads mouth, but they paid off my debt, on the condition that I pay it back to them quickly. I think they thought it would take me 2 years, but ive been paying them back for 10 months now and I only have 3 months worth of paying back to do, and they are now very proud of me as i have proved to them, that I have learnt my lesson (im very scared of 'credit' now) and how hard ive worked to prove to them. My social life on the other hand is nonexsistant but this is the price I pay for the sillyness i got myself into. When Im out of debt in 3 months     I will stop driving the cab at the weekends, but I wont give up my license because it will always be handy for money for DIY/Holidays/emergencies etc. But I have learnt my lesson, and plus my own stupidity ive wrecked my credit history, so for around 6 years I can not get credit, luckily I have my house and my mortgage and that is all fine, but it could of been so much worse. Silly me! so my opinion on Bright house is they should all be shut down, some people do not know or understand what they are getting into.

[Jim Fraser]

Brilliantly put Nuttybird

[stoop]

Well said Nutty! Some people do not know what they are getting into and the warnings should be much clearer imo.

I particularly hate the 'loans for car owners'

You own your car
You go to them for a loan
They lend you money against it's value and you sign it over to them (I guess)
They charge you interest in the region of 435%apr -

YES 435%

http://www.auto-money.co.uk/welcome/

[nuttybird]

Thanks guys. It was actually quite theraputic typing all that out, shows the long road ive come since my shopping habit days!

[pookie]

Easy to do Nuttybird - well done on turning it around.  I have just looked at Bright House website = I can not believe the prices, they are just plain silly.  Several years ago Mr Pookie was taken very poorly and couldn't work for almost a year.  Previous to that we had both been earning good London salaries and lived the life of riley - all on credit cards and store cards.  Then, when Mr Pookie couldn't work, we got in real touble paying it back.  Several years on, and several years wiser, we now buy nothing on credit, we don't own a credit card and I will not buy 'that' new telly, or 'that' new suite until we have the money in the bank to do so.  We are very often tempted to get another card (if only to spread the costs of flights ! - but we just think back to the pain they caused and realise how easy it is to get carried away.  We will never give in again !!

[Jacqui Harvey]

It's like Cash Converters the stuff in there, particularly the jewellery is very cheap, which makes you wonder what they have paid for it and still they are making a profit selling it.  The Manageress of the Cancer Research Shop took a really good camera that had been donated, across to Cash Converters and they offered her £15.00 for it.  She took it back to the shop and sold it for £75.00.