Proposed cap to interest rates.

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jef costello's picture
jef costello
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Aug 5 2010 14:34
Proposed cap to interest rates.

I'm not sure exactly what this means as they are excluding "pawnbroking, payday loans, home credit and rent-to-buy credit" it mentions that up to 3M people use 'expensive doorstep loans' but nothing else. I don't know much about the doorstep loans market though. Probably just a story to create a little bit of goodwill.

There was a film about doorstep loans a few years back, but that was linked in with rent-to-buy credit iirc, it's actually up online on C4.

Brighthouse have opened a big new store near to me again.

sihhi
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Aug 5 2010 21:07

BrightHouse is doing OK, apparently the Edmonton one gets loads of customers

vanilla.ice.baby
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Aug 5 2010 21:17

They're doing really well in Newcastle, I was talking to one of their staff the other week and he reckoned over the last couple of years their trade had doubled, which given the difficulty of getting credit from a mainstream lender and the lack of visibility of alternatives such as Credit Unions is inevitable.

fingers malone's picture
fingers malone
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Aug 5 2010 22:12

What is Brighthouse?

I remember one of my students looking at the catalogue for one of those companies that sell you crap furniture and TVs on instalments, she didn't even know that she would be charged interest. She didn't understand anything except the affordable looking monthly payment. (I did a class on credit after that.)

By the way the captcha today is "three fluffing"

jef costello's picture
jef costello
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Aug 5 2010 22:58

Brighthouse is a pay on installments company that offers some of the worst rates on the high street. It had a shop near me that was picketed and leafleted (not by me) by a local group and eventually closed down (quite possibly unrelated). It's now opened a new store that is bigger but slightly shabbier. It's by Matalan in Wood Green.

fingers malone's picture
fingers malone
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Aug 6 2010 06:56

Thanks. Maybe LCAP could think about picketing them too. I'll ask people.

sihhi
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Aug 6 2010 08:22

That store has been there at that site for 4 years!
It used to also have a small version near Turnpike Lane - it's BrightHouse rationalisation.
Friend's family got a new sofa from there.
If you pay the money on time it's ok apparently.
You can even set up a standing order for a short period of time to cover the cost.

Steven.'s picture
Steven.
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Aug 6 2010 09:22

yeah, brighthouse charge 39.9% interest I think

jef costello's picture
jef costello
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Aug 6 2010 09:23
sihhi wrote:
That store has been there at that site for 4 years!

I did only recently move back to London after being away for four years smile
I'm sure it wasn't there when the Primark opened (before it became Matalan.)

sihhi
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Aug 6 2010 17:37

It's OK jef!

Primark didn't become Matalan.
Half of Sainsbury's became Matalan. Half of Sainsbury's eventually became Bright House.
Primark became LIDL.
The new Primark has replaced the Pearson's which used to be D H Evans.

On the interest rate, it's normally at 29.9%, but sometimes goes over it.

Questions should be asked about the ad agency http://www.thewalkeragency.co.uk/3_who.htm Walkers who do the ads and put them sponsoring Trisha - the tv programme.