Monday 30 March 2020

No Tears For Loss Of BrightHouse

Our thoughts must be with the 2000 BrightHouse staff who have found themselves out of a job but nobody will be shedding a tear for the shop itself which was a cynical practise.
The shop sold electrical goods such as Washing machines, Televisions and Fridge Freezers on Higher Purchase to people who did not have the payment or credit rating to purchase upfront but they came with eye watering mark ups.
In an echo of the likes of Wonga and Quick Quid who had the same business model of lending and selling to the people who could least afford it, Brighthouse ran into financial problems when the Financial Conduct Authority (FCA) bought an end to their extortionate practices and fined them  £14.8 million for misselling goods on high-cost credit deals and not making correct checks that the lender can afford to make the repayments.
With many outstanding mis-selling claims against them, an administrator will now takeover the scores of mis-selling claims lodged against the firm however, claimants may have to wait longer for their compensation.
BrightHouse is another example of a company whose profits began to dry up when made to stop exploiting the low paid and jobless which showed how their business model worked all along so we should celebrate the demise of another yet deceitful, shameless business although that is tinged with sadness for the staff who today find themselves unemployed.

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