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Rent-to-own firm pays redress to 37,000 customers

From BBC - March 20, 2018

Rent-to-own firm PerfectHome has agreed to pay out a total of 2.1m, after concerns were raised about the unfair treatment of some of its customers.

As many as 37,000 customers will receive an average of 57 each.

An investigation by the Financial Conduct Authority (FCA), found that more than 2,000 customers were given loans they could not afford.

It also comes as the actor Michael Sheen launches a plan to provide lower cost loans to vulnerable consumers.

Rent-to-own firms have been widely criticised for charging high interest rates, typically on goods like fridges and washing machines.

The FCA investigation also found that PerfectHome had:

Debts written off

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