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We’ve got a bright idea for hire purchase

Did you know that the Blackpool area represented one of the biggest markets for high-interest hire-purchase chain Brighthouse? So when the company went into administration last week, thousands of local people were left with outstanding debts and confusion about what will happen next.

interest rates high

The administrators have made it clear that customers are expected to continue making their repayments as usual, or face defaulting and losing their TV, washing machine, or other hire-purchase item. We understand the whole situation will be causing worry and confusion, especially for anyone near the end of their term who had almost paid off their hire-purchase agreement.

Wherever you are up to with your payments, it might be easier to pay off the whole thing and sever the link altogether. Here’s where the credit union can help.

We provide fair and affordable loans with no hidden extras, along with support from our expert team to help sort out your finances. Rather than it be a worry, this could be an opportunity to consolidate your debts into one straightforward credit union loan. By paying off the hire-purchase agreement, it also ensures the item isn’t going to be taken off you.

We’re never big fans of these rent-to-own agreements as they usually involve sky high levels of interest and threats of losing your purchases.

We’d rather lend people the money they need to cover the cost of buying the item outright, then the repayments are made to us, an ethical not-for-profit organisation rather than one which makes its money from people defaulting.

And if anyone looking for a new TV, washing machine, or furniture, is considering using hire purchase, please come and speak to us first.

mini oven

With a CLEVR Money loan you won’t be limited to what’s on offer from companies like Brighthouse, or risk the complications of your retailer going into administration.

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