Credit Unions “incensed by the activities of Rent-to-Own retailers”

The Association of British Credit Unions has welcomed the recent announcement from the Financial Conduct Authority of actions to curb the activities of Rent-To-Own retailers.  The spokesman, Matt Bland said “Our members have long been incensed by the activities of Rent-to-Own retailers and the exorbitant costs they charge to some of the poorest members of society.  While they offer affordable repayment schedules of a few pounds a week, the long-term cost of goods compared to what those with cash up front pay is eye-watering…. However, through a combination of inflated prices, interest and additional insurance covers, borrowers can end up paying 4 or 5 times the cost of the same goods elsewhere on the high street.

“Many credit unions offer affordable alternative schemes for the purchase of white goods and home furnishings providing a cheaper, more ethical way for people to access the things they need to make their house a home.  Be that simply by offering small sum cash loans for borrowers to spend in the mainstream stores or, in an increasing number of cases, through formal partnerships with furniture and white goods retailers.”

 

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