Rent-to-own customers need price cap, says Citizens Advice

Rent-to-own customers need price cap, says Citizens Advice
 

Consumers who use "rent-to-own" firms to buy goods should be protected by a price cap, similar to controls on payday loans, Citizens Advice has said.
Up to 400,000 people use the firms to buy household appliances, typically paying the money back over a three-year period.
But after interest is added, they can end up paying twice the original price.
The Financial Conduct Authority (FCA) has told the BBC that it is prepared to consider such a cap on charges.
Citizens Advice also said there was a lack of affordability checks in the industry, meaning that people signed up to agreements... read more

 
29 November 2016 in Regional, Views: 46
Source: BBC
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