Loans at Home and PerfectHome follow BrightHouse into administration
High-interest lender Loans at Home and rent-to-own firm PerfectHome follow BrightHouse into administration
In the middle of March, Loans at Home became the latest in the line of high-interest money lenders to go into administration. Following controversial guarantor lender TFS Loans (who went into administration in February), an independent review found that “there may have been harm to certain home credit customers” at Loans at Home.
The UK’s largest rent-to-own company, PerfectHome, also went into administration at the end of March. Lending people cash loans and credit agreements to purchase household goods at super high interest rates, PerfectHome met the same fate as BrightHouse – now having closed all of its UK stores. BrightHouse were ordered to pay £14.8 million to their customers in 2017 for unfair treatment.
Until buyers can be found for these companies, they can’t sell any more loans, but their borrowers still have to repay their debts. These lenders have been criticised by MPs for targeting the UK’s lowest-income households and being particularly predatory towards the most vulnerable.
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