Rent-to-own retailer Dunraven Finance, trading as Buy as You View (BAYV), has agreed with the Financial Conduct Authority (FCA) plans to redress £939,000 to more than 59,000 customers.

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BAYV, which sells household goods such as electronics and furniture on hire purchase to customers, was found to have a history of unfair customer treatment and didn’t assess credit-worthiness properly.

 

The FCA identified concerns with BAYV’s policies and procedures across several areas, such as fees which were not clearly set out to customers.

 

The regulator also had concerns about the fair treatment of customers in arrears, and the manner in which BAYV uses payment meters to restrict access to the customer’s TV when payments are not received on time.

And about time too !!

Those who have overpaid because of the impact of a modifying agreement not being fully explained to them may also receive redress. The redress package is as follows:

 

• 58,232 customers will receive redress as a result of fees applied to their accounts for unpaid direct debits. This covers direct debits charged from 2001.

 

• 1,610 customers will receive redress in respect of an administration fee historically charged of between £30 and £45 for a ‘fresh start refinance’. Customers who incurred these fees between November 2012, when BAYV published its customer charter, and March 2014 when BAYV ceased this practice will receive redress.

 

• 3,877 customers who bought goods using modifying agreements between April 2014 and August 2015 (when BAYV ceased using them) will be contacted by BAYV. BAYV will assess whether they have suffered detriment as a result of being sold additional goods by BAYV using modifying credit agreements, instead of using a new separate agreement for each item.

 

BAYV has also changed the way it uses payment meters. A default notice will now be issued at least 14 days prior to restricting access to the customer’s TV.

 

They have also looked at the way in which credit assessments have been made.

I wonder how long it will be for the others to fall into line? Brighthouse should be next in line for the metaphorical slap due to the mandatory inclusion of their insurance and service cover.

As for BAYV......

This is awesome! I didnt realise the FCA were looking into them.... Could be interesting and im not surprised they didnt response to the questions i posed to them.

ROCK ON!

Hopefully BH will be hit next. Unfortunately im in a bit of a quandry with that at the moment.