BrightHouse reveals more detailed affordability checks hitting profits

The company, which allows shoppers to pay for goods in weekly instalments with annual interest rates of up to 99.9%, said more detailed checks on customers’ finances were having a material impact on the number of consumers signing contracts, The Guardian reported. 

“We have made changes to our customer sign-up process to include a more detailed assessment of income and expenditure,” said BrightHouse’s chairman Henry Staunton in accounts filed at Companies House.

“This is proving to be onerous and time-consuming for our customers and colleagues. These changes are having a material impact on the level of customer sign-ups and consequently on profit as we enter the new financial year.”