As a responsible lender we have developed a range of ways to help customers if they fall behind with their payments.
In most cases, customers can simply catch up by making the weekly payment they missed. If they cannot afford to make last week’s payment, yet ongoing affordability is not a problem, we rewrite their agreement. We take the remaining amount due, along with the week’s arrears, and spread repayment over the same term time, simply increasing the remaining payments by often no more than a few pence. We do not charge for this or earn any more interest from it.
Sometimes our customers choose to extend the term of the agreement by the number of weeks missed, rather than increasing their weekly payment.
Our objective is to keep the product with the customer. On occasion, however, customers would benefit most from a change. One of the unique benefits of the BrightHouse proposition is the ability to switch products to a more affordable option: perhaps a cheaper model or a refreshed item. This protects the value the customer has already built up in their existing product, but allows them to accommodate a reduction in personal income, for example. It also has the flexibility to work both ways but allows them to accommodate a change in their finances.
A further option involves us picking up and holding a product while a customer overcomes a short period of financial difficulty. Again, no charges are made for this.
Finally, should our customer experience a longer term change in their circumstances – or if they change their mind for any other reason - they can simply return the product to us with no charge, nothing to owe and no detrimental effect on future purchases.