10 February, 2015
In response to today’s (February 10) report from the All Party Parliamentary Group on Debt and Personal Finance following its inquiry into the Rent to Own sector, Mike O’Connor, chief executive of StepChange Debt Charity, said:
“This report throws much needed light on a dark corner of the credit industry which exploits some of the most vulnerable people in our society. People who are already struggling should not have to pay a ‘poverty premium’ and end up paying much more for basic goods than those of us who are more fortunate.
“There is a demand for rent to own goods but if consumers are to be treated fairly the pricing needs to be much more straightforward and transparent. The Financial Conduct Authority should urgently review those aspects of the rent to own market that are clearly not fit for purpose.”