Buy As You View is a trading name of Dunraven Finance and will pay over nine hundred thousand pounds in compensation. The company rents out many household products, including electronic goods and furniture on hire purchase to over 59 thousand customers.
An investigation by the Financial Conduct Authority (FCA) highlighted problems with the way the fees are advertised and how customers in debt are treated. The City watchdog also scrutinised the method of controlling access to TVs with the use of payment meters.
Dunraven Finance will contact those affected directly and will compensate each customer roughly £16. This will be paid in cash or by amending bills to reflect the reimbursed payments.
An apology has been issued by Graham Clarke who is the Chief Executive working with the FCA to resolve the concerns highlighted. Measures are being placed to issue a notice instead of immediately restricting access to the debtor’s TV in line with the current policy. Many customers will also receive compensation for the fees added to their accounts for direct debits that were missed.