Thousands of customers of failed rent-to-own company BrightHouse have been warned that they will probably not get any money back for mis-sold loans.
The administrators for the company, which collapsed in March 2020, had earmarked £600,000 to handle 11,000 mis-selling claims, but the future of the cash pot is uncertain - along with the compensation former customers were hoping for.
BrightHouse offered loans for expensive items like white goods and sofas, which consumers then paid back with interest of up to 99.9%, but in 2017, the company was ordered to pay back £14.8million to customers after the Financial Conduct Authority (FCA) found it had treated customers unfairly.
