Dunraven Finance Ltd, trading under the name Buy as You View (BAYV), has entered into an agreement with the FCA to provide redress of £939,000 to more than 59,000 customers for historic unfair treatment.  BAYV is a rent-to-own provider selling household goods, such as electronics and furniture on hire purchase to customers.

BAYV has agreed to pay redress to customers as a result of:

  • Fees applied to accounts for unpaid direct debits.
  • An administration fee historically charged of between £30 and £45 for a ‘Fresh Start Refinance.’
  • Detriment suffered as a result of being sold additional goods by BAYV using modifying credit agreements, instead of using a new separate agreement for each item.  Under a modifying agreement the customer would have paid more overall than under separate agreements, but they may not have been aware of this when the goods were sold. 

Further to this, BAYV has changed the way it uses payment meters.  A default notice will now be issued at least 14 days prior to restricting access to the customer’s TV.

The FCA has also identified concerns about BAYV’s creditworthiness assessments, specifically whether BAYV has been lending to customers affordably.  The appointed Skilled Person will monitor BAYV’s reassessments of its lending decisions from 1 April 2014 to the 22 October 2015.  Any customers identified as having been lent sums in excess of BAYV’s own lending criteria will receive redress at a later date.