Price comparison

Weekly payment stores like Brighthouse might seem like a good idea and may appear to be cheaper, but in the long run they will end up costing up to three times the price you would have paid if you had saved the money up yourself.

Top tips

  1. Choose carefully
  2. Ask for advice

Take the Hotpoint 50cm Ultima Double Oven in white, for example.

With Brigthouse you pay £7.30 a week – which seems appealing and affordable. But in reality the final price for the oven will be £1,138. That’s because:

  • ovenProduct Price: £383.57
  • Delivery and Installation: £75.00
  • ServicePlus: £103.67
  • Insurance: £31.10
  • Product with 5 star service: £593.34
  • Weekly Payment: £7.30
  • Number of Weeks: 156
  • APR: 64.7%
  • Total Payable:  £1,138.

 

Compare that to Next (£378), Currys (£385) and even John Lewis (£419) and it’s clear that saving up is a much cheaper way to buy items than by using Brighthouse.

washingmachineIt’s the same with the Hotpoint 9kg Ultima Washing Machine:

  • Brighthouse Product Price: £446.49
  • Delivery and Installation: £55.00
  • ServicePlus: £169.13
  • Insurance: £60.89
  • Product with 5 star service: £731.51
  • Weekly Payment: £9.00
  • Number of Weeks: 156
  • APR: 64.7%
  • Total Payable: £1,404

 

Compare that with Amazon (£315), Argos (£365) and John Lewis (£398) and you could save well over £1,000 by saving up, rather than paying what looks like a good deal at £9 per week.

Factsheet

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And for those of you tempted to buy a flat screen tv from a store such as Brighthouse…

tvFor the Toshiba 47” Premium Smart 3D LEDTV you will be way over the odds:

  • Product Price: £673.66
  • Delivery and Installation: £65.00
  • ServicePlus: £182.07
  • Insurance: £54.62
  • Product with 5 star service: £975.35
  • Weekly Payment: £12.00
  • Number of Weeks: 156
  • APR: 64.7%
  • Total Payable: £1872

 

Compare this with buying the same TV from a high street store. The price of this product in Argos is only £479. Always think before you sign up to an agreement with a weekly payment store. Make sure you understand the full cost you will be paying for the item.