A PROPOSED investigation into ‘rent to own’ shops has been welcomed by a North West MEP.
The All Party Parliamentary Group on Personal Finance will investigate shops that sell furniture, fridges, TVs, washing machines and other electrical goods and take payment in weekly instalments.
UKIP’s Louise Bours, who represents the region in the European Parliament, said: “Many people are able to buy outright or by using a credit card but others are not able to do so and struggle to make ends meet.
“Buying such large items by paying on a weekly basis is the only way they can afford to get them.
“What concerns me, and has done for some time, is the extortionate interest rates charged by some of these companies.
“They fall into the same league as pay-day loan companies and unfortunately it is the most vulnerable in society who use them.”
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