PerfectHome to repay $3m to 37,000 customers in FCA deal

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Household goods ‘rent-to-own’ company, PerfectHome, will write off the debts of almost 2,500 customers as part of a £2.1m redress package, the Financial Conduct Authority (FCA) announced today.

The watchdog said a total of 37,000 customers would be refunded in either cash payments or have their debts cancelled after the company issued loans to customers they could not afford and levied unfair charges.

PerfectHome’s Chief Executive Mike Sweetland has apologised and said the mistakes of the past could not happen again after a meticulous review of practices.

“We wish to say sorry to our customers and we’re putting that right,” he said. “Those affected will be receiving letters from me personally with information about their redress payments which will be made by cheque or balance adjustments.”