There comes a time for all of us when we find that we urgently need something we can’t quite afford. Whether its birthday presents for the kids, or a replacement for a broken or faulty appliance, expensive purchases can put a huge burden on our finances, particularly in an economic climate where many of us are being forced to tighten our belts. This is one of the many reasons why sub-prime or ‘pay weekly’ companies such as BrightHouse are becoming increasingly popular.

These days, almost every major town or city will contain at least one of these weekly payment stores – but how exactly do they work? From the amount of scaremongering in the media about sub-prime companies, you could be forgiven for expecting them to look like underground caverns of doom, staffed by moustache-twirling pantomime villains with one eye on your life savings, rather than the bright, friendly and affordable stores you’re likely to see in your local shopping centre.

The reality is that no business built on ripping off its customers is likely to last for very long – for one thing it’s not the best way of attracting repeat visitors! What pay weekly stores do is allow you to buy furniture and appliances when you need them without putting down a sizeable deposit. Instead, you pay for your purchase over an agreed period of time via small pre-determined weekly instalments. This can help to make even the largest purchases more manageable, saving you from having to spend more than you can afford before your next pay cheque comes in.

So what happens if you find that you can’t make a payment? Different companies have different policies, but most reputable brands will offer provisions that can save you from slipping into debt. These may include options such as returning your item on a ‘pick-up and hold’ basis until your financial circumstances improve, returning your items indefinitely to halt your payments, and downgrading your items to bring down your weekly payments.

The most important thing to remember is to stay in touch with the store you make your purchase from. Make sure you know exactly how much you’re expected to pay, and when, and stick to established, trustworthy brand names. If you’re worried you might miss a payment, let the store know in advance so that they can advise you of the best course of action. Follow these guidelines and you should find pay weekly services to be a simple and stress-free method of budgeting your major purchases.