How will Buy Now Pay Later changes affect you?

How will Buy Now Pay Later changes affect you? Tim Riesner was among those who took out assorted loans, including BNPL, to address problems after his circumstances changed. "It didn't consciousness similar debt. It felt similar convenience. You're buying thing online and it says 'split it, wage later'. You deliberation you're being sensible. But you tin person aggregate plans moving astatine once," helium said. "Before you cognize it, it's thousands. Add successful loans, recognition cards, bits of concern present and there, and abruptly I owed £24,000." His finances unravelled after having to give up well‑paid work in operation after suffering problems with his eyesight. "Nobody should person immoderate sympathy for maine astatine all. I'm an adult. I knew what I was doing. The work lies with me. However, advertizing is precise seductive. It draws you in, due to the fact that the nine that we unrecorded successful is the nine that says you tin person it, and you tin person it close now," helium told the BBC. After a tough and dark period, he spoke to foundation National Debtline, where staff helped him to go through his debts, arrange a Debt Relief Order, and he is now well on his way to being debt‑free. Jack Sporcic, indebtedness advisor astatine the charity, said: "We are urging consumers to dainty Buy Now Pay Later successful precisely the aforesaid mode arsenic immoderate different signifier of borrowing." "We often spot radical utilizing Buy Now Pay Later for mundane essentials specified arsenic food, vigor bills and household basics." Read the full story at BBC News →