Credit, Collections & Insolvency News
New research from Compare the Market suggests that fear of being turned down for credit is preventing millions of people from applying for financial products altogether, as new Buy Now Pay Later (BNPL) affordability checks are introduced across the UK. BNPL providers will be required to carry out affordability and creditworthiness checks before approving credit,…
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New analysis from debt advice provider PayPlan, has revealed that Buy Now Pay Later (BNPL) usage among its customers across the UK has increased by 3,793% between 2020 and 2025, highlighting the growing role the credit product is playing in household finances. The findings reveal a significant awareness gap when it comes to the new…
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StepChange Debt Charity has welcomed the long-awaited Buy Now, Pay Later (BNPL) regulation coming into force on Wednesday this week (15th July), which will mean all BNPL products come under FCA regulation and include consumer protections in line with borrowing such as credit cards and personal loans. The charity has laid out what the changes…
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New data from Money Wellness has shown that Buy Now Pay Later (BNPL) has become an increasingly common feature of customers’ finances over the past four years, with June recording 4,520 customers seeking help with BNPL debt – the highest June on record and second only to the traditional post-Christmas spike seen in January. The…
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A study by the University of Bristol’s Personal Finance Research Centre and Aberdeen Group Charitable has shown a sharp increase in those aged 40-59 using Buy-Now-Pay-Later loans (BNPL). These loans are currently accessed by 18% of households (up from 15% in May 2025), and while BNPL use is highest among younger households, growth has been…
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The Financial Conduct Authority (FCA) has outlined new measures for Buy Now, Pay Later (BNPL) lending, which will aim to simplify information for borrowers whilst ensuring income checks and support for those in financial difficulty. Lenders must now be authorised and comply with the FCA’s Consumer Duty, ensuring clearer information on agreements and affordability checks.…
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New research from TransUnion UK has revealed that over eight million people are using Buy Now Pay Later (BNPL) for items under £50, whilst 4% put purchases under £25 on this short-term credit. Over a quarter (26%) of people now prefer to use BNPL over credit cards for everyday spending, with 18 to 24-year-olds (20%)…
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The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…
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One in eight customers used Buy Now Pay Later (BNPL) services for the first time in 2024 – an estimated 6.8 million people according to new research from personal finance site Finder. Three in ten (31%) used buy now, pay later (BNPL) services last year. BNPL is particularly popular with younger people with one in…
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As the government plans to regulate buy now pay (BNPL) later firms by 2026, more than one in ten millennials (13%) and Gen Z (11%) consumers plan to put Christmas on credit using buy now pay later apps, RSM UK’s latest Consumer Outlook reveals. In addition, previous data from RSM UK shows that Gen Z…
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Shoppers who use Buy Now, Pay Later (BNPL) loans are to get new safeguards against unaffordable borrowing and credit card-style protection for their purchases, under rules outlined by the Government. Buy-Now, Pay-Later products have become increasingly popular in recent years as they allow people to spread the cost of purchases over time, but users currently…
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Buy now, pay later (BNPL) firm, Laybuy, has collapsed into administration. Laybuy’s UK arm, with around 300,000 customers, has appointed administrators at FTI Consulting. Aound 10,500 shops and businesses let shoppers pay with Laybuy, around 2,600 in the UK. Laybuy has around 29 employees in the UK. The company is no longer accepting new transactions…
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New research by TotallyMoney has investigated the different payments structures for Buy Now Pay Later (BNPL) and has found a lack of consistency and regulation is leading to millions of people struggling to manage payments. The research found that. the average customer makes 4 BNPL transactions per month, resulting in 12 separate payments for the…
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