Credit, Collections & Insolvency News
Buy now, pay later (BNPL) specialist, Klarna has announced that it will start reporting UK customer debts to credit agencies for the first time next month, in a move that could affect shoppers’ credit ratings from 2023. The move is understood to be the result of two years of talks with the credit reference companies…
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Instagram influencers who were paid to endorse buy-now, pay-later (BNPL) fuelled more than £652 million in borrowing amongst followers trying to replicate their lifestyles according to research by Credit Karma. The company reviewed buy-now, pay-later sponsored posts by the UK’s biggest influencers finding that an individual would need to spend an average of £1.8K to…
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Consumer demand for credit products has grown since the onset of the pandemic, according to TransUnion’s Consumer Credit 2022 white paper, which reveals changing consumer preferences and affirms the growing demand for buy now, pay later (BNPL) finance. The research reveals significant growth in the credit market when compared with pre-pandemic figures with more consumers…
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New research has found that 81% of borrowers are unaware that Buy Now, Pay Later’ (BNPL) schemes are unregulated, placing them at major risk of falling into debt. The research by Creditspring found that more than half of UK adults (53%) don’t know that BNPL schemes can lead to debt if scheduled payments are missed…
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One in twelve people turned to Buy Now Pay Later (BNPL) to cover basic costs such as food and toiletries in the last six months research by Citizens Advice has found. The charity discovered young people, those in debt and those claiming Universal Credit, are at least twice as likely to have used BNPL for…
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Consumers using Buy Now, Pay Later (BNPL) are much more likely to be struggling according to latest research by debt charity StepChange. In response to the HM Treasury’s consultation on how to regulate BNPL StepChange is pointing to clear evidence that BNPL products are being widely used by people experiencing financial difficulty. For example, consumers…
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Which? is calling for stronger safeguards to stop online shoppers from choosing Buy Now Pay Later (BNPL) to pay for products without knowing the risks, as new research from the consumer champion reveals many people do not think that they are taking on debt when using this payment method. Buy Now Pay Later has soared…
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Amazon customers will have the option of using a buy now, pay later (BNPL) service after the online retailer teamed up with Barclays to launch a new flexible payment method. Instalments by Barclays will enable Amazon shoppers to finance purchases of £100 of more via their account. The reusable credit account can be used on…
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New research by Scottish Friendly has indicated that households set to spend £1.3 billion this Christmas using buy-now pay-later (BNPL) schemes. The survey of 2,000 UK adults found that nearly three in ten (28%) are likely to make Christmas-related purchases using BNPL schemes this year. On average they will spend £162 using BNPL payment options,…
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New research by OpenMoney has found that almost three fifths (57%) of adults aged 18 to 50 have now used Buy Now, Pay Later schemes (BNPL), up from half (49%) last year. The largest rise in usage has been among 45 to 50-year-olds, where 16% growth in the last year makes it the age group…
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Almost one in ten people in UK (9%) are planning on using Buy Now Pay Later (BNPL) for part of their Christmas shopping, Citizens Advice has found. Out of the 43% resorting to borrowing to help cover Christmas this year, one in five said they’ll be turning to BNPL to pay for at least part…
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More than a quarter (28%) of UK shoppers are now regularly using Buy Now Pay Later (BNPL) services to spread the cost of purchases, and thousands more will be doing so for the first time as the festive season approaches according to new data from Equifax. The research has revealed just how much of consumers…
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New figures from Financial Wellness Group have indicated that the number of customers seeking debt advice who have outstanding Buy Now Pay Later (BNPL) loans amongst their debts has increased fourfold since the start of the pandemic. In the past 8 months (March to November 2021), the number of customers with BNPL debts on a…
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