Credit, collections & insolvency news
New research by Mojo Mortgages has found that 89% of the top 100 most trending Christmas presents can be purchased through Buy Now Pay Later (BNPL) methods. The research also showed that 75% of these products promote BNPL options on their product pages, enticing consumers to make purchases they might not have planned for or…
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New research from credit reference agency Equifax has revealed that the number of consumers using Buy Now, Pay Later (BNPL) could have peaked, but average spending continues to grow and will be key for many this Christmas. Four in ten (38%) consumers now indicate they have made use of BNPL, down from almost half (48%)…
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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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An organisation providing free debt help has warned it is seeing a concerning change in how buy now, pay later (BNPL) is being used. Money Wellness says it has seen a threefold increase in the number of people seeking debt help with BNPL debts over the past 12 months. But the most significant change is…
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New research by CreditSpring has found that 6.7 million young people (aged 18-34) across the UK don’t know that using buy now, pay later (BNPL) can lead to debt. The research showed that mearly half (46%) of young people remain unaware BNPL can lead to debt, much higher than the 35% UK average. BNPL is…
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Nearly a quarter (22%) of Buy Now Pay Later (BNPL) users have missed one or more repayments in the six months to December 2023, leading to late payment fees and in a quarter of cases, a mark against their credit score too according to data from the nonprofit Centre for Financial Capability (CFC). More than a…
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New research by Citizens Advice finds more than one in four adults (28% – the equivalent of 15.1 million people) say they’re likely to use Buy Now Pay Later (BNPL) to help with festive spending. This rises to 56% of parents with primary school-aged children. The findings come as the charity reveals those unable to…
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A third of people (31%) still don’t think that Buy Now Pay Later (BNPL) purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are a third more likely to use BNPL than the UK average according to research from lender, Creditspring. Almost one in three (29%) of people…
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Almost half of adults (48%) have used Buy Now, Pay Later (BNPL) to spread the cost of purchases. In 2023, 7.4 million more people used BNPL compared to the year before. The increased usage of BNPL, isn’t expected to slow down as we enter the busy festive shopping period, in fact it has become essential…
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The Financial Conduct Authority (FCA) has taken action against PayPal and QVC after finding potentially unfair and unclear small print in their buy now, pay later (BNPL) contracts. The FCA expressed concern over the impact on customers and prompted the two companies to change their terms. PayPal and QVC voluntarily made their terms easier to…
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The Financial Conduct Authority (FCA) says the cost-of-living crunch is pushing people toward payday loans and buy-now pay-later (BNPL) products. In a speech, the regulator’s Chief Executive, Nikhil Rathi, warned that rising prices have pushed people into debt, with many still unable to access financial products. The regulators analysis shows that the number of people…
Read moreNew research by the Money and Pensions Services (MaPS) has found that one in five (almost two million) Buy Now Pay Later (BNPL) are using it for essential items such as groceries (11%), toiletries and hygiene (8%), household bills (5%) and fuel (4%). There are an estimated 10.1 million BNPL customers in the UK and…
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A survey of consumers by NewDay has highlighted concerns about the lack of regulation in Buy Now, Pay Later (BNPL) options, with only 16% of UK consumers deeming BNPL’ trustworthy’. Almost half (45%) worried that unregulated BNPL could get them into debt, and 58% of respondents had never used BNPL options and wouldn’t consider using…
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