Don't get caught out by new Buy Now Pay Later rules
New affordability checks mean you could be blocked from using Buy Now Pay Later but here are ways to avoid it.
Buy Now Pay Later (BNPL) lenders have introduced stricter affordability checks for transactions made since this summer. These checks are designed to ensure borrowers can afford the instalments before approving the loan. If a borrower fails the affordability test, their BNPL purchase will be blocked. To avoid this, consider slowing down your purchases, particularly expensive ones, and postpone non-essential buys.
Review subscriptions to prevent reliance on BNPL to pay for other expenses. If you find your account closed or borrowing limit reduced, reach out to debt charities for assistance and food bank vouchers for essential purchases. For struggling borrowers, seek help before debt becomes unmanageable. The MoneyHelper website offers guides to finding free debt advice and managing benefits and grants. Be cautious of social media debt solutions, and avoid them.
Written by urgent.news from BBC Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
