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Experts reveal four buy now pay later tips to prevent shoppers getting into debt

Experts reveal four buy now pay later tips to prevent shoppers getting into debt

Independent17-07-2025
Buy now, pay later firms are set to come under the scope of the Financial Conduct Authority (FCA).
On Friday, proposals from the regulator will outline the rules they will need to follow.
The new regime is due to get under way from July 15 next year, with new protections for BNPL borrowers to give them more transparency and certainty.
In the meantime, StepChange Debt Charity has suggested some ways that borrowers can manage BNPL products and avoid possible pitfalls.
Pause at the checkout
Ask yourself: 'If I wasn't using credit, would I buy this?'
BNPL is seen as a way for retailers to increase sales, so taking a moment to pause could be essential.
Understand which type of service you are using
It is also important to know what the consequences of missing a payment are.
Different buy now, pay later services have different terms and conditions and different consequences for not paying. Do your research and always make sure that if you are taking out credit it is an informed choice.
Make sure you are certain you will have the money to pay it back.
Life is unpredictable, in fact the majority of StepChange clients who find themselves in difficulties with credit end up in that situation because of an unpredictable life event.
If you do start to struggle, get advice right away
If you reach the end of the month and find you are struggling to afford your debts, then you may benefit from free debt advice. Debt help charities can help people to see the right path.
Buy now, pay later providers will have to check that people can afford to repay their loans and offer support if they get into financial difficulty under a consultation put forward by the Financial Conduct Authority (FCA).
Borrowers will also be able to complain to the Financial Ombudsman Service if something goes wrong.
The new oversight by the FCA would mean that BNPL borrowers will have key protections that already exist for other types of lending.
Sarah Pritchard, deputy chief executive at the FCA, said: 'We have long called for BNPL products to be brought into our remit, so people can benefit from BNPL while being protected.
'Our regulation will help consumers navigate their financial lives, with checks on whether they can afford to repay, support when things go wrong and access to the right information to make informed decisions.
'We're mainly relying on existing requirements, including the Consumer Duty, rather than proposing to make lots of new rules, supporting growth and allowing firms to innovate.'
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