The regulatory framework aims to curb unsustainable consumer borrowing by evaluating financial suitability based partly on the transaction amount being requested. Those who fail these automated assessments will see their purchase requests rejected, which could negatively impact their account status. Former debt adviser Sara Williams urges shoppers to cut back on subscriptions and curb non-essential spending rather than relying on credit. Individuals facing financial hardship can turn to independent, government-backed services like MoneyHelper for bill prioritization and free local guidance.
Key points
Shoppers should moderate non-essential purchases and drop unused subscriptions to prevent…: Shoppers should moderate non-essential purchases and drop unused subscriptions to prevent account closures or lowered limits.
Consumers relying on short-term loans for everyday basic essentials should seek assistanc…: Consumers relying on short-term loans for everyday basic essentials should seek assistance from professional debt charities.
The government-backed MoneyHelper service provides free local advice and tools to help pr…: The government-backed MoneyHelper service provides free local advice and tools to help prioritize bills and verify benefit eligibility.
Sources checked by our analysis pipeline: 1
- Published
If you've bought something via Buy Now Pay Later (BNPL) since the summer, then you'll have been tested to see if you can afford it.
BNPL has always been a type of loan, usually paid back in instalments, but it's only been officially regulated since July.
This means stricter background checks on your ability to repay.
If you fail, then your purchase via BNPL will be blocked. If there's a chance of this happening to you, here are some ways to approach the situation.
What are the new rules?
BNPL lenders - such as Klarna, Clearpay and others - must now have regulator approval to operate, giving shoppers more access to refunds and independent rulings on complaints if things go wrong.
But new affordability checks on each BNPL transaction could also leave you blocked from services for the first time.
There are different affordability checks for different purchases, partially based on how much is borrowed.
But, with the expensive festive season approaching, here's how to avoid being blocked when time and finances are tight.
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