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Buy now, pay later products
P002893 - 16 January 2024
Presentations: 1
Presenters: 0
At a Glance
This petition concerning buy now, pay later products was presented to Parliament once by 0 MPs.
Issue Summary
The petition addresses the growing use of buy now, pay later products in the UK, with 37% of adults using them within the last year. Many vulnerable individuals are turning to these unregulated credit products as a coping mechanism during the cost of living crisis, leading to increased debt and reliance on charitable support.
Action Requested
The petitioners request that the House of Commons urge the Government to implement regulation of buy now, pay later products urgently to prevent more people from falling into serious and unmanageable levels of debt.
Key Facts
- 37% of UK adults have used buy now, pay later products in the past 12 months.
- Citizens Advice reports an increase in individuals seeking help with these products due to unmanageable debt and food bank referrals.
- Buy now, pay later products lack consumer safeguards such as affordability checks by firms and oversight from the Financial Conduct Authority.
Presentation Timeline
MPs presented this petition on the following dates. Each card shows the presenters and any recorded remarks.
Presented
16 January 2024
No presenters recorded for this presentation.
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Assessment & feedback
Summary accuracy