How will Buy Now Pay Later changes affect you?

Tim Riesner was among those who took out various loans, including BNPL, but faced problems when his life changed.

“It didn’t feel like a debt. It felt like convenience. You buy something online and it says ‘split, pay later.’ You think you’re being reasonable. But you can have more than one plan at the same time,” he said.

“Before you know it, it’s thousands. Add in loans, credit cards, a little money here and there, and suddenly I was £24,000 in debt.”

His financial situation deteriorated after he had to quit his well-paying job in construction after experiencing vision problems.

He told the BBC: “No one should sympathize with me. I’m an adult. I knew what I was doing. The responsibility lies with me. But advertising is very seductive. It draws you in because the society we live in is a society that says you can have it and have it now.”

After a difficult and dark period, he spoke to the charity National Debtline, where he helped staff pay off their debts, arrange a Debt Relief Order and is now on his way to becoming debt free.

Jack Sporcic, the charity’s debt adviser, said: “We urge consumers to treat Buy Now Pay Later in the same way as other forms of borrowing.

“We often see people use Buy Now Pay Later for daily needs like groceries, energy bills, and household essentials.”