Regulators have been urged to crack down on ‘buy now, pay later’ firms after a damning report revealed that one in 10 shoppers using the credit services are being chased by debt collectors.
Citizens Advice, a group of legal, money and consumer groups, raised the alarm after finding that 195 of the 2,000 buy now, pay later users it surveyed had been contacted by or referred to debt collectors.
The charity estimated that UK shoppers using the option were charged £39m in late fees last year.
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