‘I use buy now pay later scheme for everything – I’m £3k in debt’ – BBC News

https://www.bbc.com/news/articles/cql94yr4y7vo.amp

Posted by cornishpirate32

36 comments

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  2. Shock horror at the consequences of her own actions.

  4. Every generation finds a new way to buy things on the never never thinking it’ll work out for them and the old people telling them it’s a bad idea just don’t understand.

  5. Just work a bit more? It’s only 3k… even at min wage that can be cleared with weekend work

  6. “The 37-year-old, who cannot use credit cards because of other existing debts, began using BNPL three years ago to make larger purchases.”

    Oh really.

  8. ‘Abi has begun applying for a debt relief order, which would freeze her debts for 12 months.’

    And odds on she’ll carry on adding more debt to the frozen debt.

  9. I was going to write something sarcastic.. then saw she’s basically using it like a payday loan scheme for everyday living, likely due to not earning much or costs being higher than her income.

    So yeh, it’s a lesson, but also, the BNPL schemes need to follow similar financial restrictions as other loans should.

  11. We need a British version of Financial Audit, so people will finally understand what they’re signing up for and take their finances more seriously.

  12. Would it be that crazy to limit by law the amount of credit that people can access for personal purchases depending on income and assets?

    Sure thing, you might all of a sudden lose your job, your circumstances change and then you cannot afford what you could easily afford before, but I suspect cases like this one would be caught in advance.

  13. I’ve seen many people fall victim to this, in this economy spreading a 300 quid purchase you need to make over 4 manageable payments isn’t a bad financial decision in any way, however if you do that month A, turn add £150 month B, the £200 month 3 you are suddenly paying out a fortune each month to keep up with your ” manageable” purchases

  15. Person doesn’t do even the bare minimum for financial planning and is now in debt. Who could have seen that coming?

  16. Please please forget your own family and GIVE HER MORE. Ahem- fathers of the children?

    Like WASPI women who split from husbands or men who never saved a penny or set up pensions- without a second thought except ‘someone else will pay’

  17. Same, except I have the cash in the bank to pay it off. 0% loans, like PayPal for 3 months is a great way to buy something that’s a little expensive.
    If you think you might want to return it especially. You’ll never involve your bank.
    Just good cash flow.
    Have the discipline and the means first though!

  18. What do you mean I’d have to pay it later, was that in yhe terms

  19. The biggest lesson we don’t teach in schools is how bad having debt is. Easy to get into debt crazy hard to get out of it

  21. There’s a real risk that the individual debts which have been run up on these sorts of BNPL schemes are being aggregated up in to toxic debt packages and traded around between banks, etc. A bit like how sub-prime mortgages were.

    Then it’s not just a problem for the individuals, but potantialy for everyone else as well.

  22. Seen a few people get addicted to it. They treat is as “not real money” and “it’s just numbers on a screen I’m not paying it back” are phrases I hear.

  24. Used carefully and with discipline, buy now pay later with 0% interest can be beneficial as you spread the payments out meaning you don’t need to overspend or sacrifice anything immediately, or invest the money and slowly draw it out to pay off the debt while gaining interest.

  25. It’s easily done, especially on Amazon! No checks or anything.

  27. I knew they were bad but when I saw you could use at b&m I was still surprised

  28. Yes I believe that is how…checks notes….a buy now and PAY LATER scheme would work.

    Jesus wept.

  29. Debt makes me nervous when I’ve got the money. Let alone for random items when I haven’t

  30. The real thing to notice here is that all 3 women in the article are single mothers. One has four kids and another has five kids. Life is tough in that situation. Not even going to speculate on whose fault it is or isn’t, the bottom line is it will be extremely hard to get by, you want to make choices while you’re young that minimise your chances of being in that situation.

  31. Where are the fathers of these multiple children? Why aren’t they contributing to food and clothing? Why have four / five children and not be able to afford them? We wanted more children but decided not to because we were financially responsible. Should’ve just said fuck it and make them someone else’s responsibility to provide for.

  33. Perhaps if she kept her legs closed and not spat out so many kids, she wouldn’t be in so much debt, no worries though, good old Labour are scrapping the 2 child cap, so people like me can pay even more tax to keep you fed, be able to buy fags and go on holiday five times year.

  34. This is the reality of most people around the world, bad choices result in being poor

    Sure there are some born into extreme poverty that cant escape, but a lot just make terrible life choices

    I have had credit cards since i was a teen, i just never used it improperly, paid my bill in full and didnt buy things i couldnt afford

    I was poor but through frugality i escaped

  36. ‘Single mum of four’

    Well, yes. Unless you’re already wealthy or have a pretty good job it’s going to be hard.

    Plenty of working couples face difficult decisions regarding having a second child or even starting a family at all every day and often, sadly, decide against.

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