Citizens Advice and other debt advice charities are getting increasingly concerned over the buy now pay later (bnpl) culture that is now being offered by many high street stores.

It is reported that around 45% of 18 – 34-year olds have used this payment option over the last 12 months.

Firms make it easy by offering the bnpl option at the checkouts and by advertising it as ‘interest free’ it looks a very attractive way of paying.

This way of paying for goods is not being perceived as proper borrowing and many do not know the implications, however it does affect a person’s credit rating if repayments are not made on time.

Citizens advice say that four in 10 people are now struggling to pay the installments.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices.  Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.

Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements.  Our MVLs are from £995 + VAT + Disbursements.