Martin Lewis requires ‘explosive’ purchase now pay later market to be regulated at ‘most velocity’

‘Motion wanted in two months’

Martin defined to the cross-party group of MPs within the assembly that although these merchandise can work when used appropriately, as they are not regulated debtors do not have an ombudsman to go to if one thing goes improper. He warned that motion is required in two months, not two years.

The very fact these merchandise are being marketed in the direction of the under-30s – notably so-called influencers on Instragram – can be worrying, stated Martin, and he stated there’s a hazard the sector might be neglected policymakers. 

Martin additionally flagged that these merchandise have gotten so ubiquitous when purchasing on-line that folks may have taken them out with out even realising. 

See our Purchase Now, Pay Later information for more information on how these merchandise work and what the hazards might be. 

Watch Martin’s proof on different monetary points

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