Britain will soon lay out new plans to regulate 'buy now, pay later' firms like Klarna after delays

Th4tGuyII , 1 hour ago

Too many people end up in debt spirals with these BNPL companies because there's no consistent safeguards against it, so we absolutely should be regulating them better. We shouldn't be leaving financially vulnerable people to the wolves.

cynthorpe , 5 hours ago

Good. Shut that shit down

ObviouslyNotBanana , 4 hours ago

I personally find it incredibly useful, but I agree that it should be regulated. It is very obvious that the way these systems work currently is not in the interest of the citizens, judging by the numbers of people who go into a debt spiral they cannot resolve. Just because it’s useful for my case doesn’t mean that it should stay as it is.

mundane , 4 hours ago

While I agree that increasing consumer debt is a problem, I think Klarna provides a valuable service for online shopping.

I can get my goods delivered and inspect them before paying anything. If the goods are not as stated (or don’t arrive at all) I just dispute it and then it is Klarnas problem, I haven’t risked anything of my own money. If I had paid up front, I would have to try to get my money back. It’s almost always harder to get money back than to dispute and refuse to pay.

Some regulations are welcome, but I don’t see BNPL as a bad concept in itself.

ObviouslyNotBanana , 3 hours ago

It’s the people they’re counting on not paying after the BNPL period is over that need more protection. That’s where the trap is, and where these actors make their money.

EtherWhack , 2 hours ago

Klarna is permanently on my do not trust list, as what I experienced told me they can’t manage their system correctly. And for someone who can put a derogatory mark on your credit, I’m not risking it.

(Bear in mind when I got the first email, just to be safe, I paid off the remaining balance the Friday of that week.)

https://lemmy.world/pictrs/image/b2ba799e-e50a-435d-97c0-758d3262c807.png

I figured they caught and corrected it, so no harm, no foul.

When I tried using them at the end of the month however, (I think for upgrading my comp) they rejected my finance request. I wasn’t sure, but I had my suspicions it was due to their fuck-up as I only used them once.

3 weeks later, they sent this.

https://lemmy.world/pictrs/image/9626031f-8d8b-45ba-9488-52fdfec7047f.png

MediaBiasFactChecker Bot , 6 hours ago

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