Borrowing

Plans to give buy now, pay later users much-needed new rights and protections should not be scrapped, MoneySavingExpert.com founder Martin Lewis has urged. It comes as a report has emerged that the Government plans to delay the introduction of vital new laws.

Buy now, pay later provider Klarna will start charging borrowers who miss repayments fees of up to £5 from next month. Below we explain how the new fees will work and how to avoid them.

Draft laws which will bring buy now, pay later services into regulation and give borrowers crucial rights and protections, have today (14 February) been published by the Government. But the new rules, which will be overseen by the Financial Conduct Authority, won't come into effect for at least several months.

Barclaycard has launched the longest 0% spending credit card we've seen since May 2020, giving some 25 months interest-free spending – though not all will get the headline rate. If you NEED to borrow, 0% spending cards are the cheapest way – here's how it compares. 

Plans on how buy now, pay later services will be regulated have today (20 June) been announced by the Government. But MoneySavingExpert.com (MSE) founder Martin Lewis warns that legislation is taking "far too long" to take force with borrowers being left unprotected during the cost of living crisis. 

The financial regulator has told lenders that they must ensure they are not overcharging customers and are treating them fairly as the cost of living crisis worsens. 

More than half of 18 to 34-year-olds are borrowing money to help pay off their buy now, pay later debt (BNPL), according to research from charity Citizens Advice. If you're struggling to pay what you owe, we've things to try to see if they help. 

Over 30,000 247MoneyBox borrowers, who were mis-sold payday loans they couldn't afford, are to receive refunds of some of the interest and fees they were charged by this Friday (15 April). But they'll get back less than 10% of what they are owed.

The Bank of England has increased base rates to 0.5% from 0.25% after the Monetary Policy Committee (MPC) voted in favour of a rise. The base rate is used by the central bank to charge other banks and lenders when they borrow money – and influences what borrowers pay and savers earn.

Debt is often depressing, dangerous and debilitating. When I used to do TV money makeovers, one of the first things I'd do was total someone's debt. Often it caused them at best a sharp intake of breath, and at worst tears.