Klarna Kate Payment Fees - May 2024

Surviving_just

In April, we somewhat hesitantly entered into a BNPL agreement with Klarna. This morning, we received an email informing us of the new late fee charges.

Does anyone know whether we should have been made aware of these planned changes before we agreed the loan? I get the due diligence argument, but there were no obvious references to these changes.

Plus, to see the fees active so soon after signing a contract leaves one a little suspicious, to say the least. 

Lastly, a 2023 MSE article discussed proposed government legislation to regulate companies like Klarna. Does anyone know whether those regulations ever materialised? 

Thanks all 🙏

CliveOfIndia

Surviving_just said:

Does anyone know whether we should have been made aware of these planned changes before we agreed the loan?

No.  When you entered into the agreement you would have signed up for the T&Cs that were in force at that time.  Any updates would be communicated to all customers at the same time.

Surviving_just said:

Plus, to see the fees active so soon after signing a contract leaves one a little suspicious, to say the least. 

Why is it suspicious?  They've updated their T&Cs and communicated them to customers as part of a scheduled mailshot.

Anyway, does it really matter?  I'm assuming you didn't enter into the agreement with the intention of paying late?

sourcrates

Have you been charged a late fee, or are they just informing you of what there late fee`s are?

Your post is not very clear on that.

Klarna, has been authorised by the UK’s Financial Conduct Authority (FCA) to provide regulated payments and credit services in the UK since November 2023.