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'Buy now, pay later' firms banned from backdating interest on money you've already repaid - MSE News

Former_MSE_Naomi Posts: 519 Forumite

12 June 2019 at 4:29PM in Loans

Firms which offer 'buy now, pay later' deals won't be able to charge backdated interest on money that's already been repaid, under new rules the financial regulator says will come into effect from November...

Read the full story:
''Buy now, pay later' firms banned from backdating interest on money you've already repaid'

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  boo_star Posts: 3,202 Forumite

  

  12 June 2019 at 6:31PM

  We expect the overall package of measures will save consumers around £40 million-£60 million a year and tackle the harm we identified in this market.

  
  Unless they just up their interest rates to recoup any money lost due to these measures...

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