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EXPLAINED: Stepchange - The Real Truth

Key changes happening for buy now pay later customers and where to get support

Here is a look at how buy now, pay later works and what changes customers can expect to see.

Evening Standard

Buy Now, Pay Later rules are changing. Here’s what you need to know

Almost 11 million shoppers used BNPL services in the 12 months to May 2024

The Independent UK

What you need to know about major new Buy Now Pay Later rule changes

BNPL lenders such as Klarna and Clearpay will fall under the Financial Conduct Authority’s (FCA) regulation for the first time

The Independent UK

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Barclays invests £4m in StepChange to help digital transformation

The commitment will be ‘invaluable’ to fostering long-term good outcomes for people struggling with debt, StepChange said.

Evening Standard

Almost half of British adults worried about paying energy bills

Some 45% of adults are concerned about their ability to pay their energy bill, up from up from 29% in January, debt charity StepChange said.

Evening Standard

31% of people ‘cutting back on essentials to ease financial pressures’

Nearly two-fifths of people said their finances have worsened since this time last year, according to a survey for TSB and Lightning Reach.

Evening Standard

Almost a third of Brits cutting back on food and heating amid price rises and financial pressures

The conflict in the Middle East has prompted prices to rise and mortgage rates to increase, putting further pressure on households’ costs

The Independent UK

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'My ADHD Is Fuelling My Impulse Spending': Woman, 28, Drowning in £8,000 Credit Card Debt Shares Her Struggle

Chloe's story of managing ADHD and impulse spending, while learning practical steps to break the cycle of debt is worth taking lessons from.

International Business Times UK

High levels of debt on essential UK bills are the ‘new normal’, warn campaigners

Average arrears for housing, utilities and council tax for low-income households all rose last year

The Guardian - UK

Two in five people ‘expect finances to worsen in year ahead’

Nearly 4,000 people visited StepChange’s website on Christmas Day, and January 5 was the charity’s busiest day in more than a year.

The Independent UK

Households urged to take action ahead of October 1 energy price rise

The energy price cap will rise by 2% from Wednesday for a typical household in England, Scotland and Wales.

The Independent UK

Rise in energy prices leaves 1m UK households behind on bills

Energy debts have more than doubled in last 12 years, finds report, as Ofgem signals it will raise cap on bills

The Guardian - UK

Cost of living crisis sees household energy debt triple in 10 years

More than 1 million customers are falling behind on their electricity bills with no repayment plan in place

The Independent UK

British household energy debt triples in a decade – report

Close to a million electricity and a million gas customers were now behind on their bills, Resolution Foundation research suggested.

Evening Standard

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Evening Standard

Ways to avoid buy now, pay later problems highlighted by charity

StepChange Debt Charity has suggested some ways that borrowers can manage BNPL products ahead of changes next year.

Evening Standard

Martin Lewis welcomes plans to consult on fairer council tax debt collection

The consumer champion said he hopes that the consultation ‘could be the start of changing things’.

The Guardian - UK

Gen Z and young millennials battling ‘negative wealth’ as debt burden grows

Young people whose debts outweigh their assets are at risk of experiencing blighted earnings, and even poorer health

The Independent UK

Arrears on household bills surge 25% among those in debt – charity

The StepChange debt charity said its average client was £3,911 in arrears on household bills, up from £3,124 in 2023.

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The Guardian - UK

‘My partner’s crazy spending ruined me’: the ugly truth about coerced debt

Charity calls for banking industry to take totally new approach over type of financial abuse that leaves victims saddled with unpayable debts

The Independent UK

Home repossessions increase but mortgage arrears on ‘downward trend’

While pressures remain, the challenges of higher interest rates and cost-of-living increases have started to ease, UK Finance said.

Evening Standard

Two in five adults expect their financial situation to worsen in 2025 – survey

Women were particularly likely to say they were worrying more about money now than a year ago, StepChange Debt Charity research found.

The Guardian - UK

Government under pressure on economy as British households anticipate worsening finances

CBI warns that businesses plan to cut jobs and raise prices while debt charity says millions are ‘facing worries’

Evening Standard

‘Cruel and archaic’ prison threats over council tax must end – charities

A letter calls for ‘the removal of the unjustified sanction of imprisonment for non-payment of council tax in England’ to be set in motion.

The National (Scotland)

One in four Scots will struggle to afford Christmas this year, research shows

ONE in four people in Scotland will struggle to afford Christmas this year, with more than one in 12 relying on credit to cover the cost.

Evening Standard

Home repossessions jumped annually in the third quarter of 2024

Monthly mortgage payments have been ‘eating up’ a much larger proportion of incomes, debt help charity StepChange said.

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Resolution Foundation

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the Financial Ombudsman Service

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