Derry Daily
  • News
  • Entertainment
  • Sport
  • Features
  • Courts
  • Business
  • Health
  • Politics
  • Jobs
Monday 6°CTuesday 5°C

Derry Daily Derry Daily Derry Daily

  • News
  • Entertainment
  • Sport
  • Features
  • Courts
  • Business
  • Health
  • Politics
  • Jobs
Derry CityNewsPolitics

Eastwood supports Buy Now, Pay Later companies regulation

written by cassoscoop January 13, 2021
ShareTweet

SDLP Foyle MP Colum Eastwood

SDLP Leader Colum Eastwood has supported an amendment to the Financial Services Bill at Westminster to regulate Buy Now Pay Later companies.

Said the foyle MP: “As more and more of our shopping is done online, many people in Derry will be seeing attractive offers to help spread payments on items over weeks and months instead of paying one lump sum at the time.

“Whilst this may seem attractive to many after Christmas, it’s important people know what exactly is happening.

“Buy Now Pay Later companies don’t charge interest, but charge retailers to use their service, with the promise that customers spend more when using their service.

“I have spoken to constituents who, when buying presents online before Christmas, were bombarded with offers of Buy now, pay later.

“This might seem like a lifesaver for some as we struggle through this pandemic, but it can be dangerous.

“Worryingly, these companies do not have to abide by Financial Conduct Authority rules, and there is growing evidence of the harm that their practices are causing to consumers who are getting into debt.

“For decades, Derry has struggled with poverty, inequality and regional imbalance.

“That’s why many, including John Hume, founded Credit Unions to keep people away from being saddled with unmanageable debt.

“In the past, we’ve witnessed the rise and decline of payday loans and the dangers they present.

“These Buy Now Pay Later providers don’t have to run the same thorough checks needed in the same way if you were to apply for a credit card, overdraft or loan.

“Because these companies are unregulated, it makes it impossible to hold them to account should you have an issue.

“I am happy to support this amendment New Clause 7 to the Financial Services Bill, which will require these companies to be regulated by the Financial Conduct Authority.

“We must ensure that those who are more vulnerable or more likely to get into unmanageable debt are protected from these companies.”

Eastwood supports Buy Now, Pay Later companies regulation was last modified: January 13th, 2021 by cassoscoop
cassoscoop

Tags:
Buy Nowcolum eastwoodcredit cardscredit unionEastwood supports Buy NowFoyle MPHOUSE OF COMMONSJohn HumeoverdraftsPay LaterPay Later companies regulationpayday loansSDLP LEADERwestminster
ShareTweet
cassoscoop

LEAVE A COMMENT

You may also like

Anderson calls for review of taxi scheme...

32 mins ago

NWRC receives Elemental Prescription to improve student...

2 hours ago

Minister: New domestic abuse law gives victims...

2 hours ago

Coronavirus: ‘Toughest week yet’ of pandemic for...

3 hours ago

Police warn Derry public over suspicious objects

5 hours ago

Derry hospitality facing St Patrick’s Day in...

1 day ago

Rian’s sky dive for Foyle Search and...

1 day ago

Duffy: LED street lighting scheme for Moss...

1 day ago

Durkan welcomes certainty over Covid business insurance...

1 day ago

22 more deaths, 705 further cases in...

2 days ago

Keep in touch

Facebook Twitter Email

Features

  • DD Travel: Living like a local in Lixouri

    December 17, 2020
  • DD Travel: Kefalonia and her southern shores

    November 29, 2020
  • DD Travel: Kefalonia an Ionian discovery

    November 17, 2020
  • Lurgybrack Open Farm: The perfect place for family fun this Bank Holiday weekend

    July 10, 2019
  • DD Travel feature: Vibrant Verona

    May 2, 2019

Courts

  • Man charged over police station hoax bomb call

    January 13, 2021
  • New Year’s Eve party: Derry duo in court

    January 2, 2021
  • Derry man for trial over alleged wedding rape

    December 27, 2020
  • Derry ‘hate crime’ assault left victim unconscious

    December 23, 2020
  • Daniel Hegarty murder: Soldier B loses legal battle

    December 17, 2020

Donegal Daily

  • Seven Donegal walking routes on track for upgrades

    3 hours ago
  • Covid-19 hospital admissions rise again in Letterkenny

    4 hours ago
  • Covid: Another 13 deaths and 2,944 cases with 112 in Donegal

    19 hours ago

Read More

  • News
  • Sport
  • Courts
  • Jobs
  • Features
  • Business
  • Politics

Information

  • Contact Us
  • About
  • Advertise WIth Us
  • Privacy Policy
  • Disclaimer
  • Terms & Conditions
Derry Daily

© 2021 Derry Daily. All rights reserved.


Back To Top