A free financial ombudsman may mediate in disputes between buyers and sellers but the money guru urged: "It’s important to understand with Christmas coming up and people use buy now pay later a lot, this Christmas and frankly next Christmas you still won’t be regulated.".
Martin Lewis issues urgent warning over Christmas spending method Millions of families across the UK have been warned by Martin Lewis over the dangers of 'buy now pay later' (BNPL) deals as Christmas approaches.
Martin initially spoke up when testifying to the Commons Treasury committee in 2020 about the "explosive" growth in BNPL, which even includes people using it to purchase takeaway meals, leaving some individuals unable to repay their debts, reported the Evening Standard.
The new rules will address affordability and standard fairness practices, putting an end to the "completely unregulated Wild West" currently characterising BNPL, according to Martin.
This means shoppers won't be protected either this Christmas or the next under consumer standards already in place for other financial transactions.
