Money Box

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Money Box: Buy Now Pay Later and Mortgage Prisoners

27/05/2023

Buy Now Pay Later and Mortgage Prisoners

BBC Radio 4 - Money Box, Buy Now Pay Later and Mortgage Prisoners

Credit unions on the customers who already have multiple buy now, pay later loans.

Rising interest rates are putting the squeeze on mortgage payers – but what does it mean for the mortgage prisoners who can’t even switch?

The Chief Executive of the Association of British Credit Unions has told Money Box his members are seeing more people applying for borrowing who already have multiple buy now, pay later loans.  We'll hear from a young woman who got into debt that way and get a response from the industry.

Mortgage costs will go up again this week. That's going to put the squeeze on many households but it's especially bad news for the tens of thousands of people who are trapped paying unaffordable mortgages.  We'll speak to Martin Lewis, who's campaigning for change, and get a response from the Treasury.

The Financial Conduct Authority is concerned that younger investors are using social media platforms for investing advice - without fully understanding the risks and how much money they might lose.  We'll speak to their Director of Consumer Investments, hear from some young people and from the platforms themselves.

Presenter: Felicity Hannah
Reporter: Dan Whitworth
Researchers: Sandra Hardial and Jo Krasner
Editor: Jess Quayle 

(First broadcast 12pm, Saturday 27th May 2023)

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