This enables customers to spread payments across six-week instalments.But customers should continue to make payments as normal if they took out credit with the firm before its collapse.The New Zealand-based firm disabled its website over one week ago, and on June 17, Laybuy Group Holdings Limited was placed into receivership.
Earlier this month, the receivers were appointed by the parent companies' directors following unsuccessful efforts to secure additional investment or sell the business and/or assets.As a result, it became necessary to place the UK company into administration. But it does have risks, as many providers are unregulated, which means shoppers do not get the same level of protection as with other forms of credit.These products allow consumers to spread the cost of purchases over a set time frame interest-free.
But BNPL users can't currently take their claims to the FOS if they think they've been treated unfairly.