Buy now, pay later firm Laybuy has gone into administration. It is the first 'buy now, pay later' company that has collapsed. A notice on the Laybuy website reads: "Payment services are currently suspended across all regions.
This impacts our customers ability to create new orders online and in store. "During this time, all existing orders will be processed as normal. We'll share more information as soon as we can.
" The firm has more than 300,000 users in the UK and allows customers to spread payments over six weeks, without paying interest. However, Laybuy does charge a £6 fee if your payment is late, and a further £6 if it's still unpaid seven days later. Shoppers can also be referred to a debt collection agency if you're more than 42 days in arrears, with Laybuy also reporting data to Experian .
So if you miss a payment, it would show on your credit report, reports the Mirror . Laybuy disabled its website in mid-June, but now the news of its collapse has been confirmed. FTI Consulting is said to be handling its administration process.
Sam Ballinger, joint administrator at FTI Consulting, said: "The joint administrators are currently assessing the options available to the companies and supporting the employees, merchants and other affected stakeholders through this difficult period. Laybuy is not currently accepting new transactions, however, customers should continue to make payments as normal." What does this mean for users? According to Raisin UK data, it’s thought a.
