Questions have been asked as to whether we are seeing the running down of buy now pay later lenders and some are saying they have they done it to themselves.

The pay later scheme operators are struggling in this country as a growing number of us using the schemes are falling behind on payments and being stung by late fees.

It’s a snowball effect with more people jumping on these schemes but also the proper checks not being done as to whether the person can pay the loan back or is already drowning in debt themselves.

The sector expects the Government to regulate, similar to what the UK are doing - Financial Advice New Zealand CEO Katrina Shanks joined Mike Hosking.

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