Spend now, regret later
NEW Look used to be one of my favourite High Street haunts as a teenager. So I was shocked to see large posters promoting an unregulated credit provider in its Westfield store in West London.
‘Pay in 3 with Klarna,’ they read. ‘Speak to us for more details.’
It’s not that ‘buy now, pay later’ products are necessarily all bad. Used carefully, they can help shoppers to spread the cost of a purchase over several weeks without paying interest.
But the way this type of credit is being marketed to youngsters — who often have no experience of managing debt — is reprehensible.
Young people are facing a jobs crisis, with unemployment among 18 to 29-year- olds set to hit the highest level in four decades.
Many will need serious financial support in the months and years ahead as the economy recovers.
What they do not need are glamorous social media stars flogging them unregulated debt. Encouraging young people to put a lifestyle they cannot afford on credit to cheer themselves up during a pandemic is a whole new level of irresponsible — and these people should be thoroughly ashamed of themselves.
Search for the likes of Klarna and Clearpay on Instagram and it’s hard to believe that these firms, with their tens of thousands of followers and cool hashtags, are financial companies.
the banks would never get away with such behaviour.
City watchdog the Financial Conduct Authority is investigating the ‘buy now, pay later’ sector — but, as usual, it is moving at a glacial pace. this is a debt crisis waiting to happen — the regulator must act now.
However, retailers desperate for sales should remember they have a moral responsibility, too.
Mystery prize
‘MICHAEL’ from ‘ Super Lottos’ called me with some ‘great news’.
‘ Congratulations,’ he said warmly. ‘You have been successful in an online competition and won ten free lines in the EuroMillions for a chance to win this weekend’s €17 million jackpot. If you don’t win, you can buy 300 lines in our exclusive syndicate for just £39 . . .’ Sadly for Michael, I am fully aware that you cannot win a competition you never entered.
And after informing him politely(ish) there was not a hope in hell I would be giving out my home address, he hung up.
After looking up his telephone number — 020 3608 8304 — I discovered it had been searched for nearly 2,000 times on the website who-called.co.uk and is rated as ‘ dangerous’. So should that number flash up on your phone, ignore, ignore, ignore!
If you’ve been targeted by cold callers recently write to me at the email address below and I’ll print the best cautionary tales.
Energy rip-off
WHAT really is great news is that ministers have pledged to stop energy firms ripping off their loyal customers.
If I had done nothing when my gas and electricity tariff was up for renewal in November, I would have been automatically switched to my supplier’s default tariff and would have paid an extra £150 a year. this is despite the firm offering other customers far, far cheaper deals.
Energy giants know the elderly and vulnerable are most likely to end up paying over the odds.
So it is disgraceful they haven’t acted sooner of their own accord.
Happy customer
WELL done, Decathlon. After a two-week wait for a delivery, I was cheered to receive a £ 10 gift voucher as an apology.
the email read: ‘Although your order left our distribution on time, our delivery partner is experiencing exceptionally high volumes. We would like to apologise for the inconvenience this may have caused. As a thank you for your patience, we’d like to give you a £10 gift card on us.’
How refreshing. too many retailers still fail to take responsibility for delivery issues — despite your contract being with them and not the courier.
Let me know how you got on with your online shopping at v.bischoff@dailymail.co.uk