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Buy Now Pay Later firm goes bust - what customers need to do now

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Around 484,000 UK customers are thought to be affected by the collapse, with the firm now in administration

The 'buy now, pay later' company Laybuy has entered administration. A statement on the Laybuy website says: "Payment services are currently suspended across all regions.

If a customer is over 42 days behind on payments, they may face action from debt collectors, and Laybuy also shares data with Experian. This means any missed payments could affect credit scores, according to the Mirror. What will this mean for Laybuy's users? Raisin UK data suggests that around 484k UK customers will be impacted by first-of-its-kind administration move in the Buy Now Pay Later sector. Laybuy has taken its website and app offline, leaving customers unable to open or access accounts, and also temporarily halted payments.

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