Buy now pay later rules to bring refunds and cancellations.

Tim Reisner was one of those who took out various loans, including BNPL, and his life took a turn for the worse.

“I didn’t feel like a debt. I felt like a convenience. You’re buying something online and it says ‘split, pay later.’

“Before you know it, it’s thousands. Add in loans, credit cards, a few finances here and there and suddenly I’m £24,000 in debt.”

The money was released after he quit a well-paying job in construction after developing eye problems.

“No one should ever feel sorry for me. I’m a grown man. I know what I’m doing. The responsibility is on me. However, advertising is very misleading. It draws you in because it’s a society that says we can have it and you can have it now,” he told the BBC.

After a difficult and dark period, he spoke to the charity Business Debtline, whose staff helped him overcome his debts, organize a debt relief order and is now on his way to becoming debt free.

Jack Sporcich, debt adviser at National Debt Line, said: “We urge consumers to treat Buy Now Buy Later as they would any other type of loan.

“We often see people using Buy Now Later for everyday essentials like food, energy bills and household basics.”