Am I right in thinking the company reports a bad debt charge against the item? I think you keep the item, get cut off from the Afterpay app, the company takes a hit.
The reason why this model works is because typically the purchases are small enough and you pay them back over a small time horizon where it's unlikely that you wouldn't be able to budget for it. However, unforeseen things do happen and that makes up the small default rate.
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