Introduction to Buying on Layby
Not all of us are swimming in money that we could just automatically buy something on a whim without having to save money for it or by charging it on our credit cards.
But sometimes the cards rack interests or if the item we want to buy suddenly became discounted but we don’t have enough money yet to buy it.
This could be heartbreaking and frustrating especially if the thing we have our eyes on is not just for indulgence but a necessity such as a major appliance.
Fortunately, there is a scheme called layby where a consumer could pay for the item in installments and they could take the item home after it was paid in full.
That sounds like a good deal, right? But before you go ahead and buy something using layby, there are important things you need to remember to make sure you are not at a disadvantage.
The price for the item is already set
When you buy an item using the layby arrangement you have to know that the price for the item is already set so the merchant could not jack up the price or that you could not expect it to be discounted after some time.
The item would be safely kept
With layby, you would only be able to have the item once you have paid fully for it. Although there are some cases where the seller agreed to let the buyer receive the item after they have paid part of it or until when you pay off an agreed amount.
You also don’t have to worry about the item because the merchant would take care of it and would keep it safe for you.
A copy of the layby contract must be provided
Since layby is like an agreement between you and the merchant, you must have a copy of the contract. Double-check the contract as well to make sure that the product is properly described.
For example, a contract for a layby iPhone 8 must describe the phone well. It should have options for cancellation and fee, contact details of the merchant, and the total price of the item that you have to pay for you to receive the item.
Free and updated statement of account when you ask for it
There are times when you forget how much you have paid for the product or how long you have been paying for it and when you would finish paying for it.
When you purchase an item using the layby scheme, the merchant might be able to provide you with a free and updated statement of account when you require it.
The statement also must have the total amount that you have paid so far, how much of the balance is left and similar to the contract, any cancellation fees as applicable.
Laybys are a great way to purchase stuff that you could not normally afford but you still have to consider all your bills and other monthly expenditures you are paying for so you would not be overwhelmed or over your head with the expenses.