Lay-bys |
A lay-by is an agreement between you and a business that you will pay for goods over a period of time.
You agree on a fixed sale price and payment conditions, and you do not take the goods until you finalise the payments. Read the terms and conditions before signing any contract or agreement, or paying any money.
The timeframe for the lay-by is flexible and could be anything from one week to many months. It is entirely up to you and the business to decide. The business is then obliged to hold the goods for that agreed period of time.
Agreements must be in writing and should contain:
- a description of the goods
- the total price
- the amount of any deposit you paid
- the maximum length of the lay-by
- cancellation and refund policies.
If you cancel a lay-by agreement, the business must refund any money you have paid. The business can charge you a termination fee if it´s written in the agreement. The termination fee cannot be more than the reasonable costs incurred by the business.
A business cannot break a lay-by agreement. If there are circumstances outside of their control that force the agreement to be terminated, you would be entitled to a full refund.
Last reviewed 25/11/2011 |
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