Purchasing by layaway is not as common as it was before. However, some people still opt to do this most especially if they don’t have the cash on hand to pay for a particular item.
Like it with installment plans where the buyer does not pay for the entire cost of an item and instead through partial payments. The difference however is that the buyer cannot bring home the good until the item is completely paid for. The retailer simply sets aside or layaways the item in storage until his buyer has completed the remaining costs. It is like giving a down payment to a retailer just so they can put the selling of the product of your desire on hold.
Though this is a good way to buy something when you are on a budget, the downside is that the money if non-refundable if you were not able to complete the payment. The item will just be returned to the sellers stock if the transaction is not completed.
If you are one of those people who are strapped for money and yet is in dire need of a particular product or item, here is how you can purchase a good by layaway.
- Check if the storeowner accepts layaway deals. Some stores like Wal-Mart no longer offer. So check with your trusted seller if they can offer you’re a layaway plan for the product of your interest. Usually, it is the business owner who decides if he will allow this for his customers or not.
- Obtain a written copy of the retailer’s layaway terms and conditions. Do not settle for verbal agreements for this may lead to miscommunications or for abusive store owners to pretend that there was no agreement later on. This is your right as a costumer and you should at all times assert for it.
- Read all store layaway plan’s terms and conditions. Make sure that everything is understood and feel free to inquire and get more information from the storeowner or manager if something is not clear to you.
- Consider the following:
- Minimum down payment for your purchase.
- The length of time the retailer is willing to “layaway” the item for you.
- How frequent or when the subsequent payments are expected from you and…
- How much the next payments are intended to be for you.
- Have a written agreement for the layaway purchase that you make. This is for your protection as the costumer. Do not hesitant to ask for a written description of the item or good that you are purchasing and include everything that comes with it as agreed on. Lastly, do not forget to have a personal copy of this.
- Follow the agreement as you expect the seller to do the same. If additional charges are part of the agreement, then adhere to the condition. Also, pay in time or as expected by the retailer so that your down payment will not be forfeited.
- Continue to make payments till all costs have been covered.
If you do follow the terms and are able to pay on time, then there
shouldn’t be a problem. The retailer might even give you extra credits
and offer your store discounts even if you opt for layaway purchase