The Easy, 4 Step LayBy Process

It’s hard to imagine a time before credit and credit cards, especially when it comes to holiday shopping. It might also be hard to remember a time when there was not mass chaos at the mall due to the last minute holiday shopping. But the trend to get your shopping done beforehand is coming back. The main feature of this trend: layby.

Typically interest free, layby allows you to put a gift item on hold for your exclusive purchase at the end of a payment term. The payment term could be weeks or months, depending on the price of the item and how quickly you can pay it off. There are different requirements for different vendors.

One key feature of layby is not being able to take the product home until the payment terms have been met and the full price of the item has been paid off. While this might seem like a downer to come, for others, it is extremely helpful, as they do not have to bring the present home and store it out of site of the one receiving the gift.

 

Let the store hold onto it for you until you are ready to take it home!

If this efficient way of holiday shopping interests you, read on to find out more about the process. Make the Gift Decision While this may seem like common sense, not all gifts can be put on layby. Typically, there is a $100 or even $150 minimum required. This makes perfect sense, since gifts under these amounts can be more easily purchased in cash.

Make the Gift Decision

While this may seem like common sense, not all gifts can be put on layby. Typically, there is a $100 or even $150 minimum required. This makes perfect sense, since gifts under these amounts can be more easily purchased in cash.

Some stores may let you total the gifts into a shopping cart, so even if there is gift under $100 or $150, you can include it in your payment plan. However, this is not always the case, so be prepared to pay cash for lower cost items. Review the Payment Plan This is the most important part of the process, and where you should pay the most attention. Understanding the payment plan is the responsibility of the customer so make sure you ask any pertinent questions before you leave.

Review the Payment Plan

This is the most important part of the process, and where you should pay the most attention. Understanding the payment plan is the responsibility of the customer so make sure you ask any pertinent questions before you leave.

The payment plan usually consists of two parts:

  1. the amount and frequency of payments
  2. the penalties for breaching the contract

First, the amount and frequency of payments. You should always make sure you can afford the payments of your layby items. You should also be clear if the payments should be made weekly or monthly, and if they can be automatically deducted from your bank account, or if you need to pay them online or in store.

Remember: it is your responsibility to keep up with these payments.

Second, make sure you understand what the penalties are for breaching the contract. Often times, the store will keep your deposit or charge you 10% to 20% of the total, so make sure you are making the payment on time. Make Your Payments This step in the process is actually the easiest! All you have to do at this point is consistently make the payments. This is even easier if your can have the store automatically withdraw the payments from your bank account.

Make Your Payments

This step in the process is actually the easiest! All you have to do at this point is consistently make the payments. This is even easier if your can have the store automatically withdraw the payments from your bank account.

Make sure you continue to monitor these automatic payments though, and do not assume they have been made. If something happens in a routine transfer and the money is not received by the store, you will most likely be held responsible. If you notice a skipped payment, contact your bank and the store as soon as you can.

The sooner it is worked out, the better.

Receive Your LayBy Item

The best part of this process is the end, when you have the gift you have been paying for in hand. Make sure you double check everything is in order with the gift item and nothing has happened to it while in storage. Once it leaves the store, it is yours!

The astute shopper will not that a process like this is very easy and laid back, and could allow you to get all of your holiday shopping done as early as July!

For the time being, consider how this layby trend could help you get more of your holiday shopping done and keep your stress levels low.

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