Layby plans are a special form of payment method that allows all the customers to purchase goods and products. This payment method allows the customers to pay in few instalments, rather than paying for the goods in full upfront. This is one of the most famous payment methods in the modern society, because it gives the peace of mind and the freedom for the customers to purchase their desired products in an easy manner.
Even though it sounds good it is always better to have good knowledge about this payment method and opt for this. So, now we will go through the main terms and conditions of layby plans. This will surely provide you a better understanding.
Instalments
The customers will be needed to pay in regular instalments till the whole amount is settled. The amount of each instalment and total number of instalments will be decided according to the price of the good. It will also be highlighted in the terms and conditions of the laybuy plan.
Eligibility
Eligibility check is one of the most important terms in layby plans. Customers may need pass an eligibility check to be able to use the layby plans. Most of the times it may include age restrictions, proof of income, credit checks and no crime or theft cases filed in the customer’s name. So, it is not that easy to go for a layby plan as it seems so.
Deposit
The customer will be needed to place a deposit initially to start off the layby plan. The amount of the deposit will be decided according to the cost of the product. This may also vary according to the terms and conditions of the layby plan. So, if you are willing to initiate a layby plan, it is better to have a deposit with you.
Deadline
This is yet another important condition of layby plans. When you purchase a selected product, you will be notified that you should pay off the full amount of that particular product within a specific time period. This will be mainly highlighted in the terms and conditions of the layby plan. If the customer fails to pay the whole amount within the time period, he may have to face some legal issues. So, it is always better to keep the deadline noted when you initiate a layby plan itself.
The availability of the selected good
One of the most important terms to be noted is that, the product won’t be reserved totally under the customer’s name until the final payment is done. And if the product is not available at the time of the final payment is done, the customer will receive a similar product to the which was ordered or will receive a refund.
These are the most important terms and conditions when it comes to layby plans. It is important to understand all of them and have a better understanding before initiating the plan. Be mindful enough to clarify all the doubts before agreeing to the terms and conditions.
