ConsumerTalk with Wendy Knowler

6 tips on getting the most out of lay-bys

With increasing numbers of South Africans either having bad credit records or not qualifying for credit, it’s no wonder that more stores are enticing their customers to buy on Lay-By

Lay-By allows you to choose an item - a pair of shoes, for example - and pay them off every month, with no interest added. The key difference between buying on credit and via lay-by is that with the latter, the goods remain the property of the store until the customer pays for them in full.

You can cancel a lay-by at any time, and you must be refunded all payments you’ve made up to that point, minus just 1% of the retail price as a cancellation penalty. So if the shoes cost R1000, the cancellation penalty is just R10.

Ask to see the store’s lay-by terms and conditions before you enter the deal and make sure everything is documented, and that you have a copy of what you put your signature to.

Stores may not make a lay-by refund conditional upon you spending that refund on another item in their store.

Many stores still have a “no refunds” lay-by policy, which is illegal - companies do not have the right to contract outside of the law.

If, when you’ve paid off the shoes, the store is unable to supply them, for whatever reason, you must either be offered a comparable or better pair or be refunded double what you paid as compensation.


This article first appeared on CapeTalk : 6 tips on getting the most out of lay-bys


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
'South Africans are so used to shoddy service that it became their expectation'

'South Africans are so used to shoddy service that it became their expectation'

Consumer expert Adré Schreuder explains how companies measure customer satisfaction to improve on services offered.

Food fraud: Could you be eating fake honey?

Food fraud: Could you be eating fake honey?

CapeTalk's Pippa Hudson chats to consumer journalist, Wendy Knowler about adulterated (fake) honey.

SA-made Rolkem cake decoration products may not be safe to eat

SA-made Rolkem cake decoration products may not be safe to eat

The UK’s Food Standards Agency issued an advisory, claiming that Rolkem failed to confirm that their ingredients were safe to eat.

Top mistakes to avoid when insuring your phone

Top mistakes to avoid when insuring your phone

It's important to make sure that your policy covers you for the correct value of your phone and the current device you are using.

5  things corporates really must stop saying and writing to clients

5 things corporates really must stop saying and writing to clients

Here's some meaningless superfluous jargon corporates really should stop sending to clients says consumer journalist Wendy Knowler

Always ask why your credit application was rejected (and other useful tips)

Always ask why your credit application was rejected (and other useful tips)

Credit providers such as banks, cellphone companies and clothing stores must justify why a credit application has been rejected.

Popular articles
Jacques Pauw: We need more evidence on the 'The Lost Boys of Bird Island' book

Jacques Pauw: We need more evidence on the 'The Lost Boys of Bird Island' book

Investigative journalist and author Jacques Pauw shares his thoughts on 'The Lost Boys of Bird Island' book.

'There is no verse in the Quran that says women should cover their faces'

'There is no verse in the Quran that says women should cover their faces'

Dr Taj Hargey says he is advocating for the ban of women wearing burkas in public because they look ridiculous.

[LISTEN] IRR believes list of targeted farms is genuine

[LISTEN] IRR believes list of targeted farms is genuine

Institute for Race Relations researches Terence Corrigan explains why they believe the list Afriforum has released is genuine.

The UAE is pumping billions into the Horn of Africa

The UAE is pumping billions into the Horn of Africa

The Money Show's Bruce Whitfield interviews Africa correspondent Lee Kasumba

'Minnie understood he might become a target'

'Minnie understood he might become a target'

Marianne Thamm wrote the forward to 'The Lost Boys of Bird Island' and worked with Mark Minnie in editing the controversial book.

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

[WATCH] Dad dresses up as a mom so his sons don't feel left out on Mother's Day

Khabazela shares Facebook posts, YouTube videos that have gone viral including one with the smartest dogs.

Castro bodyguard shares tales of dictator’s double life and breath-taking wealth

Castro bodyguard shares tales of dictator’s double life and breath-taking wealth

Juan Sanchez shares stories of Fidel Castro that’ll make you re-examine everything you thought you knew about the Cuban dictator.