Even upmarket boutiques offer lay-bys! Here’s what you need to know…
Lay-by has taken off as a payment option in the last year or two, according to consumer journalist Wendy Knowler.
Formerly mainly used by lower-income consumers who relied on it to pay off furniture or clothes, it’s now gone mainstream among those earning higher incomes, especially those with poor credit records.
Nowadays, many upmarket boutiques offer lay-bys.
With lay-bys, shoppers choose an item and pay it off every month without interest.
They get to take home whatever they bought once they’ve paid in full.
No credit checks are needed.
Consumers may cancel a lay-by at any time.
A shop must refund them in full – credit notes are not allowed - minus 1% of the retail price as a cancellation penalty.
For more detail, listen to the interview in the audio below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Wendy Knowler, consumer journalist, on the importance of carefully reading your documents when you buy assets.Read More
Cape Town-based attorney Trudie Broekmann will represent dozens of clients who desperately want out of their timeshare contracts.Read More
Wendy Knowler, consumer journalist, this week talks about the frustrations online shoppers in South Africa have to deal with.Read More
Wendy Knowler, consumer journalist, on how to safeguard your phone - most importantly - the banking details on your phone apps.Read More
Is your cellphone eavesdropping on you?Read More
Be mindful of what you're disclosing at the time you take out a policy.Read More
What's in your favourite breakfast cereal? Dietician Gaby Jackson unpacks the nutritional content of 15 popular choices.Read More
Why can't the socket-outlets on multi-plugs be used all at once? Consumer journalist Wendy Knowler looks for answers.Read More
Shoprite has been found guilty of reckless lending and fined. How serious do companies take such verdicts and fines though?Read More