General Information on Lay-By with Southern Money

Solution General Information On Southern Money Lay-By Agreements


A 'lay-by' is essentially a contract between you and a retailer where you pay for goods over a period of time rather than upfront. In most lay-by agreements, you pay an initial deposit, followed by regular repayments. The goods are held by the retailer until you have paid the full price of the goods.

Below you will find answers to some of the most commonly asked questions about lay-bys, including who to contact if you have concerns.
• What are my payment obligations?
• What should the trader tell me about my lay-by?
• Can I cancel my lay-by agreement?
• Can I return/exchange or get a refund for the lay-by goods?
• What if the lay-by goods are damaged or faulty?
• Who should I contact if I am concerned about my lay-by?

<<What are my payment obligations?>>

Each lay-by agreement is different, so check that you understand what you are agreeing to before you make your purchase. If you are in any doubt about any of the terms or conditions, ask for an explanation.
What should the trader tell me about my lay-by?

In any lay-by contract, the following details must be clearly specified:
• full description of the goods purchased [See your product Southern Money application form]
• the total price of the goods [See your product Southern Money application form]
• the amount of deposit payable and the amount of the outstanding balance [Southern Money requires no deposit. Client only has to pay the purchase price over six months in equal instalments]
• when the repayments are due [Southern Money payments are due on or before the 1st of each and every month with the first instalment being payable immediately]
• if any cancellation fees apply and how they are calculated [Cancellation fees equal to one month’s instalment]
• the trader’s details such as the name and street address [See our Southern Money Contract form and our Website for our details]
• any other terms or conditions.

<<Can I cancel my lay-by agreement?>>
As a lay-by is essentially a contract, don't expect to be able to cancel your lay-by without being charged a fee if you simply change your mind. Most stores will and so too Southern Money have their own policy about lay-by cancellations fees. Check the terms and conditions of cancellation in your lay-by contract.

If you are having difficulty meeting your repayments, discuss this with the store manager. You may be able to negotiate a new repayment plan or extend the term of your lay-by.

<<Can I return/exchange or get a refund for the lay-by goods?>>
Goods that you have purchased on lay-by are subject to the same sorts of conditions for return or exchange as goods which you are purchased under normal sale arrangements. You are not entitled to a refund or exchange if you simply change your mind, and you are not entitled to pay a reduced price if the goods you have on lay-by go on sale before you have completed your lay-by.

<<What if the lay-by goods are damaged or faulty?>>
Whether you make your purchase up-front or on lay-by, there are certain statutory conditions and warranties implied into your purchase to provide you with a basic level of protection. This means that if the goods you have bought under a lay-by arrangement are damaged when you collect them or defective, for example, you may be entitled to a refund, exchange, or to have your goods repaired. Our page on Warranties, guarantees & refunds explains your statutory rights in more detail.

<<Who should I contact if I am concerned about my lay-by?>>
If you have concerns about the terms or conditions of your lay-by please contact Southern Money. We will gladly explain them to you.

Team: Southern Money
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