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Stores and merchants offer a payment scheme for products or items in two or three instalments. Customers do not receive or get to take home the purchase until the entire amount is paid. When you buy an expensive item and you don’t want to pay using credit, payment by instalment can help. You could often spread out the payment over a longer length of time, depending on the stores, usually from six to ten weeks. Stores and merchants would put the item you want to purchase on hold so that no one else can buy it while you pay for it.

Buying items on an instalment basis is still an agreement and like any other agreement. You must be in writing with a clear set of terms and conditions.

Account statement

When you buy products from any laybuy stores, you have to know that there are certain dos and don’ts that the merchants need to follow. One of those rules that they need to follow include providing you with an account statement when you ask for it. The account statement must be free and must be provided immediately.

Instalment
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When you receive the statement, there are important details regarding the agreement that must be stipulated such as the purchase price, (this would protect you as a consumer when the merchant suddenly decided to jack up the price) the amount you have already paid for (to make sure that all the payment had been reflected). The balance (to countercheck with all the payments that have been made) and any cancellation fees (to keep the customers well informed if and when they have decided to cancel the agreement).

If the store or merchant failed to give you the account statement when you ask for it. You could cancel the contract without having to pay the cancellation fee. This is due to the fact that the merchant was not able to fulfil their responsibility of providing you with an account statement.

Legible and easy to understand the contract

A legible and easy to understand contract must be presented to you before agreeing to buy the items on an instalment basis. The contract must describe the product that you are purchasing. The set price for the product and that the merchant would safely keep the item until you have paid for it in full and that they could only resell it once you are not able to make the succeeding payments, the store’s contact details. Your right to cancel (with payment of cancellation fee). Your rights to a refund minus the cancellation fee if and when the store or the merchant fails to hold their end of the agreement.

Knowing about your consumer rights would protect your purchases should issues or misunderstandings arise in the future. As a savvy consumer, you must also read carefully the terms and conditions before signing. If there is anything that you don’t understand, ask questions. Keep a copy of the agreement as well and every time you make a payment, ask for a receipt.

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