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  • FIRST POST
    • armatav
    • By armatav 10th Feb 18, 10:32 PM
    • 2Posts
    • 0Thanks
    armatav
    Budgeting with layaway?
    • #1
    • 10th Feb 18, 10:32 PM
    Budgeting with layaway? 10th Feb 18 at 10:32 PM
    For people who have used layaway or regularly use layaway plans - how do you go about doing it, and why don't more people just use layaway to pay for their stuff to budget?

    What is the problem with layaway?
Page 1
    • EarthBoy
    • By EarthBoy 10th Feb 18, 10:46 PM
    • 1,837 Posts
    • 1,139 Thanks
    EarthBoy
    • #2
    • 10th Feb 18, 10:46 PM
    • #2
    • 10th Feb 18, 10:46 PM
    What's layaway? I've never heard of it.
    • adonis
    • By adonis 10th Feb 18, 11:06 PM
    • 783 Posts
    • 730 Thanks
    adonis
    • #3
    • 10th Feb 18, 11:06 PM
    • #3
    • 10th Feb 18, 11:06 PM
    Is this it,
    https://www.moneysavingexpert.com/team-blog/2016/10/17/the-toys-r-us-christmas-layaway-scheme-is-it-all-its-crack-up-to-be/

    I wouldn't with the financial problems at toys r us
    Last edited by adonis; 10-02-2018 at 11:10 PM.
    • armatav
    • By armatav 10th Feb 18, 11:10 PM
    • 2 Posts
    • 0 Thanks
    armatav
    • #4
    • 10th Feb 18, 11:10 PM
    • #4
    • 10th Feb 18, 11:10 PM
    Yeah pretty much you pay things off and then get the item, I'm wondering if anyone here uses an online version of layaway that maybe lets you get the item first and pay it off over time
    • eskbanker
    • By eskbanker 11th Feb 18, 12:06 AM
    • 6,847 Posts
    • 7,095 Thanks
    eskbanker
    • #5
    • 11th Feb 18, 12:06 AM
    • #5
    • 11th Feb 18, 12:06 AM
    Yeah pretty much you pay things off and then get the item, I'm wondering if anyone here uses an online version of layaway that maybe lets you get the item first and pay it off over time
    Originally posted by armatav
    Sounds like a less sophisticated version of purchasing with a credit card (i.e. without the protections, etc), what would be the appeal of such schemes if they existed? Aimed at subprime borrowers with poor credit ratings (and correspondingly eye-watering APRs) perhaps?
    • Shakin Steve
    • By Shakin Steve 11th Feb 18, 7:22 AM
    • 1,396 Posts
    • 1,123 Thanks
    Shakin Steve
    • #6
    • 11th Feb 18, 7:22 AM
    • #6
    • 11th Feb 18, 7:22 AM
    Yeah pretty much you pay things off and then get the item, I'm wondering if anyone here uses an online version of layaway that maybe lets you get the item first and pay it off over time
    Originally posted by armatav
    Try Brighthouse...........they'll be only too glad to see you.
    I came into this world with nothing and I've got most of it left.
    • TheBanker
    • By TheBanker 11th Feb 18, 7:50 AM
    • 605 Posts
    • 1,552 Thanks
    TheBanker
    • #7
    • 11th Feb 18, 7:50 AM
    • #7
    • 11th Feb 18, 7:50 AM
    When I were a lad, this used to be quite common. For example you could pay for Christmas presents over a few weeks/months. It was before credit cards became as common as they are now and.

    As pointed out by adonis, you are at risk of the retailer going bust between making your payments and receiving the goods. Much safer to save the cash in a bank account (or in a jam jar!) and then pay in full. Those who used to save for Christmas with Fairpack Hampers will understand how things can easily go wrong.
    Make 10 a day challenge: Jan-18: 330 / 400
    • Anthorn
    • By Anthorn 11th Feb 18, 3:19 PM
    • 3,574 Posts
    • 924 Thanks
    Anthorn
    • #8
    • 11th Feb 18, 3:19 PM
    • #8
    • 11th Feb 18, 3:19 PM
    Been ages since I've seen this. I first experienced it with my late mother and her knitting. At the drapery shop she used to get a knitting pattern and the wool laid away and then she paid for the wool as she needed it. More recently I saw it at a baby clothes shop where mothers-to-be laid aside the baby clothes and then paid for it weekly getting each item as it was paid for.

    In my experience it was used by small local retailers which couldn't afford to offer credit.
    • EarthBoy
    • By EarthBoy 11th Feb 18, 3:29 PM
    • 1,837 Posts
    • 1,139 Thanks
    EarthBoy
    • #9
    • 11th Feb 18, 3:29 PM
    • #9
    • 11th Feb 18, 3:29 PM
    I know what layaway is now it's been explained. I can't see it offering any advantages over saving the money in the bank/building society, or even under the mattress, until you've saved enough to pay for the items.
    • TheBanker
    • By TheBanker 11th Feb 18, 3:59 PM
    • 605 Posts
    • 1,552 Thanks
    TheBanker
    I know what layaway is now it's been explained. I can't see it offering any advantages over saving the money in the bank/building society, or even under the mattress, until you've saved enough to pay for the items.
    Originally posted by EarthBoy
    I think it's from a time before working class people all had bank accounts and giving the money to the shop removed the temptation to spend it on somthing else. Plus you had the "securitu" of knowing your item had been put aside and wouldn't be sold to someone else.
    Make 10 a day challenge: Jan-18: 330 / 400
    • Robisere
    • By Robisere 11th Feb 18, 4:00 PM
    • 2,183 Posts
    • 3,008 Thanks
    Robisere
    When I were a lad, this used to be quite common. For example you could pay for Christmas presents over a few weeks/months. It was before credit cards became as common as they are now and.

    As pointed out by adonis, you are at risk of the retailer going bust between making your payments and receiving the goods. Much safer to save the cash in a bank account (or in a jam jar!) and then pay in full. Those who used to save for Christmas with Fairpack Hampers will understand how things can easily go wrong.
    Originally posted by TheBanker
    That's the way my parents' generation used to pay for Christmas and birthdays, usually at the local village Co Op or town stores, which were not the huge places we see today. (Which outlets are slowly being strangled by online purchasing.)

    As said, no credit cards then and my parents' bank account was the Post Office, until I changed that. It was a different world. Layaway really has no place today.
    I think this job really needs
    a much bigger hammer.
    • Shakin Steve
    • By Shakin Steve 11th Feb 18, 5:17 PM
    • 1,396 Posts
    • 1,123 Thanks
    Shakin Steve
    Park hampers probably put a few off.
    I came into this world with nothing and I've got most of it left.
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