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| Thread ID: 112883 | 2010-09-25 21:14:00 | What's the difference between "lay-by" and "hire purchase"? | Renmoo (66) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1139619 | 2010-09-25 21:14:00 | I encountered the former term when a customer asked me yesterday "Do you guys do lay-by?" in the pharmacy. Although I roughly know the definition of "lay-by", I am not sure how is it different from "hire purchase". Can someone please explain that to me? Thank you :) | Renmoo (66) | ||
| 1139620 | 2010-09-25 21:17:00 | In years gone by: Layby - the goods remained in the shop until paid for. payments over a period of time. Hire purchase - the customer took the goods home at the outset and paid for them over a period of time but the ownership in the goods remains with the vendor until the final payment. |
Scouse (83) | ||
| 1139621 | 2010-09-25 21:26:00 | When I first came here and saw signs saying use our layby do you think I could find it to park my car in. It wasn't until I asked someone that I found out the NZ meaning of the term | gary67 (56) | ||
| 1139622 | 2010-09-25 21:31:00 | In years gone by: Layby - the goods remained in the shop until paid for. payments over a period of time. Hire purchase - the customer took the goods home at the outset and paid for them over a period of time but the ownership in the goods remains with the vendor until the final payment. That's in a nutshell? |
Renmoo (66) | ||
| 1139623 | 2010-09-25 21:32:00 | When I first came here and saw signs saying use our layby do you think I could find it to park my car in. It wasn't until I asked someone that I found out the NZ meaning of the term LOL. My first initial thought was "Did you mean 'Fly Buys'?" |
Renmoo (66) | ||
| 1139624 | 2010-09-25 21:35:00 | There is a different set of laws apply to each as well. The layby regulations are in for a revamp because of rorts in the Xmas hampers schemes that come under these rules. |
fred_fish (15241) | ||
| 1139625 | 2010-09-25 23:10:00 | There are a variety of Layby terms - a common term being, that if the layby is a deposit to hold the goods against a future purchase, that the goods must be paid for in full by a stipulated date, or the deposit is forfeit This is a serious issue with seasonal goods. | KenESmith (6287) | ||
| 1139626 | 2010-09-25 23:12:00 | Also generally Hire purchase is usually done with a finance company and incurs fees and interest where a layby only requires a deposit and regular payments to make up the original price. | SoniKalien (792) | ||
| 1139627 | 2010-09-25 23:19:00 | When I use to lay-by in the early 80's, often had about 3 months to pay pay the total. There was no interest (I think), but I think lay-bys were the last to be dealt with receivers if the company went under. Some might recall Smith City furniture having issues when it went under. | kahawai chaser (3545) | ||
| 1139628 | 2010-09-26 01:32:00 | My son has just done his first layby, but as he is only 13 he still needed my name on it. It was a 3 month term. Electric guitar here we come | plod (107) | ||
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