Laybuy Missed Payment – Should You Pay?

Are you trying to figure out what to do about a missed Laybuy payment? You’re in the right place. Each month, over 170,000 people visit our website for advice on managing debt.

In this simple guide, we will uncover:

•  What Laybuy’s Buy Now Pay Later scheme is
•  Steps to take if you miss a Laybuy payment
•  How the Laybuy Virtual Card functions
•  Whether Laybuy performs a credit check
•  The effects of a missed Laybuy payment on your account

StepChange stress the need for professional debt advice, noting that 60% of adults in financial trouble hesitate to seek help.¹ We realise it can stir up worry when a Laybuy payment is missed and you’re unsure how to settle the debt. It can be even more puzzling if you don’t know how this might impact your account or credit score.

But you’re not alone; we’re here to help you find the answers you need to manage your Laybuy debt effectively.

What Happens When You Miss a Laybuy Payment?

Laybuy will charge you default fees when you miss a payment and you can’t pay the outstanding within 24 hours. The late fee is set at £6. When you don’t pay the late fee within 7 days, Laybuy charges you another £6 making it a total of £12!

A breakdown of Laybuy late fees is as follows:

· A first late fee of £6 for missing a payment

· A further late fee of £6 for not paying up within 7 days

These late fees apply to each item you miss a payment on. Moreover, Laybuy could charge £24 max on every item when there’s a missed payment. To avoid incurring such debt, I recommend looking at some budgeting options that can help you save some money here and there.

Can I Delay a Laybuy Payment?

You can’t delay a Laybuy payment unless you request a ‘hardship’ repayment arrangement. There’s a built-in feature that allows you to change a payment date for the 5 instalments. But you must do this before confirming an order with Laybuy.

Make sure you are aware of this option when you pay for anything on the Laybuy buy now pay later scheme. It could save a lot of financial hardship if you are struggling with money but need to buy an item.

Why Would My Laybuy Suspend My Account?

Laybuy suspends an account for several reasons such as:

• An overdue payment. Laybuy should reinstate your account when you pay the amount owed, but this is not guaranteed
• There’s a deferral or hardship relief on the account. When you make the first payment, your account should be reinstated
• You didn’t use the account for a while

Laybuy Missed Payment – Should I Pay?

Should you pay a Laybuy missed payment? Yes, you should try your best to pay what’s owed. You should pay as soon as possible to avoid late fees and having a bad credit history.

Contact the support team when you think you’re going to miss a payment, and do so before it’s due. If you don’t, Laybuy could get tough with you. Remember, the addition of late fees will make the outstanding harder to settle.

If the debt goes to a debt collection agency, they will pursue you for the amount. They will be relentless too. Debts don’t vanish unless you do something about it.

Communicating with the provider is a must to prevent the matter getting out of hand. Don’t ignore the problem because when you do, the amount you owe will increase. It’ll be harder to pay off and you run the risk of ruining your credit!

Thanks for reading my article on Laybuy missed payments. I hope it helps you understand what to do when you’re late paying a scheduled instalment.

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Can Laybuy Decline My Card?

Laybuy decline payment when you don’t have enough money in your account, or if there is nothing in a Laybuy Account. My advice is to always make sure you have the funds to pay the initial payment at the point of sale. To avoid paying late fees make sure you have funds to make the five further weekly payments too.

How do I Make a Complaint Against Laybuy?

If you think that Laybuy has been unreasonable or behaved inappropriately, you can make a complaint. You can also make a complaint if you feel that they have broken any of the Financial Conduct Authority’s (FCA) guidelines.

Make your first complaint to Laybuy so that they have the chance to sort out the issue themselves. If you feel that they have not taken your complaint seriously enough or have not addressed your issue properly, you can escalate matters.

You can make any secondary complaint to the Financial Ombudsman Service (FOS). They will investigate and, if your complaint is upheld, Laybuy may be fined. You could even be owed compensation.

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Laybuy Contact Details

References

1. StepChange – Credit safety net report