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Laybuy Missed Payment – Should You Pay?

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Scott
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Scott Nelson

Managing Director

MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.

Learn more about Scott
&
Janine
Janine Marsh Profile Picture

Janine Marsh

Financial Expert

Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.

Learn more about Janine
· Mar 7th, 2024
Could you legally write off some debt? Answer below to get started.

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For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

Featured in...
laybuy missed payment

For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.

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.

Could you legally write off some debt?

There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

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.

Budgeting Advice How You Can Lower Your Expenses
Arrange a Debt Repayment Plan To negotiate, contact your creditors via phone, email, or letter to explain your financial situation, and offer to pay an amount you can afford.
Save on Utility Bills Compare energy providers to find a cheaper deal.
Use energy-efficient appliances.
Reduce water usage with low-flow fixtures.
Save on Groceries Shop with a list to avoid impulse buys.
Buy store brands instead of name brands.
Look for sales and use coupons.
Cut Back on Non-Essentials This includes dining out, entertainment, subscriptions, and luxury items. Look for free or low-cost entertainment options and cook meals at home.
Transportation Costs If possible, use public transportation, carpool, or consider biking to work. If you own a car, maintain it regularly to avoid costly repairs.
Negotiate Bills Contact service providers (like phone, internet, and cable) to negotiate a lower rate or switch to a cheaper plan.
Consolidate Debts If you have multiple debts, consider a debt consolidation loan or a balance transfer credit card (with caution) to lower interest rates.
Sell a Financed Car When you sell a financed vehicle, the proceeds can be used to pay off the remaining loan balance.
Use Cash Instead of Credit To avoid accumulating more debt, use cash or a debit card for your purchases.
Seek Professional Advice If you’re struggling, consider contacting a debt advice service like StepChange or National Debtline. They offer free, confidential advice.

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.

How a debt solution could help

Some debt solutions can:

  1. Stop nasty calls from creditors
  2. Freeze interest and charges
  3. Reduce your monthly payments

A few debt solutions can even result in writing off some of your debt.

Here’s an example:


Situation

Monthly income £2,504
Monthly expenses £2,345
Total debt £32,049

Monthly debt repayments

Before £587
After £158

£429 reduction in monthly payments

If you want to learn what debt solutions are available to you, click the button below to get started.

Get started

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.

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

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I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.

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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.

» TAKE ACTION NOW: Fill out the short debt form

Laybuy Contact Details

Website: https://www.laybuy.com/uk/
Submit request: They don’t have a phone number but you can submit your requests here
Help & support: https://help.laybuy.com/hc/en-us
Could you legally write off some debt?

Answer below to get started.

How much debt do you have?

This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.

References

  1. StepChange – Credit safety net report
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The authors
Scott Nelson Profile Picture
Author
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh Profile Picture
Debt Expert
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.