Rules & Regulations for creating a lay away scheme?

[Mother Duck]

I have noticed recently that many pages on facebook are now offering a scheme where you can pay gradually for xmas gifts or larger purchases.
Does anyone have an idiots guide as to the rules & regulations for doing this?
Can you recommend where I should perhaps start looking to help myself?

Mother Duck

[yammascrafts]

That is a good question Ducky....I'll be back to find out the answer lol  x

[scotserve]

I looked into this a few months back and surprisingly there is not a lot of regulation that I could find and in fact was contrary to what I had previously believed, if you allow someone to pay up AFTER receiving goods then you need a consumer credit licence.
It would be prudent to have a separate bank account really for 2 reasons, the first is obvious in that it keeps clients funds separate from yours, but secondly so it does not go through the account for tax purposes.
Thats my understanding but it is an area fraught with bad press and you would have to be religious about your implementation or it could come back to bite you.
Checking with your local trading standards office would also be worthwhile.

[yammascrafts]

Normally Bryon "lay away" schemes are for paying the money upfront in small installments before receiving the goods.....like the Christmas hamper magazines, you pay all year and then get your goods at the end when you've finished. A separate bank account is a good idea for that though and if you made a little payment booklet (for your own use) to keep a check on who had paid what would be another (ok you techie lot a spreadsheet if you must  )
I shant do anything like this this year as I'm nowhere near organised enough at this moment in time, but I'd like it as an option next year. Right off to do some webby work 

[DeputyDog]

Hi

http://www.elayaway.com   is for USA customers only but might give you some ideas.