Holiday layaway; what are the rules?

TULSA - Not all layaway plans are the same, so the Better Business Bureau and the Oklahoma Society of CPAs have some guidelines you should follow, if you plan to use layaway this holiday season.

Know the rules, get everything in writing, and ask these questions.

How much do I have to put down?

Are there any storage or service plan fees?

How much time do I have to pay off the item?

When are the payments due?

What happens if I miss a payment?

Does the item return to inventory?

Do I lose what I've already paid?

Are there penalities?

Can I get a refund or credit if I no longer want the item after making a few payments?

Is there a restocking fee?

And what happens if the item goes on sale after I've put it on layaway

It's important to remember, every retailer that offers layaway has it's own rules.

And you may want to check what kind of rating the business has with the Better Business Bureau.