Buying an item you really can’t afford is something that has probably happened to you more than once – it is one of the most common types of spending errors made by all consumers.
Whether you’ve been wooed by a very convincing advertising campaign or have simply realised that your current finances can’t accommodate an item you’ve recently purchased, there are ways to salvage your situation and place yourself back on the path to wealth creation.
If you’re a long-time reader of Northwood’s financial articles, the word Doodads may be familiar to you already. A doodad is a purchase which was made without realising how much money would be lost as a result – most people agree that they wouldn’t purchase the same item again if they had a second opportunity to do so. If you’ve realised that an item you recently purchased is a doodad, you have just learnt a valuable lesson in personal finance: every purchase must be carefully planned to avoid unnecessary expenses.
Can The Item Be Returned?
Ideally, the best solution to the problem of buying an item you can’t afford is to return it for a full refund. However, depending on the item and how long ago it was purchased, you may find yourself unable to obtain a full refund for the item you bought.
Fortunately, the Consumer Protection Act does allow consumers to return items under certain conditions:
- If you bought an item as a result of direct marketing, you have a period of 5 days from the date of delivery to return the goods for a full refund.
- If you did not have an opportunity to view the actual goods before you purchased them, you can also return the items for a full refund. This is especially useful for items which seemed great in a catalogue or on a website but do not meet the same standards in reality.
Unfortunately, any other items which were purchased and delivered in good condition cannot automatically be returned.