PayStream

[girlywirly1997]

Hello everyone, can anyone tell me if Paystream is reliable? I've read a lot of comments on here which aren't very positive and just trying to make my mind up. I've had a quote sent to me but I asked about hidden fees, terms and conditions and fees to join and exit and no one has got back in touch with me.

Can anyone tell me:
1) Do I have to pay any fees for any months that I won't be using paystream?

2)Do they have a fixed fee structure?

3) How does the pension/ holiday pay work/ sick pay work?i.e deductions are taken for this but with holiday pay example, if I don't take holiday- will it be paid to me at the end of the booking?

4) I already have my own insurance that covers me as a sole trader- do I have to use theirs? Do they charge for the insurance cover?

5) Are there any joining fees/ exiting fees? Charges for same day payments? Administration charges for processing expenses?

6) The quotes emailed - are the illustrations likely to change? If so, what factors would change the values?

If anybody can give me a 'rough idea' that would be very helpful! Thanks everybody!!

[northernladuk]

Have you spoken to Lucy at Contractor Umbrella who post5 on here. CU is well known and has no negative posts.

[MrMarkyMark]

Hello everyone, can anyone tell me if Paystream is reliable? I've read a lot of comments on here which aren't very positive and just trying to make my mind up. I've had a quote sent to me but I asked about hidden fees, terms and conditions and fees to join and exit and no one has got back in touch with me.

Can anyone tell me:
1) Do I have to pay any fees for any months that I won't be using paystream?

2)Do they have a fixed fee structure?

3) How does the pension/ holiday pay work/ sick pay work?i.e deductions are taken for this but with holiday pay example, if I don't take holiday- will it be paid to me at the end of the booking?

4) I already have my own insurance that covers me as a sole trader- do I have to use theirs? Do they charge for the insurance cover?

5) Are there any joining fees/ exiting fees? Charges for same day payments? Administration charges for processing expenses?

6) The quotes emailed - are the illustrations likely to change? If so, what factors would change the values?

If anybody can give me a 'rough idea' that would be very helpful! Thanks everybody!!

Doesn't this not bode well, for the future, when considering doing business with them?

[lucyclarityumbrella]

Can anyone tell me:
1) Do I have to pay any fees for any months that I won't be using paystream?

2)Do they have a fixed fee structure?

3) How does the pension/ holiday pay work/ sick pay work?i.e deductions are taken for this but with holiday pay example, if I don't take holiday- will it be paid to me at the end of the booking?

4) I already have my own insurance that covers me as a sole trader- do I have to use theirs? Do they charge for the insurance cover?

5) Are there any joining fees/ exiting fees? Charges for same day payments? Administration charges for processing expenses?

6) The quotes emailed - are the illustrations likely to change? If so, what factors would change the values?

Hi Girlywirly1997, the only people that are likely to be able to answer your questions are the brolly in question, and if they cannot answer or do not come back to you I would think twice. In answer to your questions in relation to ContractorUmbrella;
1) You only incur our margin as and when we make a payment to you
2) Our margin is fixed, so you know exactly what you are paying each week or month
3) With regards to pensions, our pension kicks in after 3 months (our deferment period) after which you will be auto enrolled into the scheme. All umbrella companies have a legal obligation to provide a pension for you as they are your employer for that assignment. Holiday pay should be taken based on the contract of employment and placed in a holiday pot, if you take holiday during the assignment then you can draw on the holiday pot, if not this will come back to you in your last pay packet as it remains your money. Some companies offer what is known as rolled up holiday pay, whereby they deem to pay you back within each pay packet. This was outlawed in 2006 under the EU Working Directive, and as such we will not operate in this manner, although there are many that still do. As an employee you are provided with statutory rights for the employment and this includes sick pay, maternity pay etc, this is not something they are allowed to take off you.
4) Insurance is included within our margin, that covers up to £20m, so it would be assumed that this would be used during the course of the assignment you would take with us
5) No sign up or exit fees, no charges for same day payments and expenses are no longer allowable via salary sacrifice through the umbrella as of April 2016
6) The quote will be based on certain assumptions, our makes an assumption that you are on a standard 1100L tax code and NO expenses are allowable, if your tax code is different then this will affect the final figure.

Hope this helps explain how we operate and if we can help then do give me a shout