Simple question re agency late payment

[BolshieBastard]

BB you little rascal

Ooh! Hit me with your rythme stick Lisa!

I paid my last HSBC credit card statement from an HSBC account on a Sunday evening and incurred no interest or fees.

OK, OK, let's put this to bed.

I knew some smart arse would mention this scenario!

That's because they are linked accounts and are 'internal' to HSBC. If you had used a non HSBC account to pay the HSBC card account, the payment would not have been credited to the account until the next working day (assuming the account from which the payment was made was not a subsidary of HSBC) and you would have had a late payment fee applied.

...As the actress said to the contractor.

(I mean, this entire thread was light entertainment after all.)

The question about interest \ compo was serious. Still never got an answer!

[SueEllen]

The question about interest \ compo was serious. Still never got an answer!

When you threaten people with action i.e. court or otherwise in chasing up a debt, you need to look like you have been reasonable and have tried to sort the issue out first particularly if you are threatening to take them to court.

How many times has the agent paid you one day late during the contract?

If the answer is always then you should have asked the agent on the 2nd or 3rd why it's happening and you were unreasonable not to ask them.

If the answer is once or twice then you are being unreasonable trying to get interest on a clause that could be argued to mean something else.

How many times has the agent paid you more than 2+ days late during the contract?

If the answer is less then 2 then your are being unreasonable.

The only time you start threatening an agency or a direct client with late payment fees and court action is when they either:
a. make up a bullsh*t reason for not paying you on time and your invoice is over 7 days later, or,
b. they consistently pay you late by more than 5 working days and they give you no good reason.

Generally in both cases if they haven't given you a firm payment date within 5 working days of when you asked them they aren't going to pay you until either they feel like it or you take firm action against them. Though again you have to wait longer for your invoice to be properly overdue before you start threatening them with further action.

[Mr.Whippy]

OK, OK, let's put this to bed.

I knew some smart arse would mention this scenario!

That's because they are linked accounts and are 'internal' to HSBC. If you had used a non HSBC account to pay the HSBC card account, the payment would not have been credited to the account until the next working day (assuming the account from which the payment was made was not a subsidary of HSBC) and you would have had a late payment fee applied

Not being a smartarse at all. You stated pretty authoritatively (as you always do) that I would've incurred a late fee/interest for paying on the Sunday. So I just told you you were wrong, again. You really are an idiot who thinks he knows everything when the reality is far from that.

Moaning about a "late" payment because the Nth day happens to be a weekend and so it's paid on the Monday is just beyond pathetic.

[LisaContractorUmbrella]

Ooh! Hit me with your rythme stick Lisa!



OK, OK, let's put this to bed.

I knew some smart arse would mention this scenario!

That's because they are linked accounts and are 'internal' to HSBC. If you had used a non HSBC account to pay the HSBC card account, the payment would not have been credited to the account until the next working day (assuming the account from which the payment was made was not a subsidary of HSBC) and you would have had a late payment fee applied.

The question about interest \ compo was serious. Still never got an answer!

Cheeky monkey

Ok I'll answer it for you BB:

The Late Payment of Commercial Debts (Interest) Act 1998 has two purposes. Firstly, to compensate creditors for the late payment of debts. Secondly, to deter late payment. It only applies to the commercial supply of goods and services where you don't have a provision for interest in your Terms of Business.

In brief, it enables you to claim interest and compensation for invoices that are not paid on time. Interest can be claimed at 8% over base together with compensation at the rate of £40 - £100 per invoice.

When you can claim:

You can claim Late Payment Interest and Compensation if:-

You have supplied goods and services
Your buyer bought for business purposes
The contract is not a consumer credit agreement
The contract does not contain a provision for interest on overdue invoices (or any other substantial remedy for non payment)
The interest you can claim

You can claim interest at 8% over Bank of England Base Rate (at the previous 31st December or 30th June).

You can claim interest on invoices that were not paid within the credit period but have since been paid. Interest can be claimed for the period starting with the date the invoice should have been paid and ending with the date it was actually paid.

You have up to 6 years to claim the interest.

The compensation you can claim

You can claim compensation for every invoice that was not paid within the credit period. You can claim compensation even if the invoice has now been paid. Remember, you have up to 6 years to claim the compensation!

The amount of compensation you can claim is:-

Invoice Amount Compensation
Up to £999.99 £40 per invoice
£1000 - £9,999.99 £70 per invoice
Over £10,000.00 £100 per invoice

Lovetts plc : Claiming Late Payment Interest and Compensation

[doomage]

Cheeky monkey

Ok I'll answer it for you BB:

The Late Payment of Commercial Debts (Interest) Act 1998 has two purposes. Firstly, to compensate creditors for the late payment of debts. Secondly, to deter late payment. It only applies to the commercial supply of goods and services where you don't have a provision for interest in your Terms of Business.

In brief, it enables you to claim interest and compensation for invoices that are not paid on time. Interest can be claimed at 8% over base together with compensation at the rate of £40 - £100 per invoice.

When you can claim:

You can claim Late Payment Interest and Compensation if:-

You have supplied goods and services
Your buyer bought for business purposes
The contract is not a consumer credit agreement
The contract does not contain a provision for interest on overdue invoices (or any other substantial remedy for non payment)
The interest you can claim

You can claim interest at 8% over Bank of England Base Rate (at the previous 31st December or 30th June).

You can claim interest on invoices that were not paid within the credit period but have since been paid. Interest can be claimed for the period starting with the date the invoice should have been paid and ending with the date it was actually paid.

You have up to 6 years to claim the interest.

The compensation you can claim

You can claim compensation for every invoice that was not paid within the credit period. You can claim compensation even if the invoice has now been paid. Remember, you have up to 6 years to claim the compensation!

The amount of compensation you can claim is:-

Invoice Amount Compensation
Up to £999.99 £40 per invoice
£1000 - £9,999.99 £70 per invoice
Over £10,000.00 £100 per invoice

Lovetts plc : Claiming Late Payment Interest and Compensation

If only you could claim compensation for the time wasted on this thread.

[northernladuk]

If only you could claim compensation for the time wasted on this thread.

That include scolling down a huge history to read the one line reponse at the end

[BolshieBastard]

Not being a smartarse at all. You stated pretty authoritatively (as you always do) that I would've incurred a late fee/interest for paying on the Sunday. So I just told you you were wrong, again. You really are an idiot who thinks he knows everything when the reality is far from that.

Moaning about a "late" payment because the Nth day happens to be a weekend and so it's paid on the Monday is just beyond pathetic.

I stated what is the situation regarding inter bank transactions made on a Saturday, Sunday or Bank Holiday. The position of which if you do this, payment is not credited to your account until the next working day since the payment process doesnt operate on such days. It is a feature of the banking process.

Where you have a credit card account with the same bank as your current account (the example you use to suggest all such payments irrespective of weekends and BH's will be credited which is, wrong), the transfer is deemed an internal transfer so is actioned on those days inter bank transfers wouldnt be.

<mod snip>

In any event, your example doesnt fit the case of an agent transferring money from their account to a limited co's account so once again, you are wrong. (That authoritive enough for you?)

<mod snip>

Good day!

[cojak]

Locked.

I think that all parties should step away from the keyboard now.