How long to wait till getting paid ?

[mcquiggd]

MSB pay weekly - invoice is faxed over by noon wednesday, money is paid by BACS and clears on the Monday, although they have paid me by CHAPS sometimes. Most umbrellas will pay the same day the money clears, although it normally costs extra. Parasol offer this as long as you drop them an email 24 hours in advance.

[EternalOptimist]

Ask your umbrella. The only real-world benefit to having agencies or umbrellas in the loop is that they pay you whether or not the client has paid them

Have you ever come across an umbrella that pays you whether they have been paid by the agency or not?
Doubt it

Agencies, yes. Umbrellas, no.

no but i've come across my wifes t1ts

[Lucifer Box]

no but i've come across my wifes t1ts

I've come across your wife's tits as well, EO. She loved it, the saucy minx.

[boredsenseless]

MSB pay weekly - invoice is faxed over by noon wednesday, money is paid by BACS and clears on the Monday, although they have paid me by CHAPS sometimes. Most umbrellas will pay the same day the money clears, although it normally costs extra. Parasol offer this as long as you drop them an email 24 hours in advance.

Paying the day the money clears is fine in principle but do they actively make sure the money is paid on time in the first place?

If the end client takes 2 months to pay and you expected 2 weeks the fact the umbrella turns it round on clearance isn't really a big plus point is it as you've missed 6 weeks. At least if you do it yourself you can phone email, write letters and generally get in the face of accounts to the point they pay on time more often than not

[freshblue]

I was able to ask Parasol to use softly softly where needed and then turn up the pressure when the client started having "cashflow issues"... They got my cash and I refused a renewal with the client.

[BillHicksRIP]

Just to add to what I wrote earlier, I took a gamble when leaving my (25k p.a.) permie job, as I had no savings, no way of saving 3 or 6 months worth of mortgage/bills, and no family to borrow it off. A contract appeared that paid well, I applied thinking nothing of it, got the gig, and before handing my notice in, checked if I could actually survive till I first got paid. Prosperity 4 shafted me by not giving me an interim payment, which they assured me I'd get. My agency had been paying them weekly since startring work. In the last 2 weeks before they actually coughed, I couldn't even afford the B&B that I was paying for to be near the job. They refused to help, didn't care. I very nearly ended up completely broke thanks to them.

Not everyone can have proper financial backup when first starting contracting, which is why I was advising to choose the brolly carefully. As soon as you're on your first contract, save like crazy.

[Doddy]

payment terms

I have been surprised by the amount of luck I had when I chucked the permie job for this lark last April. I did not consider when I would get paid, but it worked out OK - which was good fortune not good planning.
My pay period ends on the last Friday of each month. Although I am paid monthly, I submit weekly timesheets to my umbrella who bill the agency, and weekly timesheets to the company I do work for. I receive my money 2 weeks after the end of the last Friday period - it takes that time to go from Co to Agency to umbrella. I get paid every four weeks or every 5 weeks depending on how things fall. I joined during the last month of a pay period which mean that I was paid three weeks later - a week before I would have received my salary - which meant I could 'manage' for another 4 weeks until i was paid again. Agency have been good and umbrella have been great which makes me wonder when everything will go 't*ts-up'. PM me for umbrella details if you wish.

[NetwkSupport]

THe cash flow aspect totally depends on your home situation and if you have the balls to just say to yourself "f### it" i'll just to it.

Do a bit of research, put some feelers out with agencies and keep a mental note of how many responses/interviews you get compared to how many jobs you apply for.

I myself did exactly the same thing as you, I had no cash flow behind me AT ALL, but not having a family of my own (but I do have a mortgage) i just handed in my notice, knowing full well i would be in BIG trouble if i didnt land a contract ASAP. Luckily with 2 weeks left of my permie notice to serve I had two job offers - one of which I took was a 6 month contract that pays me more in a week than i used to get in a whole month!!!!!!

Suffice to say I'm not making any recommendations, your a grown adult and can make your own decisions but just thought i'd let you know that whatever happens another avenue always opens up, and more importantly if you dont take a risk here and there you wont change anything..from a personal point of view taking the risk completely changed my life for the better.