Umbrella deadline for payment

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LisaContractorUmbrella replied

30 April 2015, 13:46
Originally posted by AJ1982 View Post

It was only for a few months, I saw the light and formed a Ltd with SJD

I'll let you off
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dicky1980 replied

30 April 2015, 13:35
Originally posted by AJ1982 View Post

Completely agreed, I was with Parasol (Sorry Lisa), a few years ago, as soon as the Pay arrived in the Parasol, it was processed and paid via BACS (So 2-4 days). There was no fixed timeframe, when the monies were received, the payroll was run. For extra you could request a same day payment.

Doesnt sound right at all having a deadline like that, also looks like you might be "backed" off a month as you wont meet this / next months deadline.

Who is your brolly?

Called CPM people, i'm working in Luxembourg so there weren't all that many options else i'd switch, though not many of the brollys for Lux seem to have a good rep like access financial etc. My initial feeling was they must be short of cash, and i really don't like the idea of them having hold of two months payment if they are in trouble, losing one months wages if they go belly up is one thing but 2 months would be a bit of a nightmare

Last edited by dicky1980; 30 April 2015, 13:43.
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AJ1982 replied

30 April 2015, 12:58
Originally posted by LisaContractorUmbrella View Post

It's ok

It was only for a few months, I saw the light and formed a Ltd with SJD
Leave a comment:
LisaContractorUmbrella replied

30 April 2015, 12:02
Originally posted by AJ1982 View Post

Completely agreed, I was with Parasol (Sorry Lisa), a few years ago, as soon as the Pay arrived in the Parasol, it was processed and paid via BACS (So 2-4 days). There was no fixed timeframe, when the monies were received, the payroll was run. For extra you could request a same day payment.

Doesnt sound right at all having a deadline like that, also looks like you might be "backed" off a month as you wont meet this / next months deadline.

Who is your brolly?

It's ok
Leave a comment:
AJ1982 replied

30 April 2015, 10:48
Originally posted by LisaContractorUmbrella View Post

We process pay on the day that it's received - the arrangement you describe is most unusual in my experience

Completely agreed, I was with Parasol (Sorry Lisa), a few years ago, as soon as the Pay arrived in the Parasol, it was processed and paid via BACS (So 2-4 days). There was no fixed timeframe, when the monies were received, the payroll was run. For extra you could request a same day payment.

Doesnt sound right at all having a deadline like that, also looks like you might be "backed" off a month as you wont meet this / next months deadline.

Who is your brolly?
Leave a comment:
LisaContractorUmbrella replied

30 April 2015, 07:04
We process pay on the day that it's received - the arrangement you describe is most unusual in my experience
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CoolCat replied

29 April 2015, 16:39
Some process the pay the same day the payment comes in.
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original PM replied

29 April 2015, 13:41
Originally posted by dicky1980 View Post

HI

I've been using an umbrella for several years. In the past they have had a deadline of 23rd of the month to receive funds from the client so that i get paid at the end of the month. Now they are changing this to the 6th of each month.

So that in order to be paid i will need my client to get their invoice, process it and send them money by the 6th of May. Which ain't going to happen so i wont get my money for April until the end of June

Do any other umbrellas do this? given they had enough trouble paying me by the old deadline am i being unreasonable to complain about this

Thanks

Most umbrella's will process your pay within 2-3 working days of them receiving it from your client/agency.

If the suddenly change their payment terms it is normally to keep your money in their accounts for longer to gain more interest.

Which is often an indicator of the brolly having cash flow issue - and if that happens you will be out of pocket.

Not sure which brolly you are with but it may be worth looking at some of the more reputable ones.
Leave a comment:
dicky1980 started a topic Umbrella deadline for payment

29 April 2015, 12:02
Umbrella deadline for payment

HI

I've been using an umbrella for several years. In the past they have had a deadline of 23rd of the month to receive funds from the client so that i get paid at the end of the month. Now they are changing this to the 6th of each month.

So that in order to be paid i will need my client to get their invoice, process it and send them money by the 6th of May. Which ain't going to happen so i wont get my money for April until the end of June

Do any other umbrellas do this? given they had enough trouble paying me by the old deadline am i being unreasonable to complain about this

Thanks
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