| BACS question 10:06 - Jun 8 with 2503 views | MeenoITFC |
I am owed a fair amount of money from an events company. They have been holding it off for a while now, but said they finally processed the invoice on Monday via BACS. Its Friday and still nothing received. How long does a BACS payment usually take or are they lying to me? |  |
| |  |
| BACS question on 10:13 - Jun 8 with 2469 views | Lord_Lucan |
Unless it's over about £20k it's instant - and even if it's over that amount it's only a day.
Edit; If it's a Ltd company PM me their name and I'll do a credit and payment performance check for you. [Post edited 8 Jun 2018 10:17]
|  |
| |
| BACS question on 10:37 - Jun 8 with 2428 views | farkenhell |
Further to Lucan's reply, even in the bad old days before fast banking, you should expect to see the money in your account on the 3rd working day after payment.
Ring them and ask them to email you evidence of the electronic payment they purported to have made last Monday. Also, check the paperwork to see whether it's a limited company or not. If it is, tell them that unless you receive payment in your account before close of business today, you will instruct your solicitor to serve a winding up petition. Then follow up that call with an email headed "formal demand for payment". |  | | |
| BACS question on 10:50 - Jun 8 with 2390 views | Lord_Lucan |
| BACS question on 10:37 - Jun 8 by farkenhell |
Further to Lucan's reply, even in the bad old days before fast banking, you should expect to see the money in your account on the 3rd working day after payment.
Ring them and ask them to email you evidence of the electronic payment they purported to have made last Monday. Also, check the paperwork to see whether it's a limited company or not. If it is, tell them that unless you receive payment in your account before close of business today, you will instruct your solicitor to serve a winding up petition. Then follow up that call with an email headed "formal demand for payment". |
You can't just serve a winding up petition, it's not as simple as that. | |
| |
| BACS question on 11:33 - Jun 8 with 2328 views | farkenhell |
| BACS question on 10:50 - Jun 8 by Lord_Lucan |
You can't just serve a winding up petition, it's not as simple as that. |
If it's a limited company and the debt is undisputed (and the promise that the invoice was processed by BACS last Monday would seem to be prima facie evidence of that) then all you need to do is to make a "formal demand" before proceeding with a winding up petition. It's an urban myth that you need to precede this with service of a statutory demand on the company.
The position is very different with a debt owed by an individual or partnership/firm, where you have to serve a stat dem first and then wait 21 days before you can act on it with a bankruptcy petition.
I'm not suggesting that the OP should proceed with a winding up petition - the process of having it issued by the court and served on the company will be expensive and if the company is going bust, then he might end up throwing good money after bad. However, if they are choosing which suppliers to pay or simply playing silly beggars, then an appropriately-worded telephone call plus follow-up email along the lines I have suggested might persuade them to pay up.
Good luck OP!
Edit - your offer of a credit and payment performance check is a good one. Hopefully the OP will take you up on that. [Post edited 8 Jun 2018 11:37]
| | | |
| BACS question on 11:44 - Jun 8 with 2297 views | Lord_Lucan |
| BACS question on 11:33 - Jun 8 by farkenhell |
If it's a limited company and the debt is undisputed (and the promise that the invoice was processed by BACS last Monday would seem to be prima facie evidence of that) then all you need to do is to make a "formal demand" before proceeding with a winding up petition. It's an urban myth that you need to precede this with service of a statutory demand on the company.
The position is very different with a debt owed by an individual or partnership/firm, where you have to serve a stat dem first and then wait 21 days before you can act on it with a bankruptcy petition.
I'm not suggesting that the OP should proceed with a winding up petition - the process of having it issued by the court and served on the company will be expensive and if the company is going bust, then he might end up throwing good money after bad. However, if they are choosing which suppliers to pay or simply playing silly beggars, then an appropriately-worded telephone call plus follow-up email along the lines I have suggested might persuade them to pay up.
Good luck OP!
Edit - your offer of a credit and payment performance check is a good one. Hopefully the OP will take you up on that. [Post edited 8 Jun 2018 11:37]
|
Your first line is key - "undisputed"
He needs to take them to court first and even after that he might shoot himself in the foot as if they are insolvent he will be way down the line.
And it's going to cost him in legal fees.
I would suggest a baseball bat. | |
| |
| BACS question on 13:02 - Jun 8 with 2227 views | TractorWood |
| BACS question on 10:13 - Jun 8 by Lord_Lucan |
Unless it's over about £20k it's instant - and even if it's over that amount it's only a day.
Edit; If it's a Ltd company PM me their name and I'll do a credit and payment performance check for you. [Post edited 8 Jun 2018 10:17]
|
Incorrect. A BACS takes 3 working days inclusive from the day it was sent. Ie if it was sent Monday it will be in the beneficiary's account on the Wednesday.
Faster payments are instant and are possible for any domestic payment under £100k. For over £100k you'll need to do a Telegraphic Transfer.
You may have free unlimited access to fastpay but this will be dependent on the bank and wouldn't constitute a BACS. Here's Barclays spiel as an example.
https://www.barclays.co.uk/help/payments/payment-information/bacs-chaps-faster-p [Post edited 8 Jun 2018 13:04]
|  |
| |
| BACS question on 13:12 - Jun 8 with 2201 views | Lord_Lucan |
| BACS question on 13:02 - Jun 8 by TractorWood |
Incorrect. A BACS takes 3 working days inclusive from the day it was sent. Ie if it was sent Monday it will be in the beneficiary's account on the Wednesday.
Faster payments are instant and are possible for any domestic payment under £100k. For over £100k you'll need to do a Telegraphic Transfer.
You may have free unlimited access to fastpay but this will be dependent on the bank and wouldn't constitute a BACS. Here's Barclays spiel as an example.
https://www.barclays.co.uk/help/payments/payment-information/bacs-chaps-faster-p [Post edited 8 Jun 2018 13:04]
|
Mmm
Happy to stand corrected - although I would think that most people when issuing an electronic payment (wrongly) refer it to a BACS payment.
On our invoices - and on invoices we pay it always says BACS payments and advises sort code and account number - but on electronically paying or receiving it is instant. | |
| |
| BACS question on 13:12 - Jun 8 with 2198 views | farkenhell |
| BACS question on 11:44 - Jun 8 by Lord_Lucan |
Your first line is key - "undisputed"
He needs to take them to court first and even after that he might shoot himself in the foot as if they are insolvent he will be way down the line.
And it's going to cost him in legal fees.
I would suggest a baseball bat. |
I suppose he could always deliver the email wrapped around the baseball bat! | | | |
Login to get fewer ads
| BACS question on 13:22 - Jun 8 with 2174 views | TractorWood |
| BACS question on 13:12 - Jun 8 by Lord_Lucan |
Mmm
Happy to stand corrected - although I would think that most people when issuing an electronic payment (wrongly) refer it to a BACS payment.
On our invoices - and on invoices we pay it always says BACS payments and advises sort code and account number - but on electronically paying or receiving it is instant. |
I think you're right about people not understating the difference. Most small business have free unlimited fastpays so they'll not know the difference but huge businesses with thousands of transactions may have more complicated or arcane banking agreements. You probably do receive some BACS, but the debtor will have sent it a few working days ago, if you check in your inbound bank advices, you'll be able to tell. All depends but unfortunately I live and breath this mundane stuff. | |
| |
| BACS question on 13:26 - Jun 8 with 2167 views | farkenhell |
| BACS question on 13:12 - Jun 8 by Lord_Lucan |
Mmm
Happy to stand corrected - although I would think that most people when issuing an electronic payment (wrongly) refer it to a BACS payment.
On our invoices - and on invoices we pay it always says BACS payments and advises sort code and account number - but on electronically paying or receiving it is instant. |
Yes, I think you're right - most people nowadays say BACS for any electronic payment.
Funnily enough, yesterday I needed to transfer some funds urgently. Mindful of the £20k limit you mentioned, I rang my bank and asked for the quickest and cheapest way to do this. To be told that I just needed to speak to their anti-fraud line, answer their security questions, and the process would be as quick and free as a "normal" electronic payment. Worked a treat - I spent no more than 10 minutes on the phone and I received a message within the hour to confirm that the funds had been received the other end. According to the bank, this process applies to any electronic payment up to £100k. | | | |
| BACS question on 13:35 - Jun 8 with 2150 views | befxblue |
Sounds like BS to me.
A couple of times now I've used gov.uk (search unpaid business debt and follow links) to make claims against k*obheads like this.
Small fee, much cheaper than paying a solicitor £250 to write a generic letter.
This has shaken them into quick payment action in my experience. | | | |
| BACS question on 13:44 - Jun 8 with 2125 views | Lord_Lucan |
| BACS question on 13:22 - Jun 8 by TractorWood |
I think you're right about people not understating the difference. Most small business have free unlimited fastpays so they'll not know the difference but huge businesses with thousands of transactions may have more complicated or arcane banking agreements. You probably do receive some BACS, but the debtor will have sent it a few working days ago, if you check in your inbound bank advices, you'll be able to tell. All depends but unfortunately I live and breath this mundane stuff. |
Funnily enough I can relate to this.
Last year I had a customer who had to pay me around £60k and I was sweating on it as I had to pay HMRC a large chunk of money and I was brassic. If I didn't pay HMRC that day then my container doesn't leave the vessel and goes back to China and the company owing me £60k doesn't get their goods because they were on the container. It was real panic stations.
I seem to remember professional communist No9 being with me at the time I was trying to get the £60k, I was going insane, really losing the plot. He can vouch for that.
Anyhoo - turns out the company had paid me by BACS but it went through some weird clearing house in London and took ages, I just checked - WTB UK SPV NO 1 LTD??? WTF is all that about? [Post edited 8 Jun 2018 13:57]
| |
| |
| (No subject) (n/t) on 13:53 - Jun 8 with 2108 views | chicoazul |
| BACS question on 13:02 - Jun 8 by TractorWood |
Incorrect. A BACS takes 3 working days inclusive from the day it was sent. Ie if it was sent Monday it will be in the beneficiary's account on the Wednesday.
Faster payments are instant and are possible for any domestic payment under £100k. For over £100k you'll need to do a Telegraphic Transfer.
You may have free unlimited access to fastpay but this will be dependent on the bank and wouldn't constitute a BACS. Here's Barclays spiel as an example.
https://www.barclays.co.uk/help/payments/payment-information/bacs-chaps-faster-p [Post edited 8 Jun 2018 13:04]
|
Was going to say, when I get paid (usual invoice value of about 2.5k) it takes a couple of days to reach my account if via BACS. When I pay my window cleaner through my Lloyds business banking app he gets it immediately (and he doesnt bank with Lloyds). I dont understand that but hey ho. [Post edited 8 Jun 2018 13:53]
|  |
| |
| BACS question on 14:00 - Jun 8 with 2091 views | Lord_Lucan |
| BACS question on 13:35 - Jun 8 by befxblue |
Sounds like BS to me.
A couple of times now I've used gov.uk (search unpaid business debt and follow links) to make claims against k*obheads like this.
Small fee, much cheaper than paying a solicitor £250 to write a generic letter.
This has shaken them into quick payment action in my experience. |
Here's a tip.
Barclays do a service where you pay them £12 a month and if you ever get a bad or slow payer you can enter the details online and the customer will get a formal solicitors letter followed by a nasty solicitors letter - all for the monthly price and no service limits. | |
| |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
