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  5. The late payment of commercial debts (interest) Act.
  7. When Was I Paid?
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When Was I Paid?

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10 years 7 months ago #1152 by roberthunter
When Was I Paid? was created by roberthunter
I bill a Client who sends me a cheque outwith the default 30 days. I receive the cheque after 40 days. I have a postal bank account and post the cheque off to my bank. The funds arrive in my account after 50 days. Cleared funds are available after 55 days. For the purposes of this legislation when was I paid - when I received the cheque, when the cheque was banked or when the funds cleared?

Thank you.

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10 years 7 months ago #1153 by Safe_UK
Replied by Safe_UK on topic Re: When Was I Paid?
We would say that payment is received at the point the funds *clear* your account.

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10 years 7 months ago #1154 by David J
Replied by David J on topic Re: When Was I Paid?
Hello Robert
Safe Collections are correct. If your default is 30 days then as far as the legislation is concerned the money should be available to you on or before the 30 day period.

David

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  1. Forum
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  5. The late payment of commercial debts (interest) Act.
  7. When Was I Paid?
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