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VIRGIN MONEY PLC

Company number: 06952311

Reporting period:
1 July 2019 to 31 December 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 17 January 2020

and approved by Ian Smith

Payment statistics

Average time taken to pay invoices: 20 days

Invoices paid:

• within 30 days: 95%
• in 31 to 60 days: 4%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 8 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

Standard payment terms are 30 days

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Where a contract includes an agreed dispute resolution process, that will take precedence. All other invoice payment queries should be directed to Accounts Payable at Accounts.Payable@virginmoney.com. If a satisfactory resolution cannot be found, the dispute will be raised with the appropriate Supplier Relationship Manager or business contact. Any dispute which cannot be resolved at this stage will be escalated to the Head of Procurement.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

Yes – Prompt Payment Code

Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.

No

Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No