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VOLKSWAGEN FINANCIAL SERVICES (UK) LIMITED

Company number: 02835230

Reporting period:
1 July 2020 to 31 December 2020

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

This report was filed on 8 January 2021

and approved by Jean Smith

Payment statistics

Average time taken to pay invoices: 39 days

Invoices paid:

• within 30 days: 73%
• in 31 to 60 days: 15%
• in 61 days or more: 12%

Invoices due but not paid within agreed terms: 27 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

VWFS will make payment at the end of the month following the month in which a valid invoice is dated or received, whichever is the later. Each invoice shall include such further supporting information required by VWFS to verify the accuracy of the invoice.

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

The company aims to resolve all disputes related to payment as efficiently as possible. In the first instance the dispute should be handled by the Accounts Payable team, who can be contacted at POQueries@vwfs.co.uk. If it cannot be resolved it will be escalated to the department that entered into the business relationship with the supplier, where the company's representatives will use their best endeavours to resolve the dispute in a reasonable timescale. As a last resort the dispute may be referred to the company's Legal Counsel; contact LegalDepartment@vwfs.co.uk

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.

No

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