FOUNDATION FOR CREDIT COUNSELLING
Company number: 02757055
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
16 July 2021
Approved by:
Richard Britten
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 38%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 49%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
31 days
Standard payment terms
The Company deems 31 days to be its standard payment term unless specific agreement has been reached with a particular supplier
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
31 days
If an invoice is received late and is coming due/overdue at the point of receipt we will adjust the due date to 7 days from date of receipt.
Any other information about payment terms
Terms will vary from supplier to supplier dependent on the individual agreement we have in place.
Dispute resolution process
The Foundation for Credit Counselling is committed to dealing with its suppliers in a fair, honest and transparent manner, whilst seeking best value for the Charity. If we dispute any item on an invoice, we aim to (a) promptly inform the supplier of the disputed item and (b) work with the supplier to (1) explain why the relevant item has been disputed; and (2) reach a mutually acceptable outcome.
We operate a no PO no pay on invoices and when an invoice is received with no PO suppliers are encouraged to contact the individual who placed the order for the goods and services or liaise with procurement as a first point of contact. The Charity provides an accounts payable team email address to deal with any queries in relation to payment of invoices.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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