VOLKSWAGEN FINANCIAL SERVICES (UK) LIMITED
Company number: 02835230
Reporting period:
1 July 2024 to 31 December 2024
Report filed on:
17 February 2025
Approved by:
Mrs Jean Smith
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 9%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 18%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
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. In case an invoice must be corrected due to wrong quantities or prices the corrected invoice shall be re-dated to the date of correction.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
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 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