VOLKSWAGEN FINANCIAL SERVICES (UK) LIMITED
Company number: 02835230
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
10 September 2020
Approved by:
Jean Smith
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 79%
- in 31 to 60 days: 12%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 22%
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. Different payment terms maybe agreed within bespoke contracts
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
End of month following month of receipt or date of invoice (whichever is later)
Any other information about payment terms
Reduced payment terms offered to suppliers who invoice in arrears
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 by our Accounts Payable team within a reasonable amount of time it will be escalated to the department that entered into the business relationship with the supplier, where the company's representatives will endeavors to resolve the dispute in a reasonable timescale. As a last resort the dispute may be referred to the company's Legal team for resolution.
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