Question about bacs payments

paddyamy2000

Hi, I am due to be paid on Wednesday 30.04.14, my Bacs payment would have left today, 3 days before.

There has been a dispute on one of my monthly contracts, can my sub-contractors reverse or stop the payment, or deduct what they are disputing over the contract.

What are the timescales for stopping the BACS payments, they are a very large company turning over tens of millions yearly

Regards

YorkshireBoy

paddyamy2000 wrote: »

What are the timescales for stopping the BACS payments...

Depends on the arrangement the payer has with their bank...

You can also recall payments after the payment information has been submitted, provided your bank is notified prior to a specific cut off time.


http://www.bacs.co.uk/Bacs/Businesses/BacsDirectCredit/PayingBy/Pages/GettingStarted.aspx

Lots more information available if you google "BACS Direct Credit Recall"

paddyamy2000

Thanks, so if they want to call my payment back, can they do that and then send a lesser payment, as they wont want to take all my payment just 20%, so do they need to recall the whole payment and re-send a lesser amount.

I am due to receive payment tomorrow, but they emailed me at 2.30pm on Monday to dispute 20% of it, so I do not know if they can recall it on that day, or today Tuesday, Regards

Hominu

Your payment will either be delayed, or it'll go through as normal and they'll expect you to pay back what you owe. There's probably a clause in your contract which states that you must act on such information.

paddyamy2000

Many Thanks all, appreciated :-)

Aquamania

paddyamy2000 wrote: »

Hi, I am due to be paid on Wednesday 30.04.14, my Bacs payment would have left today, 3 days before.

There has been a dispute on one of my monthly contracts, can my sub-contractors reverse or stop the payment, or deduct what they are disputing over the contract.

What are the timescales for stopping the BACS payments, they are a very large company turning over tens of millions yearly

Regards

I don't understand, sorry.

You posted this Tuesday, although if you are a slow typist, perhaps you started writing it on Monday.
Either way I don't see how that gets you to conclude Wednesday is 3 days later.

What's your sub-contractors got to do with this?
Presumably it is your customer that is paying you ... or not as the case may be.