What are companies allowed to do regarding customer payments

General_Grant

ShawtyShawty wrote: »

. . . .
My intention is to pay the bill, fully. SO please, all those that are just here to tell me off "For not paying on time" please, I'm not interested in that, that in my opinion is not in any way helpful.

What I want to know is what a company has to abide by, are there any laws, guidance that the FSA publishes or anything that the DTA or any of the other governing bodies publish that states what guidelines they must follow.

. . . .

It is not an opinion that you are "not paying on time". From what you have written it is a fact that you aren't meeting the terms of the contract you entered into in regard to payment.

So far you will have found no laws that state companies must follow any guidelines regarding accepting terms offered by a debtor. That is because there are none.

Paying one of your creditors in twelve instalments must surely be easier on your cash flow than paying that one and two others in, at the most, nine instalments over a shorter period. It actually means you have more money to pay the other two earlier.

colsten

ShawtyShawty wrote: »

If I pay one bill in full, the other two will have to wait

I think that's perhaps where your logic went wrong. If an existing commitment of yours means you haven't got the means to make other purchases, it is you who has to wait with making other purchases.

ShawtyShawty wrote: »

At this moment in time, nothing is overdue, no one owes anything and there is still time to make the payments in full

This sounds as if you might not have any purchased anything yet. Or may be you have....... it is very hard to understand what you are trying to say.

ShawtyShawty

Thank you to those few who answered the question as I asked it without trying to analyze my specific situation.

I now have the answers I was looking for.

pmduk

Look at it from the company's perspective. The company has provided you with the goods or services. You're now expecting them to reorganise their accounting practices to suit you.

The time to do this is before the contract is agreed, this gives both parties time to consider the offer and adjust prices to take account of the additional work involved in managing the account.

As a self-employed person you must surely see this?

antrobus

ShawtyShawty wrote: »

...What I want to know is what a company has to abide by, are there any laws, guidance that the FSA publishes or anything that the DTA or any of the other governing bodies publish that states what guidelines they must follow.....

No.

Short of entering into some kind of insolvency arrangement (DRO, IVA, bankruptcy) there is nothing that forces a creditor to agree to any rescheduling of debt.

Is that sufficiently helpful?

Herbalus

I think some comments are unduly harsh on the OP. I don't see them trying to get out of their obligations, but find a way of paying that suits them. Clearly that is at odds with company 3, but Shawty isn't to be lambasted for trying to find a way to pay on their own terms, even if the company rejects them as they have the right to do so.

But given that company 3 will accept a DD over the coming 12 months, I don't see why they aren't flexible enough to accept payments in 3 installments in the coming 3 months. That would mean company 3 is paid quicker than their own suggestion, so wouldn't be "paid late".

Shawty, I'd go for the direct debit option, and then when you have spare cash you want to give them, send them a cheque to be credited to your account.

SuperHan

Out of interest, what sort of companies are we talking about.

If it is say, for example, car insurance, then the options are generally pay upfront or take a credit agreement. Maybe the 12 month option includes some sort of interest and credit terms, which is why they are pushing for that over a three month set up for which they have no established process.

OP is effectively asking for interest free credit for three months, and not all companies will be in a position, or willing, to offer this.

Herbalus

SuperHan wrote: »

OP is effectively asking for interest free credit for three months, and not all companies will be in a position, or willing, to offer this.

Potentially, but we can't assume/don't know if the 12 months DD is more than paying up front. Sometimes yes, sometimes no.

SuperHan

Herbalus wrote: »

Potentially, but we can't assume/don't know if the 12 months DD is more than paying up front. Sometimes yes, sometimes no.

And we also don't know otherwise.

So everything I said still stands.

The company may not be willing or have the facilities to offer 12 months interest free.