anyone know much about payment plans and the law

Re: anyone know much about payment plans and the law

JaneRVN — Tue, 06 Nov 2012 21:00:41 GMT

Excellent find. It may alter if you charge fees or interest.

Re: anyone know much about payment plans and the law

Steph Smith BSc(hons) RVN — Mon, 05 Nov 2012 22:56:24 GMT

"Other activities for which you are unlikely to need a licence include allowing customers to pay their bills in four or fewer instalments within a year beginning on the date of the agreement."

http://www.oft.gov.uk/shared_oft/business_leaflets/credit_licences/oft147.pdf

From the Office of Fair Trading's leaflet, "Do you need a credit license?", pg 4

Re: anyone know much about payment plans and the law

Steph Smith BSc(hons) RVN — Mon, 05 Nov 2012 22:40:32 GMT

Thank you for posting this!

I hadn't heard of this law. Will be sharing with my boss.

I love this forum

Re: anyone know much about payment plans and the law

JaneRVN — Mon, 05 Nov 2012 20:46:24 GMT

Googling FSA payment regulation brings up a huge list - there is lots to read to make sense of it.

http://fsahandbook.info/FSA/html/handbook/PERG/2/Annex1

It may be worth reading this and investigating what credit you are offering and how. Not everything is regulated and it is up to the practice owner if they wish to risk non payment of a payment plan if a client tries to establish if the credit is legal. You will need to discuss if you charge fees and or interest.

Re: anyone know much about payment plans and the law

lizzypeg — Mon, 05 Nov 2012 20:33:54 GMT

Don't suppose you could add a link for me could you as iv been googling it all afternoon and can't find it anywhere.

Re: anyone know much about payment plans and the law

JaneRVN — Mon, 05 Nov 2012 20:29:28 GMT

Google it - FSA regulations. It is correct that after 3 months you would be regarded as a credit provider and this involved being regulated through the FSA. Hence most practices keep payment plans under 3 months where possible.