This agreement is made between
#1
Invoicey (company registration number 03662973) and includes the trading name of Passive Software Ltd of Building 2- J3 Business Park, Balby Carr Bank, Doncaster, DN4 8DE.
#2
And where a Invoicey customer, or any company relating to a Invoicey customer engages in our services in a collections capacity via telephone, email or website is hereafter referred to as ‘you’.
Instructions
#1
Instructions are sent to us via our website, by email, by telephone or fax.
#2
Once an instruction is received it is processed within 48 hours (excluding weekends, bank holidays and the period between Xmas Eve & New years Day).
#3
As a client you can create a free account via our website which will automatically register your business and position within the company. Any delegate accounts made by co-workers can also be linked to the same business.
#4
If you have individual invoices you can upload these to the Invoicey Table which will automatically calculate Late fees (compensation, Interest and admin fees). However these will not be chased until payments have been verified and invoices along with documentation have been confirmed by an invoice team member.
#5
Collection activity commences immediately afterwards and with emails sent on an automated periodic basis.
#6
Once an instruction is sent please do not attempt to make contact with the debtor company.
#7
Commission on payments received after an instruction entered onto our system are payable.
Cancelling an Instruction
#1
In the event you require us to cancel your instruction, charges will be applied to any payments received from the time the instruction is entered onto our system and the time of cancellation. This will include charges on Invoice above and below the 10,000GBP threshold. If an Invoice has been paid directly to you as a result of Invoicey chasing payment then this cannot be cancelled without charge and therefore charges will still apply.
Our Obligations
#1
We will accept an instruction from you to act on your behalf to recover a debt and any interest, compensation and other charges, provided the debt us still collectible by law. Examples of a debt being non-collectable are: the debt is subject to the Limitation Act 1980, the debtor company is now in Liquidation or other form of insolvency. We will contact you as soon as we are aware of any potential problems with a case to seek either further instruction from you or to offer advice on alternative action.
#2
We will keep you informed on a regular basis and inform you immediately of any payments we receive.
#3
All cases can be viewed & tracked via our website using the secure login details provided to you. If you have any difficulties in using our website, assistance is available from our helpdesk team 0800 055 4525.
#4
We will use all reasonable and legally compliant endeavours to recover the debt on your behalf. We take legal compliance very seriously. We are an affiliate member of the Credit Services Association, authorised and regulated by the Financial Conduct Authority and registered under the Data Protection Act 1998.
#5
Unless otherwise instructed by you, we will seek confirmation from you regarding settlements, staged payments or escalation to the next level of collection.
#6
For multiple outstanding Invoices owed by a single business customer above 10,000GBP we may batch these and chase them as a single debt. If this is the case you will be assigned a dedicated case manager who will chase the debt and provide you with regular updates.
#7
Should any of our clients require additional financial advice or services, we will refer you to someone who is authorized by the FCA to provide the necessary advice or service.
Your Obligations
#1
You will provide us with the minimum information required to process the instruction.
#2
We will always require copies of Invoices corresponding to the debt and proof of payment i.e. snippets of bank statements or remittance slips as proof of late paid invoices. You agree to provide this information as quickly as possible in order for us to maintain an efficient and effective service. Any delay in providing this information will cause delays to chasing outstanding amounts or prevent us from chasing the debt entirely.
#3
Information provided to us by you will be as accurate as possible and will give a true reflection of the background of the case.
#4
You should endeavour not to make contact with the debtor once an instruction is sent to us. If the debtor contacts you direct you should inform us of any negotiations, discussions, agreements, payment promises etc, that are made.
#5
When you receive a payment from a debtor you should inform us as soon as possible by telephone, by email or via our website, ideally no later than 5 working days. We will then Invoice you our fees which will be due for payment within 30 days.
#6
It is your responsibility to ensure that any information passed to us is compliant with current ICO regulations for data protection.
Payments Received
#1
We endeavour to get payments from debtors paid in the quickest format for you.
#2
For Invoices below 10,000GBP, Invoicey takes an administrative fee of £40 or £85 depending whether the original Invoice and Late Invoice Demand is paid within 7 days or after 7 days. The administrative fee is taken from the Late Payment Fee which is automatically calculated and added to the original Invoice amount which the debtor pays. Interest from Late fees are divided 50/50 and deducted from the balance which is sent to the customer. The Balance is only considered paid when the whole balance including the Late fee added is paid. Any partial payments our outstanding amounts will continue to accrue interest and potentially additional admin fees based on the original Invoice amount.
#3
For Invoices above 10,000GBP but below £150,000GBP a flat 5% commission will be charged to you the customer (creditor). We will however calculate and add late fees to the original Invoice amount which will be contribute towards a potential discount from the 5% commission fee if the Late fees are paid by the Debtor.
#4
For Invoice amounts above £150,000 a flat 7.5% commission is charged to you the customer (creditor). We will however calculate and add late fees to the original Invoice amount which will be contribute towards a potential discount from the 7/5% commission fee if the Late fees are paid by the Debtor.
#5
In cases where cheques are made payable to us will be banked in a separate client bank account. Upon clearance the full amount will be transferred to you electronically.
#6
Debtor cheques sent to us, but made payable to you, are forwarded to you by first class post within 24 hours (excluding weekends and bank holidays).
#7
Payments taken electronically will be processed by stripe and a 2% charge will be added to the overall balance. 1.4% + 20p will be allocated to Stripe with the remaining 0.6% (less 20p) will be allocated to invoice. Once the full payment has been processed you will receive the remaining balance less Invoicey fees within 3 working days (excluding bank holidays and weekends). Invoicey generated Invoices due for payment can be processed via stripe where payments received will be stored in a client account and sent to your bank account electronically within 3 working days. All Late Invoice Demands billed separately will be taken using Stripe.
Charges
#1
We charge commission (no collection no, no fee) on payments made by the debtor up to 10,000GBP immediately after an instruction is received. Please see our website for our commission charges.
#2
if the debtor goes into liquidation or insolvency. If any transaction does not proceed to completion for any reason during the period in which we are instructed, then we shall be entitled to charge for the work completed up to date of termination. For amounts over 10,000GBP a minimum 2.5% flat fee and 3.75% minimum flat fee for invoices over £150,000 will be applied which will be liable to the Creditor and will be billed at the end of the month on strict 30 day payment terms. VAT at the prevailing rate is chargeable in addition unless otherwise stated on the Initial Letter or Agreement or Receipt.
#3
You will be invoiced at the end of each calendar month for any commission incurred during that month.
#4
Court fee’s, other disbursements and solicitors fee’s are paid by Invoicey to our solicitor on your behalf. You may be invoiced for this service separately or it may be deducted from the amount paid by the debtor depending on the type of payment taken. Any invoice raised by Invoicey and sent to you are on strict 30 payment terms. If Invoices are not paid within that time Late fees will be applied.
Complaints & Disputes
#1
In the unlikely event you are dissatisfied with the service you receive please contact our Admin manager by email complaints@invoicey.co.uk, or by telephone 0800 055 4525. A copy of our complaints procedure is available upon request. Please note that calls made to and from our switchboard are recorded for training, monitoring and compliance purposes. Telephone calls are securely stored for a reasonable period, along with all website and email instructions. This information may be taken into account should any queries be raised.