Bond pay PPS

[cbw]

Nope, not keen.

 

[JulianC]

Best thing I ever did was stop taking deposits

 

[cbw]

Can you still take the advance payment?

 

[sambotc]

Best thing I ever did was stop taking deposits

Are you not worried that one day you'll have someone order sitting in the back of your van for them to cancel on you last minute?

 

[JulianC]

I get paid when the job's done. Worked well so far.

 

[sambotc]

I wish I had the balls to do the same but at the moment I can't afford to get into a dispute about payments.(not that I would give any reason for them to complain) On the plus, I suppose you still have the MCS certificate so if they want the FiTs they are going to have to pay.

 

[SRE]

I always take a 25% deposit - I don't need it, but it shows commitment from the customer.

 

[Worcester]

We're with HSBC and they have a special 'Client Account' facility which we've operated all along. If you speak to them and explain what is is that you want the local small businesses manager should be able to guide you through the process quite easily. I'm not aware of any other High Street bank that still offers this facility, though of course Solicitors use it all the time.

At our Real Audit, it actually took them by surprise to see that we'd been doing properly from day 1 - we have stopped doing any domestic work (not done any since November / December last year) and Real still insisted on Auditing us this year!
Our commercial clients like the fact that we operate a specific Client Account with HSBC rather than some third party escrow company that they've never heard of.

The commercial market is still reasonably bouyant, and a lot less fickle than the domestic, it just that you have to have deep pockets to manage the cashflow!

 

[BruceB]

Coincidentally just re-read all the REAL client account/deposit protection/insurance stuff.
I really do not think a client account gives much additional protection because as I read it I can authorise taking money out to buy kit on my say so alone.

I am inclined to minute a directors' guarantee for deposits rather than do all the QANW paperwork if that is acceptable.

Question for Napit members:
Napit has a Work Guarantee Scheme automatically in force which protects deposits and guarantees work (see attachment).
Has anyone tested whether this is acceptable in lieu of QANW?