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The Late Payment of Commercial Debts (Interest) Act 1998[1] (c. 20) is an Act of the United Kingdom Parliament enabling businesses to charge other business customers interest on overdue accounts and to obtain compensation. The Act extends to England, Scotland and Northern Ireland. Originally, it was only designed to give small and medium-sized ...
The National Payments Plan was an annual document in which the Payments Council set out its strategic vision for the future development of payment services in the UK. The first national payments plan was published in May 2008 and updates were published on an annual basis. [12]
A hire purchase (HP), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing ...
Debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of the total account balance. Normally, only unsecured debts, not secured by real assets like homes or autos, can be settled.
In April 2015, the FCA created a separate entity, the Payment Systems Regulator (PSR), in accordance with section 40 of the Financial Services (Banking Reform) Act 2013. [10] The PSR's role is "to promote competition and innovation in payment systems, and ensure they work in the interests of the organisations and people that use them". [11] [12]
A commonplace method of mortgage acceleration is a so-called bi-weekly payment plan, in which half of the normal calendar monthly payment is made every two weeks, so that 13/12 of the yearly amount due is paid per annum. [2] Commonplace too, is the practice of making ad hoc additional payments. The agreements associated with certain mortgages ...
Payments UK logo. Payments UK was a trade association for financial institutions, technology firms and payment processing companies in the United Kingdom. [1] [2] It merged with a number of other British financial organisations in July 2017 to form UK Finance .
Direct Payments. The Direct Payments scheme is a UK Government initiative in the field of Social Services that gives users money directly to pay for their own care, rather than the traditional route of a Local Government Authority providing care for them. The Cabinet Office Strategy Unit calls direct payments "the most successful public policy ...
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