Payment Plans for Schools
Over the years, we have found that schools sometimes find themselves approached by parents who are in need of a payment plan in order to repay outstanding fees.
Whilst the school may wish to do everything they can to assist parents, this form of payment is highly irregular, and entering into such an agreement may actually be a criminal offence. An offer of an instalment plan may lead a school to inadvertently breach the Consumer Credit Act of 1974. As a result, this well-intended moment of compassion could have a damaging and long-lasting financial impact on the school.
To avoid this situation from becoming an issue it is common practice to instruct a debt recovery agency to manage the payment plan. They will be fully authorised by the Financial Conduct Authority and able to recover funds without the worry of legal ramifications. This has the added benefit of taking the school out of the financial loop and enabling them to continue what is probably a good relationship with the parent.
To find out more on how we can help, please give us a call on 01883 212121. We can even schedule a free virtual Zoom meeting to go through the options with you.