LittleRabbits
04-08-2014, 08:23 PM
Hi guys, I have a parent coming Wed to sign contracts. I am waiting for my insurance with PACEY to come through and what I have heard is we have to use their contracts. So... I was going to get my parents to fill out a temporary contract with important details on for now until papers come through. How do I go about payment, I want a deposit paid which they will receive once they leave (to protect against late payments), and I want fees to be paid a month upfront. So do I ask for a months fees on Wed for the deposit (or less) and then a months fees again before 1st September? Then they will be paying Oct fees on 1st September? Just seems like a lot of money for them to pay upfront. Or have I worked this out wrong?
Thanks for any help :)
rickysmiths
04-08-2014, 09:21 PM
The fees they pay you on the 1st September will be the fees for September in advance. They will then pay on 1st October for October as so on.
I take a four weeks fees as a Deposit held until the end of the Contract when it covers the 4 week notice period as long as all the fees are paid and up to date when notice is given.
Mouse
04-08-2014, 09:31 PM
Fees paid monthly in advance are normally made on the 1st of the month, so payments for the month of Sept are due on 1st Sept.
I take one month's fee as a deposit, so if I had a family due to start on 1st Sept, for example, I would take a month's money now & that would be September's payment. The next payment would them be October's , due on 1st Oct.
If you take a month's money as a deposit and a month's fee in advance, you have to be strict with yourself about putting the deposit away to cover the final month, otherwise you'll be working & getting no money. Eg. assume they paid a month's deposit and paid a month in advance. They gave notice and were to leave at the end of March. You'd get paid on 1st Feb for February, then the March's payment would be covered by the deposit. You'd go from 1st Feb until 1st April (assuming you filled the space) with no money coming in.