deposit advice

[mama2three]

After all the recent hooha over deposits / retainers and the like Id like to check with all of you please!!...

Mum returns to work in Jan 11 , place available from Jan 11 as ds starts full time school.
So , no retainer?

Deposit payable to secure place , non refundable , to be used against first months fees? Or last months fees? And how much is appropriate? It is a full time place.

and paperwork wise are the newest ncma contracts all legal etc now?

This may all be un-neccessary , she hasnt said yes yet - but I know she has seen all the settings she wants to ( just me and a friend!) and is thinking it over..so want to be prepared if she rings me. ( crossed fingers make it very difficult to type!:D )

Thankyou xx

[AliceK]

I had a parent sign up in April for a space that wasn't available until August so like you I couldn't take a retainer but I took 1 weeks deposit which for 1 FT child and 1 x PT child is quite a bit of money and told them I will take that amount off the first months fees which are always due in advance anyway. Oh and I made sure it was in writing that the deposit was NON refundable if the parent changes their mind.
Sorry can't help with the NCMA thing as I use MM.

Good Luck. Hope you get the news you want.

xxxxxxx

[miffy]

I have just agreed a one month's deposit for place to start in September this year.

I said it will cover the first month's fees - payment in advance each month and no child care if payment not received - but is non-refundable if she doesn't take up the place (make sure you get that bit in writing)

Miffy xx

[Adiamond]

I have just taken a deposit for 4 weeks fees nearly £400 for a place starting the last week in September and I always say it will be used as final 4 weeks fees as and when this may be!!! I have never had anyone question this :) and then at least you know that when notice is given you are paid iyswim.
Hope this helps x

[Millenium]

I believe the recommendation is that if the place is not immediately available (irrespective of when they want to start), a retainer should not be charged. However, I do not use NCMA contracts and have on some occasions charged both a fee to simply hold the place (if immediately available) as well as a deposit.

I calculate the deposit based on one full month's fees and the deposit is not refundable unless I withdraw the offer of service. I do not offset the deposit against the first month's fees, holding it instead to be refunded when the child leaves me - which might be in 3-4 years time! Although my invoices are payable at the beginning of the month, by working with the deposit this way, I have a buffer against possible non-payment because I always have one month's money in hand.