FAQs
Q1. Does the parent have to sign a new credit agreement each year?
A. No, at the beginning of each academic year, a renewal list is submitted online advising us of the new annual fee and any extras due in the first term. We then write to parents confirming the monthly amounts to be collected by Direct Debit.
Q2. When does the school get paid?
A. This depends on which option the school chooses, but usually it's on the first working day in September, January and May.
Q3. What happens if the fees change during the year?
A. Our agreements allow the fees to be simply adjusted by the school online. We will then write to parents confirming the revised monthly amount to be collected.
Q4. Can parents include their extras each term?
A. Yes, through our online system, extras can be very simply added to the parents’ agreements at the beginning of each term. We will then write to parents confirming the revised monthly amount and the school will then be paid the extras in full.
Q5. Can a parent have more than one child on an agreement?
A. Yes, and to keep your reconciliation simple you can change your reference on our online system so that you always know which children each loan relates to.
Q6. Can parents cancel the agreement?
A. Yes, provided they repay any outstanding balance due at any point during the term of the loan. There is no penalty for repaying the balance in full.
Q7. What happens if a parent does not repay their loan?
A. If a parent misses a payment, we will immediately contact them to try to resolve the issue within 14 days. The school is also immediately notified via e-mail. If payment is received, the loan will continue as usual. If we cannot collect the missing instalment within 14 days (or on occasion within 28 days subject to receiving Premium Credit’s approval), we will ask the school to return to us the unpaid balance of the loan. No transaction fee or default charges are passed on to the school.
Q8. How easy is it for the school to track and understand its debtor position at the beginning of each term?
A. You also have access to each parent’s individual records and salient management reports to give you a confident and accurate breakdown of the amount you will receive from SFP before it is paid into your bank account. This means that when term starts, you already know how parents are paying, thus reducing the time you spend chasing parents for payment.
Contact Us
Tel 01372 746 006
More contact information