A Trusty Payment plan is simple to create and even easier to manage, even the terms with your builder are easy to manage by downloading our free building contract. We have done most of the hard work for you. Login to Trusty Payments to download your Free Contract.
Follow this process to understand how a payment protection for your building project from Trusty Payment will work:
Follow this simple process to ensure your home and money are protected.
A Trusty Payment is flexible and if you decide and both agree that you need to make an interim or staged payment to your builder or tradesman you can do this. You must both agree and there is a small charge to cover the banking charges and administration. Please see our pricing page for more details.
10 Steps to Create Your Trusty Payment
Follow these simple steps to create your Trusty Payment and ensure that you are protected during your building project:
- Download your Desired Outcome Building Contract – Using a contract is a condition of using Trusty Payments. This ensures that both parties – the homeowner and the tradesman or builder – are well protected. You may also want to work with a contract your builder or tradesman provides or suggests.
- You will need to agree the terms of your project – this is why the contract is necessary. It also makes any (unlikely) arbitration much simpler as our team fully understand the Desired Outcome Contract
- Create your Trusty Payment Plan – Either party can do this entering all the details you have agree to. Once complete this will invite the other party (via email) to complete the creation process by agreeing the terms. Changes cannot be made until both parties have agreed.
- Review terms – at this point both parties will receive and review terms. The payment protection is not live at this point and you have not made a formal commitment yet.
- Homeowner makes payment into the Plan – when the homeowner makes the payment the Trusty Payment Protection Plan is live. We will notify you that it is live and work can begin as agreed. Your money is held safely and securely until payment is due for release to the builder or tradesman.
- Work begins.
- Payments to the contractor or tradesman can be made at any time (although there is a small charge), if it is agreed by both parties. Simply click on the “make payment” option and follow the instructions.
- The job is finished!
- The final payment is made and all money is paid out of the Trusty Payment Plan which then closes.
- If more work is required then simply open a new Trusty Payment Plan.
Arbitration – Should Things Go Wrong
We have found that things very rarely go wrong because you have the protection of a contract in place and the Trusty Payment process forces all parties to consider many of the things that can cause issues and disputes up front. The Trusty Payment process provides a structure and incentive for both parties to work together to reach a resolution (as neither party can get the money until they are in agreement). This actually means that very few cases require arbitration.
In the exceptionally rare event that both parties cannot iron-out their differences themselves, Trusty Payment provide a solution. At any stage in the Trusty Payment process you can opt to go to arbitration and we will provide you with a third-party industry expert to mediate between both parties.
When any party requests arbitration they have to pay the arbitration fee. If the other party wishes to contest the dispute they have 21 days to pay their fee also. Non-payment is seen as admission that the party is not willing to contest the case. We recommend that you login and check your Trusty Payment Plan on a relatively regular basis in case you miss an email alert about arbitration – it is your responsibility to ensure you pay your arbitration fee in time, but we will do our best to alert you in good time.
Once both parties have paid the arbitration fee, the arbitration process will begin. Trusty Payment will assign an arbitrator for the payment under the Arbitration Act 1996 who will review all the information submitted with the Trusty Payment and decide who the payment should go to. Payment may be split or go to one party and the arbitrator might seek further information to reach his conclusion.
Since both parties have made the payment for the Arbitration Fee one fee will be returned. Who this is returned to will be determined by the arbitrator based on their decision on the dispute.
The initial two hours are included in the arbitration fee. For complex disputes there might be a requirement for the arbitrator to spend more time before reaching a decision. For more information on the fees please see our pricing page.
It must be stressed that very, very rarely do cases require arbitration when following the Trusty Payment process and having a clearly defined structure for both parties to work within greatly reduces the likelihood of disputes.