College Finance#

The College Finance office is located on the ground floor of the North Wing of London House (on the other side of the arch from Reception) and is responsible for all College financial and accounting activity, including monthly rent collection, bill payment, bursary management and budgetary management for College cultural, sporting and social events.

Opening hours are:

• Monday - Thursday 9:30am to 11am and 3:30pm to 4:30pm
• Friday, Saturday, Sunday & Bank Holidays - Closed

If these times are inconvenient you can arrange an alternative time to visit finance by emailing goodfinance@goodenough.ac.uk.

Initial Payment and Deposit#

Your initial payment comprises a damage deposit (£400 for a single room,£750 for a flat) and an advance payment for the first 28 days. The damage deposit is held by the College and will be refunded within 28 days of your departure from the College, subject to deductions for outstanding charges, loss or damage to College property, or additional cleaning where accommodation has not been left in a reasonable condition. Rooms and flats will be checked upon departure. The advance payment of 28 nights will be credited back to your rent account on check-in.

Please contact the Finance team by email in your final weeks to ensure you have settled your outstanding charges and have supplied details of how to return the deposit.

Monthly Rent#

Rents are paid a month in advance and payment is due on the first day of each month and no later than the 10th. You will receive a bill (also called an invoice by finance) on the first day of the month that will include your accommodation charges for the coming month (regardless of when in the month checked in). Since rent is calculated nightly, your rent will fluctuate a little from month to month, depending on the number of days in the month. In addition, this bill will include any extra costs that you incurred the previous month (signing up for College activity, hiring a camp bed, Albert Hall tickets etc.). If you fail to settle your bill by the tenth day of the month, you may incur a late payment charge of £25. For example, the rent for the month of October will be billed on 1 October and you will need to settle that bill by 10 October to avoid penalty. Please read the email that is sent with your monthly bill as this will include updates to Finance opening hours and payment information.

Rents are normally subject to increase annually from 1 September each year. You will be informed of the new rates well in advance.

Any billing queries should be raised with the Finance Office, by using the above contact details. If you envisage any difficulty in paying your monthly bill on time, please contact the Deputy Registrar as a matter of urgency before the tenth day of the month or you will become liable for the late payment penalty of £25. If you are experiencing financial difficulty then it is important you speak to the Deputy Registrar or Registrar as soon as possible. They maybe able to suggest ways in which the College can help.

Payment Options#

Credit cards and debit cards may be used to make payments, either at the Reception desk or in the Finance office. Alternatively, you may view and pay your bill online by using the College portal (portal.goodenough.ac.uk) and your debit or credit card. If you have a UK bank account, setting up a monthly direct debit is our preferred method of payment. If you are unsure as to the best payment method for you, the Finance Office can help you to decide.

Direct Debit#

To pay by Direct Debit, you will need to have a UK bank account. Under this payment method, your monthly bill will be collected from your bank account. You will still receive your monthly bill on the first day of the month. Please note this takes up to 3 weeks to set up, so the direct debit form (which you can collect from the Finance office) would need to be completed and returned to Finance office at least three weeks ahead of the rent being due.

Credit/Debit Card#

You can pay with a card online using the link in your invoice email. You can also go to the Reception desk at any time to pay by credit or debit card.

Bank Transfer#

Below are the College’s bank details:

Cash#

The College discourages the payment of rent and other bills in cash for reasons of good practice under the College’s policy on combatting Money-Laundering. But we recognise that occasionally, especially at the start of your time in College, this may be the most sensible way to pay bills. The College requires Members to establish other methods of making payments as soon as possible. Cash payments for rent can only be made at the Finance Office and only with prior agreement (This is because in line with Anti-Money Laundering rules we have to investigate the reasons for larger cash payments and depending on the size may need advance approval from senior management before we can accept it).

The College reserves the right to refuse any payment of cash at its own discretion and this refusal will not be an acceptable reason for the non-payment of College rent within the agreed timescales.

Arrears#

The College will not allow you to go into arrears on your rent. If at any time you cannot pay on time then you can ask for an extension by contacting the Deputy Registrar. This will normally be granted if you are expecting funds a bit later than the payment date. If you don’t pay on time and don’t contact anyone for an extension then a £25 late charge will be added to your account. If you go are in arrears by more than 2 months you will be asked to see a Member of the finance team to discuss your finances. We will be sympathetic and help where we can but can only do this if you talk to us.