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The document outlines guidelines from ABTA for travel companies issuing refund credit notes instead of cash refunds due to the large number of cancellations from the COVID-19 pandemic. It summarizes that ABTA guidance states refund credit notes must be called such and not vouchers, reference the original booking, include documentation of the original booking and ATOL certificate if applicable. It also must have the same monetary value as the original payment and expire by July 31, 2019, with the customer retaining the right to a cash refund at expiration if not reused.
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Refund credit notes
The document discusses guidelines from ABTA for travel companies on issuing refund credit notes to customers due to cancellations from the COVID-19 pandemic. It states that under regulations, companies must refund customers within 14 days of cancellation but they currently do not have the cash. The guidelines say to call credit notes "refund credit notes" for protection, reference the original booking, attach documentation, make the value equal to the original payment, and allow customers to eventually get a cash refund when the note expires. Complying with these guidelines will satisfy regulators during this temporary period.
Refund credit notes april 2020
The document discusses guidelines for issuing refund credit notes to customers due to cancellations from the COVID-19 pandemic. It explains that under UK law, package organizers must refund customers within 14 days of cancellation. However, many organizers do not have the cash resources for large refunds, as customer cash is trapped with suppliers further up the chain like airlines. The guidelines propose issuing refund credit notes that comply with ABTA and ATOL regulations to temporarily satisfy the 14-day refund obligation until cash flows improve or the regulations are changed. The credit notes must equal the original payment, reference the booking, and allow eventual cash refunds after an expiry date.
Refund Credit Notes
The COVID-19 pandemic has caused unprecedented challenges for the travel sector. Under UK law, package organizers must refund customers within 14 days if a trip is cancelled. However, due to the large number of cancellations, organizers do not have enough cash to issue full refunds. As a temporary measure, ABTA has issued guidance for a refund credit note scheme, where customers would receive credit instead of an immediate cash refund. The credit notes must meet certain criteria to satisfy regulators and remain protected under travel insurance schemes until March 2021, while still allowing customers to receive an eventual cash refund.
30.04.21 refund credit notes updated deadline
Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic are financially protected. Consumers have three options for cancelled bookings: receive a full refund, amend the booking to a future date, or receive an RCN. RCNs must be redeemed for cash or a new booking by 30 September 2021 and contain specific information including the original booking reference and a statement of ATOL protection. ATOL holders must provide examples of RCNs to the CAA and pay an additional contribution for new ATOL bookings made using RCNs.
March ATOL renewal learnings
The March 2021 ATOL renewal round presented plenty of challenges for travel businesses trying to renew their licences. Here are four key learnings from the renewals we processed for our clients.
7 observations from the September 2020 ATOL renewals
We helped 71 business of different sizes to go through the ATOL renewal process. In preparation for the March renewals we have put together some observations to be aware of.
Observations from the September ATOL renewals
The September 2020 ATOL renewal process presented many challenges due to the Covid-19 pandemic. The Civil Aviation Authority (CAA) took a risk-focused approach, closely scrutinizing large ATOL holders with over £20 million in turnover through financial analysis and reforecasts. Companies with under £5 million turnover generally received swift renewals if their pre-Covid accounts passed financial tests. Liquidity and the ability to demonstrate adequate cash to client money ratios remained the CAA's primary concern, with few concessions given on required ratios. As a result of reduced travel insurance capacity, many companies struggled to obtain new bonds or other security mechanisms required for ATOL licensing.
4 key learnings from the March ATOL renewals
The March 2021 ATOL renewal process presented many challenges for travel businesses. The number of ATOL holders fell significantly compared to pre-pandemic levels as many firms were unable to complete the renewal process in time. The CAA took a robust approach in assessing businesses and frequently required additional security or cash injections through new equity or loans. For smaller ATOL holders, the CAA included extensive post-balance sheet financial information in their assessments, which was difficult for many firms to obtain in a timely manner. Firms can no longer rely solely on the online self-assessment test due to the CAA's expanded review approach.
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Refund credit notes
The document discusses guidelines from ABTA for travel companies on issuing refund credit notes to customers due to cancellations from the COVID-19 pandemic. It states that under regulations, companies must refund customers within 14 days of cancellation but they currently do not have the cash. The guidelines say to call credit notes "refund credit notes" for protection, reference the original booking, attach documentation, make the value equal to the original payment, and allow customers to eventually get a cash refund when the note expires. Complying with these guidelines will satisfy regulators during this temporary period.
Refund credit notes april 2020
The document discusses guidelines for issuing refund credit notes to customers due to cancellations from the COVID-19 pandemic. It explains that under UK law, package organizers must refund customers within 14 days of cancellation. However, many organizers do not have the cash resources for large refunds, as customer cash is trapped with suppliers further up the chain like airlines. The guidelines propose issuing refund credit notes that comply with ABTA and ATOL regulations to temporarily satisfy the 14-day refund obligation until cash flows improve or the regulations are changed. The credit notes must equal the original payment, reference the booking, and allow eventual cash refunds after an expiry date.
Refund Credit Notes
The COVID-19 pandemic has caused unprecedented challenges for the travel sector. Under UK law, package organizers must refund customers within 14 days if a trip is cancelled. However, due to the large number of cancellations, organizers do not have enough cash to issue full refunds. As a temporary measure, ABTA has issued guidance for a refund credit note scheme, where customers would receive credit instead of an immediate cash refund. The credit notes must meet certain criteria to satisfy regulators and remain protected under travel insurance schemes until March 2021, while still allowing customers to receive an eventual cash refund.
30.04.21 refund credit notes updated deadline
Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic are financially protected. Consumers have three options for cancelled bookings: receive a full refund, amend the booking to a future date, or receive an RCN. RCNs must be redeemed for cash or a new booking by 30 September 2021 and contain specific information including the original booking reference and a statement of ATOL protection. ATOL holders must provide examples of RCNs to the CAA and pay an additional contribution for new ATOL bookings made using RCNs.
March ATOL renewal learnings
The March 2021 ATOL renewal round presented plenty of challenges for travel businesses trying to renew their licences. Here are four key learnings from the renewals we processed for our clients.
7 observations from the September 2020 ATOL renewals
We helped 71 business of different sizes to go through the ATOL renewal process. In preparation for the March renewals we have put together some observations to be aware of.
Observations from the September ATOL renewals
The September 2020 ATOL renewal process presented many challenges due to the Covid-19 pandemic. The Civil Aviation Authority (CAA) took a risk-focused approach, closely scrutinizing large ATOL holders with over £20 million in turnover through financial analysis and reforecasts. Companies with under £5 million turnover generally received swift renewals if their pre-Covid accounts passed financial tests. Liquidity and the ability to demonstrate adequate cash to client money ratios remained the CAA's primary concern, with few concessions given on required ratios. As a result of reduced travel insurance capacity, many companies struggled to obtain new bonds or other security mechanisms required for ATOL licensing.
4 key learnings from the March ATOL renewals
The March 2021 ATOL renewal process presented many challenges for travel businesses. The number of ATOL holders fell significantly compared to pre-pandemic levels as many firms were unable to complete the renewal process in time. The CAA took a robust approach in assessing businesses and frequently required additional security or cash injections through new equity or loans. For smaller ATOL holders, the CAA included extensive post-balance sheet financial information in their assessments, which was difficult for many firms to obtain in a timely manner. Firms can no longer rely solely on the online self-assessment test due to the CAA's expanded review approach.
Refund Credit Notes
The document provides guidance on issuing refund credit notes for package travel due to cancellations from the COVID-19 pandemic. It summarizes that package organizers are legally required to provide refunds within 14 days but cannot due to lack of cash resources. ABTA is lobbying the UK government to change regulations temporarily and has issued guidance for operators to use refund credit notes that expire by March 2021 and can be redeemed for future bookings or eventual cash refund. The credit notes must reference original bookings and include attachments to remain protected under travel insurance.
Refund Credit Notes
The document summarizes 8 key points from the UK Civil Aviation Authority's (CAA) guidance on Refund Credit Notes (RCNs) offered for cancelled ATOL-protected bookings due to the Covid-19 pandemic. Consumers have 3 options for cancelled bookings between March 10 and January 31, 2021: 1) Receive a full refund, 2) Amend the booking to a future date, or 3) Receive an ATOL-protected RCN. RCNs must be redeemed for cash or a new booking by September 30, 2021 and include specific information like the original booking reference and lead passenger name. ATOL holders must also email an RCN example to the CAA.
8 Key points from the CAA's updated guidance on Refund Credit Notes
The document outlines 8 key points from the UK Civil Aviation Authority's (CAA) updated guidance on Refund Credit Notes offered for cancelled ATOL protected bookings due to COVID-19. Refund Credit Notes must be redeemed for cash or a new booking by 30 September 2021. They must include specific information such as the original booking reference and lead passenger name. Consumers must be made aware they can request a full cash refund if not accepting a Refund Credit Note.
Refund Credit Notes
Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic between March 10 and December 31, 2020 are financially protected. Consumers have three options for cancelled ATOL bookings - a full refund, rebooking to a future date, or receiving an ATOL protected RCN. RCNs must be redeemed for cash or a new booking by September 30, 2021 and include key details such as the original booking reference and lead passenger name. ATOL holders issuing RCNs should provide an example to the CAA.
Refund Credit Notes
Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic are now financially protected until 31 December 2020. The CAA guidance outlines that consumers have three options for cancelled bookings between 10 March and 31 December 2020: 1) receive a full refund, 2) amend the original booking to a different date, or 3) receive an ATOL protected RCN. RCNs must be redeemed for cash or a new booking by 30 September 2021 and include specific information like the original booking reference and lead passenger name.
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Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic between March 10, 2020 and March 31, 2021 will provide financial protection to consumers. The Civil Aviation Authority (CAA) has provided guidance on RCNs, outlining that consumers have the right to a full cash refund and detailing eight key points including that RCNs must be redeemed for cash or a new booking by September 30, 2021 to maintain ATOL protection.
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This irrevocable documentary letter of credit was issued by Standard Chartered Bank Pakistan for the benefit of XYZ Co., Ltd. for the amount of USD 1,000,000. It covers the shipment of 34 rolls of 100% polyester upholstery fabric from Thailand to Karachi, Pakistan, requiring documents including the invoice, packing list, bill of lading, and insurance documents to be presented within 15 days of shipment but before the credit expiration date of June 30 in Thailand. All bank charges outside of Pakistan are the responsibility of the beneficiary.
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1) The scheme provides exporters with pre-finance on receivables for working capital through maturity factoring with unique features that give full factoring services benefits.
2) It offers 100% credit guarantee protection against bad debts, sales register maintenance, and monitoring of outstanding credits.
3) The scheme aims to facilitate bank financing to exporters by making advances against ECGC-factored receivables an attractive low-risk portfolio for banks.
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The main difference between a commercial credit and a standby letter of credit is that a commercial credit is expected to be used according to its purpose, that is to act as a means of channelling documents and payment between the Buyer and the Seller. Like a guarantee, a standby is not supposed to be used, unless the parties fail to perform their obligations: that is why it can be defined as a bank guarantee taking the shape of a documentary credit and being subject to the UCP rules.
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3) Creditors must assess creditworthiness before agreements and cannot charge late fees over 0.05% daily or for over 180 days.
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As optimism continues to build, here are five opportunities you should watch out for.
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Refund Credit Notes
The document provides guidance on issuing refund credit notes for package travel due to cancellations from the COVID-19 pandemic. It summarizes that package organizers are legally required to provide refunds within 14 days but cannot due to lack of cash resources. ABTA is lobbying the UK government to change regulations temporarily and has issued guidance for operators to use refund credit notes that expire by March 2021 and can be redeemed for future bookings or eventual cash refund. The credit notes must reference original bookings and include attachments to remain protected under travel insurance.
Refund Credit Notes
The document summarizes 8 key points from the UK Civil Aviation Authority's (CAA) guidance on Refund Credit Notes (RCNs) offered for cancelled ATOL-protected bookings due to the Covid-19 pandemic. Consumers have 3 options for cancelled bookings between March 10 and January 31, 2021: 1) Receive a full refund, 2) Amend the booking to a future date, or 3) Receive an ATOL-protected RCN. RCNs must be redeemed for cash or a new booking by September 30, 2021 and include specific information like the original booking reference and lead passenger name. ATOL holders must also email an RCN example to the CAA.
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The document outlines 8 key points from the UK Civil Aviation Authority's (CAA) updated guidance on Refund Credit Notes offered for cancelled ATOL protected bookings due to COVID-19. Refund Credit Notes must be redeemed for cash or a new booking by 30 September 2021. They must include specific information such as the original booking reference and lead passenger name. Consumers must be made aware they can request a full cash refund if not accepting a Refund Credit Note.
Refund Credit Notes
Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic between March 10 and December 31, 2020 are financially protected. Consumers have three options for cancelled ATOL bookings - a full refund, rebooking to a future date, or receiving an ATOL protected RCN. RCNs must be redeemed for cash or a new booking by September 30, 2021 and include key details such as the original booking reference and lead passenger name. ATOL holders issuing RCNs should provide an example to the CAA.
Refund Credit Notes
Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic are now financially protected until 31 December 2020. The CAA guidance outlines that consumers have three options for cancelled bookings between 10 March and 31 December 2020: 1) receive a full refund, 2) amend the original booking to a different date, or 3) receive an ATOL protected RCN. RCNs must be redeemed for cash or a new booking by 30 September 2021 and include specific information like the original booking reference and lead passenger name.
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Please find the briefing note on the Consumer Protection Act. It includes the KBA Alternative Dispute Resolution Model which was approved by the Governing Council as the industry model and approach on handling longstanding customer complaints and disputes.
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Refund Credit Notes (RCNs) offered against ATOL protected bookings cancelled due to the Covid-19 pandemic between March 10, 2020 and March 31, 2021 will provide financial protection to consumers. The Civil Aviation Authority (CAA) has provided guidance on RCNs, outlining that consumers have the right to a full cash refund and detailing eight key points including that RCNs must be redeemed for cash or a new booking by September 30, 2021 to maintain ATOL protection.
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This document discusses factoring and forfaiting. It defines factoring as the purchase of a company's accounts receivables by a factoring company, which provides financing, debt collection services, and protects against bad debts. Forfaiting is described as a form of export financing where the exporter forfeits rights to future receivables to the forfaiter in exchange for upfront financing. The document outlines the key parties and processes involved in factoring and forfaiting transactions and compares the differences between the two financial services.
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The document discusses various aspects of claims management for insurance companies. It provides information on the different types of claims like life insurance claims, marine insurance claims, fire insurance claims, motor insurance claims, theft claims, third party claims, and miscellaneous claims. It also discusses factors affecting claims management, stages in claims management, importance of time element in claims payment, and guidelines for claims settlement by IRDA. The overall purpose is to explain the process of managing and settling different types of insurance claims according to the terms of insurance policies and regulations.
Ypip3 feod-international trade & regulatory regime in pakistan
This irrevocable documentary letter of credit was issued by Standard Chartered Bank Pakistan for the benefit of XYZ Co., Ltd. for the amount of USD 1,000,000. It covers the shipment of 34 rolls of 100% polyester upholstery fabric from Thailand to Karachi, Pakistan, requiring documents including the invoice, packing list, bill of lading, and insurance documents to be presented within 15 days of shipment but before the credit expiration date of June 30 in Thailand. All bank charges outside of Pakistan are the responsibility of the beneficiary.
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The document summarizes Export Credit Guarantee Corporation of India Ltd.'s (ECGC) new non-recourse maturity export factoring scheme. Key points:
1) The scheme provides exporters with pre-finance on receivables for working capital through maturity factoring with unique features that give full factoring services benefits.
2) It offers 100% credit guarantee protection against bad debts, sales register maintenance, and monitoring of outstanding credits.
3) The scheme aims to facilitate bank financing to exporters by making advances against ECGC-factored receivables an attractive low-risk portfolio for banks.
Stand-by Letter of Credit: the middle earth of trade finance (executive summary)
Many people regard standby letters of credit as not being proper documentary credits, which is partly justified they are used in the same way as a bank guarantee but, like commercial credits, are subject to the international rules and any existing legislation pertaining to documentary credits.
The main difference between a commercial credit and a standby letter of credit is that a commercial credit is expected to be used according to its purpose, that is to act as a means of channelling documents and payment between the Buyer and the Seller. Like a guarantee, a standby is not supposed to be used, unless the parties fail to perform their obligations: that is why it can be defined as a bank guarantee taking the shape of a documentary credit and being subject to the UCP rules.
Concumer Credit regulation - NeoFinance.com
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1) Main legal acts that govern consumer credit include the Law on Consumer Credit and Regulations on Creditworthiness Assessment.
2) The Law applies to credit agreements under EUR 75,000 between creditors and consumers for personal purposes.
3) Creditors must assess creditworthiness before agreements and cannot charge late fees over 0.05% daily or for over 180 days.
Loans and mortgages
This document discusses different types of loans and mortgages from the perspective of customers and banks. It defines loans and differentiates between secured and unsecured loans. It explains how interest rates affect monthly payments and payoff periods. It discusses reasons why companies may need loans and describes the amortization of loans. It also outlines the process of opening bank credit, factors that influence credit approval, and types of credit commitments banks provide including guarantees. The document further explains mortgage contracts, different types of leasing agreements including operating and financial leases, and real estate lease-back arrangements.
HOUSE Preliminary Prospectus (draft 2015-05-18) filed
This document is a prospectus for the public offering of unsecured fixed-rate peso bonds by 8990 Holdings, Inc., a real estate development company incorporated in the Philippines. 8990 Holdings plans to raise up to P9 billion through the issuance of bonds in three series (Series A bonds due 2020, Series B bonds due 2022, and Series C bonds due 2025). The bonds will be offered at face value through several joint lead underwriters and bookrunners. Proceeds will be used to refinance existing debt and for general corporate purposes.
Factoring
Factoring involves the ongoing assignment of invoices for goods and services sold on open account terms from a client to a factoring company. This allows the client to receive immediate cash flow in exchange for the receivables. Factoring establishes a long-term relationship and can provide services like credit protection, collections, and financing. There are different types of factoring arrangements including recourse vs. non-recourse and disclosed vs. undisclosed. Clients typically receive 80% of the invoice value in advances. Factoring first emerged in the 1920s and is now a large global industry, particularly in developed countries.
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The March 2021 ATOL renewal process presented many challenges for travel businesses. The number of ATOL holders fell significantly compared to pre-pandemic levels as many firms were unable to complete the renewal process in time. The CAA took a robust approach in assessing businesses and required additional security, cash injections, and detailed post-balance sheet financial information from small ATOL holders. The traditional self-assessment test was no longer reliable given the CAA's new approach of considering post-year end cash movements. Looking ahead, the September 2021 renewal was expected to be similarly challenging with increased focus on liquidity and client money segregation.
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Analysing the travel landscape in 2021
The document summarizes UK travel restrictions for returning passengers from green, amber, and red list countries. Passengers returning from green countries do not need to quarantine but must take a COVID-19 test. Those returning from amber countries must self-isolate for 10 days and take two tests. For red list countries, passengers must quarantine in a hotel for 10 days and take two tests. The UK government will review the rules monthly and aims to reduce travel restrictions over time if vaccination rates increase and new variants and infections remain low.
Analysing the travel landscape in 2021
The document summarizes UK travel restrictions for returning passengers from green, amber, and red list countries. Passengers returning from green countries do not need to quarantine but must take a COVID-19 test. Those returning from amber countries must self-isolate for 10 days and take two tests. For red list countries, passengers must quarantine in a hotel for 10 days and take two tests. The UK government will review the rules monthly and aims to reduce travel restrictions over time if vaccination rates, case numbers, and variants of concern remain stable.
ABTA Travel Finance Conference
This document summarizes the key points from a travel finance conference in February 2021. It outlines the UK government's proposed roadmap for reopening domestic and international travel, including allowing overnight stays starting in April, resuming international travel in May, and lifting all restrictions by June. It also discusses evidence of pent-up travel demand, the uneven global vaccine rollout, the financial difficulties facing the travel industry, and the pain being felt throughout the travel sector supply chain.
Observations from the September ATOL renewals
The September 2020 ATOL renewals process presented many challenges for travel companies due to the Covid-19 pandemic. The UK Civil Aviation Authority (CAA) took a risk-focused approach in their assessments, subjecting large companies to rigorous reviews and financial analysis, while generally approving smaller companies if their pre-Covid financial accounts passed tests. Liquidity remained the CAA's key focus, with larger companies required to demonstrate adequate cash to customer funds ratios or provide additional funding. Some large companies were penalized for taking loans backed by government schemes that involved providing security. As a result of reduced bonding availability, trust accounts grew in prominence and some companies were required to implement them. The largest ATOL holders received restricted licenses requiring
Observations from the September ATOL renewals
The September 2020 ATOL renewals presented many Covid-19 related challenges. The CAA took a risk-focused approach, subjecting large ATOL holders to rigorous review while generally approving smaller holders. Liquidity remained a key focus, with larger companies required to demonstrate adequate cash reserves. Some large holders borrowing under government loan schemes were penalized, while bonding was difficult to obtain, forcing many companies to find other security. Restricted licenses were also imposed on the largest ATOL holders.
Observations from the September ATOL renewals
The September 2020 ATOL renewals presented many Covid-19 related challenges. The CAA took a risk-focused approach, subjecting large ATOL holders to rigorous review while generally approving smaller holders. Liquidity remained a key focus, with larger companies required to demonstrate adequate cash reserves. Some large holders borrowing under government loan schemes were penalized, while bonding was difficult to obtain, forcing many companies to find other security. Restricted licenses were given to the largest ATOL holders, who had to demonstrate adequate resources to continue operations in 2021.
Changes to the furlough scheme from 1 July
To qualify for flexible furlough from July 1st, employees must have been furloughed previously for at least 21 consecutive days between March 1st and June 30th. Employers can now bring back furloughed employees for any number of hours and still claim for the hours not worked, but cannot ask employees to generate revenue during their furloughed hours. Claims must be submitted monthly and cannot span both June and July without being split into two separate claims. Employees can work some hours and be furloughed in the same pay period.
Cash flow impacts
The document discusses the long-term impact on cash flow from actions taken during the COVID-19 pandemic. It notes that government support programs and policies are changing frequently. It highlights that cash balance payments from loans, tax deferrals, and refund credit notes falling due in early 2021 could impact cash flow. It also discusses how opening borders and the ability to sell new bookings could impact cash flow positively if demand returns, but existing bookings and paying suppliers may also affect cash flow. The document stresses planning for multiple scenarios through 2021 and beyond, and stress testing businesses under different conditions.
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【业务选择办理准则】
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三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
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TEST
- 1. The REFUND CREDIT NOTES 6things you must do to comply with ABTA’s guidelines
- 2. The COVID-19 pandemic continues to cause unprecedented challenges for the travel sector.
- 3. The UK Foreign and Commonwealth Office (FCO) advises against all non-essential global travel, giving customers the right to cancel forthcoming departures.
- 4. Under the Package Travel Regulations, package organisers are legally obliged to offer a suitable alternative, or give a cash refund within 14 days of cancellation. 14
- 5. The scale of refund requests means package organisers do not have the cash resources to pay refunds in such large amounts.
- 6. In many cases, customer cash is trapped further up the supply chain with airlines and ground suppliers. Agent Tour Operator
- 7. Many suppliers, particularly airlines, are issuing credit notes rather than cash refunds.
- 8. ABTA are leading lobbying efforts requesting the UK Government change the Package Travel Regulations, to temporarily relax the 14 day refund obligation.
- 9. Meanwhile, ABTA has also issued guidance on a Refund Credit Note scheme to help operators retain cash, while treating customers as fairly as possible.
- 10. For now, package organisers remain legally obliged to refund within 14 days. However, complying with ABTA guidelines should satisfy the regulators, reducing the risk of enforcement action.
- 11. 1. The document must be called a “Refund Credit Note” and not a voucher to ensure they remain protected under the ATOL scheme. Vouchers are specifically excluded from ATOL protection.
- 12. 2. The Refund Credit Note must reference the original protected booking number. 123456
- 13. 3. A copy of the cancelled booking confirmation invoice and, where appropriate, the original ATOL Certificate must also be attached to the Refund Credit Note.
- 14. 4. The value of the Refund Credit Note must equal the cash paid by the customer. Any additional rebooking incentives should be documented separately and would not be protected.
- 15. 5. The Refund Credit Note expiry date must fall within your current ATOL or ABTA expiry date. ABTA are currently guiding everyone to a 31 July 2019 expiry date. 31 JUL
- 16. 6. The consumer must retain the right to an eventual cash refund at the RCN expiry date, if no alternative booking is agreed.
- 17. THE TRAVEL TRADE CONSULTANCY www.thettc.co.uk info@thettc.co.uk https://www.linkedin.com/company/travel-trade-consultancy Looking for more guidance on Covid-19? See our website or follow us on LinkedIn for up to date information