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| Re: Burnt by the factoring company? |
| Author: | m |
| Date: | Tuesday, 17th Nov 2009 10:30 |
| Views: | 41 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=196295 |
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pain in the ass those companies...
I always used venture finance when I was in recruitment.
as far as I know they are the best and the cheapest
give them a call and they can sort you out, will cost something to move but then again, then it is sorted. |
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| Reply To This Thread |
| Re: Burnt by the factoring company? |
| Author: | Mark Byrne |
| Date: | Tuesday, 17th Nov 2009 17:20 |
| Views: | 45 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=196295 |
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Sorry to see such negative comments regarding factoring but understand that not everyone has good experiences.
I would like to know the specifics of your problem but I presume that you may not want to go into details here.
Is the company that you are with part of the Asset Based Finance Association? www.abfa.org.uk If it is then you may be able to complain there and put pressure on your factoring Company to rectify and problems that you are having.
I would be happy for you to contact me directly if you want some advice from inside the industry.
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| Re: Burnt by the factoring company? |
| Author: | Tom Atkinson |
| Date: | Wednesday, 18th Nov 2009 16:56 |
| Views: | 48 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=196295 |
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Hi Sad Recruiter,
If your Factoring company is not doing what it should, write to them, clearly stating the clauses of your contract that they are breaching, giving them chapter and verse, (e.g. Clause X says you should send money in 24 hrs and you are not doing it, please put that right immediately and confirm in writing you will never breach that clause again.)
If the breach is not capable of repair, or they fail to respond within X days (there might be a clause giving a fixed to correct a repairable breach) then sue them and take your business else where.
Without mentioning names, are you able to indicate the nature of the clause they are breaching? I think it would be interesting for this Forum to know what the failure is..Tom. |
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| Reply To This Thread |
| Re: Burnt by the factoring company? |
| Author: | Factoring Solutions |
| Date: | Friday, 20th Nov 2009 18:04 |
| Views: | 42 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=196295 |
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I'm afraid that there is no-one that you can complain to. The ABFA is a trade body that looks after it's members' interests and the Banking Ombudsman only handles the banks and not their factoring subsidiaries.
It's not a very satisfactory situation but unfortunately nothing is likely to be done about it as the factors are busily trying to convince the Government that they should be self policing.
As an independent broker I have relationships with a number of factoring companies and am happy to have a word with yours if you feel that it may do some good.
Ian
www.factoringsolutions.co.uk
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| Reply To This Thread |
| Re: Burnt by the factoring company? |
| Author: | peterr_2001@yahoo.co.uk |
| Date: | Saturday, 21st Nov 2009 13:06 |
| Views: | 59 (excluding Digests and RSS feeds) |
| Category: | Other | | URL: | http://web.ukrecruiter.co.uk/forum/Forum/read.php?i=196295 |
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Venture finance is the cheapest and best.... I used them in the past.... was only 0.5 percent of turnover if i remeber correctly or 0.75 with bad debt.
Cash simply, more expensive, 5 percent of turnover, and only bad debt protection upto 90 days, thereafter they hold back the total invoice of your margin. It is a good solution for the smaller agency with the occasional temps. What i did not like is that I had to put the temp payrol sheet through every week, which is a pain in the ass when you want to take the week off.
thats why I went for venture finance in combination with payroller, who collected timesheets etc.... kept me just doing the sales.
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