Factoring companies

Thanks Ian for your comment.

Hopefully I can resolve this today.

It just amazes me that you receive bad service and they expect you to pay for the rest of the agreement when in fact they have caused more problems than support you, which I believe is the main reason for joining a factoring company.

For all those new starters out there, I would recommend Lloyds as they have no 12 month agreements, just a months notice is required if you wish to terminate.

Several of the factoring companies that I use have get out clauses in the first few months where you don't have to pay the balance of the fee if you aren't happy with their service.
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Ian

All is sorted, I had to pay them 3 months notice which I am happy with. 

I would definately go to a bank in the future rather than these independent companies, they dont care how they treat you, money grabbers, very poor customer service.

Never used them but if you go for it, try and get a get out clause if your not happy with the service, most offer a 12 month agreement with 3 months notice period, which you end up staying with them for 15 months.

It's a shame there is no government association that you can complain to if all goes wrong. In my experience, I would try and get your bank to help.

Originally posted by: Alec Smith

Hi,

I have a small business and have just joined the FSA (Federation of Small Businesses). They say they offer factoring and was just wondering if anyone has used their factoring services? I guess that as they are a non profit organisation it should be the best deal going? Let me know if you think otherwise.

All the FSA do is to feed enquiries through to Lloyds TSB Commercial Finance in return for a commission. If you wish to factor with Lloyds TSB you may as well contact them directly yourself as they won't have to pay an introductory commission to the FSA so it may be cheaper for you.
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Ian