invoice factoring

[shelly]

invoice factoring

Obtaining loans from banks and other traditional financial institutions can be a long, painful, and often frustrating process.
Luckily, business owners and managers have spot factoring - a highly effective alternative to traditional financing.

IFG's spot factoring or single invoice factoring service (a.k.a. invoice discounting) is unique, simpler and superior to standard invoice factor services, factoring funding provided by traditional old line factors, accounts receivable financing, receivable funding and assets based lending approaches. By selling credit-worthy invoices to IFG, businesses acquire additional funding for immediate working capital.



invoice factoring
1 hour payday loans

[undunk]

Hi, My company has recently gone into liquidation and unfortunatley i have a secured 2nd charge against my home. But i feel how the loan was structured wasnt the way that i expected and certainly feel that it was for the banks benefit and not mine. I was given a lump sum and the remainder of the loan was to be obtained through RBS invoice finance or factoring as it is known. I expressed my concerns to my business manager and i was told that i had no choice this was the only way they could raise the money to buy the business so i reluctantly agreed, and from day one had nothing but trouble. After six weeks due to the aggresive nature of RBS collectors towards my customers i had lost £3000 per week worth of business and the reply from my customers when asked what the problem was the the reply was  I am not being spoken to in that manner by anyone. Another instance was when i noticed on my computer that one customer had the word legal against his name and when asked why this was it turned out that the RBS had put the matter in the hands of their legal department and had charged me £1,700 but what they failed to inform me was that they had put the wrong information on the system and had been sending correspondence to the customer at his personal address and not his business address. When i tackled the RBS about this they just tried to turn the tables on me and said that it was my fault because i had given them the wrong information which i was speechless at. In the beggining i asked would my customers be contacted in anyway and i was told absolutley not. So i was lied to. Add the legal fees to the other charges they had been incured and you can see why the bank was so insistant that the loan was structured in this way. After six months i contacted my factoring manager and told him that it was my intention to cease using RBS invoice finance. For obvious reasons and that i was unhappy at the treatment i had recieved he agreed and said that if i didnt put in a formal complaint he would get me out of the agreement early. The initial agreement was for a minimum of twelve months so letting me leave after six tells you that they admitted fault. I feel i had been misold, lied to and rail roaded into something that wasnt going to work for my business from day one.