Invoice Refactoring

**Lance** · 27 August 2016, 13:56

Originally posted by johndc31 View Post

Hi

Has any used invoice refactoring services and can advise which ones they've used / recommend?
I've got an outstanding invoice for £400 that has been paid in 4 months for a large digital agency that seem to just be ignoring my constant requests to get paid, so I just want to sell it on.

Thank you

forget it.
Factoring is about getting payments quickly. They won't chase bad debt, and they'll take about 2% of everything you do.
Contractors don't need this sort of short term financing as agencies pay promptly.

**SueEllen** · 27 August 2016, 14:14

Do Dunning and talk to Safer Collections.

**VectraMan** · 27 August 2016, 14:17

Yes sounds like you're asking for the wrong thing. I had good experience with Lovetts in getting a CCJ in the first case (which wasn't successful - client was bankrupt), and in the second just sending a solicitors letter for a couple of quid (which was successful - got the attention of the client's Financial Director).

There's also SafeCollections who post here. No experience but they seem to know what they're talking about.

**johndc31** · 27 August 2016, 14:43

Thanks guy's this is probably what I'm looking for

John

**vwdan** · 30 August 2016, 09:06

Have you laid it on the line with the client? I had an American company dragging their feet with me and then they stopped responding to e-mails - I was pretty much getting to the point of writing it off (Fortunately I'd just sold software to them, so no material loss beyond being ripped off) though Safe Collections did advise that it'd be worth a shot (After all, a percentage of £x is better than nothing).

Anyway, I sent one last nice e-mail and gave them a week or so and then I went a little bit nuclear (Albeit professional) and reaffirmed that 1) Without the payment, the software remained unlicensed. 2) I'd be passing it over to an agency and seeking the money via legal means. Magically, they saw that e-mail and got it done.

**Safe Collections** · 30 August 2016, 09:19

As others have said you won't find a company willing to buy an unpaid invoice and factoring/invoice financing only covers "good" debt that is paid relatively swiftly.

Presumably you've done all the usual to chase the invoice? Dunning letters and the like? You can get some free templates here and don't forget you can claim late payment penalties under UK legislation

Invoice Refactoring