Originally posted by speling bee
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Have broken a habit
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Knock first as I might be balancing my chakras.Comment
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Also if not factoring, build in rewards for early payment and penalties for late payment.Knock first as I might be balancing my chakras.Comment
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Originally posted by suityou01 View PostThat's kind of the point of a factoring co mate
From http://forums.contractoruk.com/busin...ml#post1717738
Originally posted by Safe Collections View PostMost factoring companies offer insurance as an added extra, it is generally not included in invoice factoring. Similarly many factoring companies do not offer any kind of collection or ledger management services as standard. Often If the factor doesn't get paid for an invoice they have already paid out on, they simply reduce next months payment by the same amount and give the "debt" back to you!
We can recommend a potential supplier if you PM us, but credit insurance is not a magic bullet. Generally they will only provide insurance on invoices to stable businesses with proven financial history.
If you have a potential contract from a one man band agency operating via a relatively new Ltd company, forget it. They are extremely unlikely to offer insurance in that instance.
The best way to ensure you don't get caught out is to thoroughly vet potential clients before agreeing any credit and to continue monitoring them throughout. If in any doubt do as Bolshie suggests, negotiate shorter payment terms and stick to them.merely at clientco for the entertainmentComment
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Oh boy it's like shooting fish in a barrel today.
If the factoring transfers the receivable "without recourse", the factor (purchaser of the receivable) must bear the loss if the account debtor does not pay the invoice amount.[2]Knock first as I might be balancing my chakras.Comment
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Knock first as I might be balancing my chakras.Comment
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Originally posted by suityou01 View Post
And in the UK most factoring companies don't offer insurance or non-recourse (how american is that phrase) factoring against small companies....merely at clientco for the entertainmentComment
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Incredible
Ok here's a uk site
Non-recourse factoring explained :: What is factoring?
This is too easy.Knock first as I might be balancing my chakras.Comment
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And here's one of those mythical factoring houses I mentioned
Debt factoring without recourse | Touch FinancialKnock first as I might be balancing my chakras.Comment
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Originally posted by speling bee View PostThis one is turning into a bit of a marathon.
Client (a consultancy) has accepted changes so it's looking like a good contract now - in respect to original points raised.
But I also queried payment terms which are payment 10 days after Consultancy's client has paid consultancy(!) Which leaves MyCo stuck in case of non-payment or late payment. Who can MyCo sue? There us no question about end client's ability to pay but that doesn't mean they will pay. They appear to be unwilling to budge but I will continue to try to negotiate.
Has anyone else ever come across this?
I should point out that SimonMac did work happily for the same consultancy for months....merely at clientco for the entertainmentComment
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