• 19 Oct

    Problems With Your Invoice Finance Company

    If you need help because you are having problems with your invoice finance company, first check if they are member of the ABFA (Asset Based Finance Association). Whilst the ABFA is not a regulatory body, the invoice finance companies, that are members, are bound by a code of conduct that is backed up by an independent Ombudsman complaints process.

    You can read a copy of both the code of conduct, and the detailed guidance notes here: http://www.abfa.org.uk/standards/TheCode.asp

    Whilst 98% of IF users would recommend their factoring and invoice discounting services, you do occasionally come across cases where a client is not happy.  I recently heard of an existing client of a factor who were allegedly being charged significantly more than they had expected. Hence they were seeking an alternative service from another provider. The new provider had suggested that they check if the current provider is a member of the ABFA. If this is the case, they should refer to them ot the code of practice, in particular the requirement for transparency regarding charges and fees.

    If a member of the ABFA has not abided by the code of conduct, this could be cause for a complaint to be escalated to the Ombudsman for indpendent resolution.

    Further Help

    There are many factoring and invoice discounting companies that operate in the UK, we can help you find the provider that can best meet your requirements. However if you want to leave factoring or invoice discounting altogether, please read this article: Steps to leave IF.

    Other relevant information:

    By Glenn Blackman

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ifg
igf
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pulse cashflow finance
leumi abl
metro bank sme finance