We were contacted today by someone with a small company turning over £300,000 per annum who were about to sign a factoring agreement with RBS Invoice Finance.
The terms that this subsidiary of a company owned by the British taxpayer wanted to handle the five customers of this business was a minimum of £6,000 per annum in factoring commission plus an eye watering £1,500 as a setup fee and an even worse 1% renewal fee at the end of the year if they wanted to continue for another year.
Most people would just sign on the dotted line thinking that the terms were pretty much standard but luckily this person contacted ourselves and we were able to put them in touch with an independent who’s costs are likely to be half of that wanted by RBS
Posted under RBS Invoice Finance, factoring
This post was written by Ian on November 28, 2008
