Close Invoice Finance used to have a good reputation for service but things seem to have changed in recent years since the new broom took over the hot seat as we are hearing about rumours of discontent amongst staff to the extent that senior staff are leaving, substantial losses being taken in one of the regional offices and a very hard and inflexible line being taken with clients.
Posted under factoring, invoice finance
This post was written by Ian on February 7, 2009
We’ve just had an enquiry from a company who had a succesful relationship with one of the major factoring companies for several years but was tempted away by Close’s offer of very cheap factoring fees.
Having only been with them for a few weeks he is now sure that he’s made a huge mistake and has asked us to find an alternative factoring company despite the fact that he will probably have to pay a huge amount in fees to get out of his contractual obligations.
Having sourced an alternative facility who were due to approve their offer of a facility on Monday 30th March Close apparently couldn’t wait and appointed a Receiver on Friday 27th March which seems to confirm the hard line currently being taken by this particular factoring company
What Close will present to you and what they deliver are worlds apart> Talk of 75-90% advance is total rubbish, you will be lucky to average 50%. Amongst a host of unscrupulous means , they adjust your funding limits, so they still take the charge on your processed invoices, but wont pay you out.
I dont know if there is, but there should be a regulatory authority .. they are enjoying a thriving business on the back of the nervousness of the banks….. but they arent half ripping small businesses off, and are putting more in trouble than anyone.
Steer very clear of independents… my advice is if you have to..stick with a factoring company associated with your bank if possible… at least there is communication and joined up thinking between the two … beware “Close” cause thats how your business will end up !
i have lost everthing due to Cloc Factoring
has anyone sued them over there unfair contract.please nobody should sign there
garantees
Good afternoon to you all.
Comment 4 above – yes people are suing them for absolutely disgraceful behaviour.
Comment 3 – take care, because even the banks have been more supportive than SOME factoring houses that shall remain nameless.
Comment 2 – remember, the key to what they are able (OR NOT) able to do at law lies in your contract. I am willing to bet that many of the things that you have all suffered are because our mutual friends have flagrantly breached their contract, but don’t care because they hold your critical cashflow in their hands. SIT UP AND TAKE NOTICE, YOU HAVE RIGHTS! USE THEM!
Comment 1 – I know this was a while ago, but you do not necessarily have to incur huge costs to get out of your contract. Know your rights, and you can probably avoid this.
Brief history –
I act for a fellow businessman who has suffered shockingly at the hands of our mutual friend. All I would ask that you remember is that there are always things that can be done. It’s who you know – and the courage of their convictions of the person you do know.
You now know me, and I’ve got enough for all of us. Get in touch. If I can’t help, I can certainly point you in the direction of cost effective assistance elsewhere.
Here’s to a prosperous – and just – 2010.
This subject is also being covered on the Factoring Blog at http://factoringblog.co.uk/?p=190&cpage=1#comment-515
Jane can I have your e.mail number
Ladies and gents – I’m at jane@jscs.org.uk