Comments on: Another one bites the dust at Close Invoice Finance

By: Adrian M

Adrian M — Wed, 11 Aug 2010 14:59:47 +0000

Having come late to this page I too have been involved in a legal dispute with Close. They closed my business last year despite the fact I had an offer from another factoring company to take over their contract… Since then the process has been a nightmare 12 months with no end in sight, they didn’t follow many of the correct processes when we signed up and the figure that they’ve been claiming started off bearing no relation to the actual funds advanced and has gone up at every point since (despite them making no efforts to collect in the invoices!)

I would be keen to speak to other individuals in the same/similar position…

By: DP

DP — Wed, 31 Mar 2010 04:17:26 +0000

I was made bakrupt by Close Invoice Finance. One of our customers didn’t pay an invoice they issued proceedings against him but also issued me with a stat demand.

The invoice total was £10K so the adavance was £7K by the time they issued the Stat demand is was £16K. I challenged the SD and lost and they moved for bankruptcy, by now the total outstanding had risen to £25K I offered to pay on a monthly basis £500+, I offered a charge on my house but they would not disclose the last payment, from what I could gather it was accrued interest that was undefined and open ended two solicitors advised me not to sign.

I was made personally bankrupt, the official receiver when they heard the circumstances were unimpressed and were excellent to deal with.

I spoke to the client who hadn’t paid the orginal invoice last week, and although they got a CCJ Close dropped the case and he has heard nothing more since.

I can only assume that there was an insurance policy that could only be claimed on once I was bankrupt. Could anyone confirm this?

I don’t know quite what to say about Close, I would warn any/all of their customers to be very wary of dealing with them, they cannot continue to treat decent companies and people like this without some sort of retaliation.

Has anyone got any ideas, name and shame the people involved????

By: Phil Campbell

Phil Campbell — Thu, 04 Feb 2010 18:54:15 +0000

I concurr with the sentiment expressed here as a former client of Close. Early in 2009 they simply suspended our account with no notice – we were well within all our account limits and had a good record. It proved impossible to get anyone to deal with us for around 10 days which was a major issue.
My company was forced into liquidation last year as result of non-payment by a client – i ensured Close were fully paid out of the £9k they were out within 20days. Yet again, i am being hit for massive termination fees combined with an unresponse & agressive team.

By: Ian

Ian — Thu, 14 Jan 2010 05:30:59 +0000

May I remind you that this is not a public forum but is supposed to be my personal blog and I would prefer that Gray and Jane Sanders continued their dialogue offsite.

Thanks

By: Gray

Gray — Wed, 13 Jan 2010 22:35:15 +0000

Jane Sanders good too read your comments,. what body regulates IPS and is there a code or something,my family has been ruined
by Close if we had known about the 14 days it would have saved us. we signed the IPS in 2001 they gave me 5 days too find 160.000
pounds when the ledger was only 80.000 the rest was fees.
again the best advice is not too sign personal guarantees,

By: Jane Sanders

Jane Sanders — Mon, 11 Jan 2010 12:53:36 +0000

Hi again. Anybody having any problems with SFP (Administrators)?

By: Jane Sanders

Jane Sanders — Mon, 11 Jan 2010 12:51:58 +0000

Ladies and gentlemen. I need to be clear, here. I am not a disinterested party because I act for another client who has been subjected to absolutely disgraceful conduct from a firm known to us all! I run a specialist dispute resolution firm and am currently doing my Bar exams. These guys play hardball. However, this does not mean that they can continue to get away with unconscionable behaviour.

Your contract is key. Have an expert look at what they have done, because if they’ve breached the contract you may well have a remedy.

Also – did you know that have the right to challenge the appointment of an administrator? You can do so within, I believe, 14 days. Given that some of you only need a few more days to secure alternative support, this may well buy you your time.

Additionally, there are loads of resources at your disposal if you know where to look. IPs are regulated, and subject to codes of conduct. You can complain and things can be done if you have evidence that they are in breach of their obligations. In short, you do not have to take any crap.

As I said on the other link: You have rights; use them!

By: Ian

Ian — Sun, 10 Jan 2010 14:58:31 +0000

Interesting post from Jane Sanders over on the Factoring Solutions blog at http://factoringsolutions.co.uk/blog/?p=94

By: Graham Mackenzie

Graham Mackenzie — Fri, 08 Jan 2010 01:07:38 +0000

Hi Thomas

The administrators were/are Menzies and the liquidator associated.

By: Tony

Tony — Thu, 07 Jan 2010 23:07:19 +0000

Hi Graham please contact me on ts01@hotmail.co.uk. It will be very interesting to talk to you, we can share info. Please leave a contact number. Thanks.