I have just had a telephone call from a small company who were about to sign up with RBS Invoice Finance until she read our website and thought that she should talk to someone from the independent sector first.
The company are struggling a little due to the recession and turnover is down slightly to £300,000 per annum with outstanding debts of £50,000. RBS have made an indicative offer of terms but it wasn’t the factoring commission rate that astounded me but the setup fee of £1,500.
I don’t think that I have ever come across a setup up fee so high for such a small company as it equates to 0.5% of turnover or 3% of the likely funding line. I don’t know how they can justify this sort of charge when the independent sector would be charging about one third of that, especially when the customer’s ledger consists of five customers.
Royal Bank of Scotland can make as many public announcements as they like about their commitment to helping the small business sector but even Shylock would have been pleased to get away with charges like that.
PLEASE COULD somebody please put me out of my misery and tell me the truth about FAIRFAX GERARD?
Any experiences you may have had?
I for one feel that charges, VAT ADJUSTMENTS, (for thousands) are un-justified and no proof has been given to me that the rate changed last year that dramatically (MARCH 09) for this much of AN ADJUSTMENT. I also am being told so many stories and different versions for them that I do not know what to believe.
Any bad experiences with charges and service please let me know?
thanks for your help
Mrs Smith – you have asked for people to “tell you the truth about Fairfax Gerrard” but haven’t given them any way of contacting you.
I’m not sure what the relevance of your request is here anyway as you can see that this blog is titled “Factoring Blog” and subtitled “News, views and gossip from the world of factoring and invoice discounting”
As far as I am aware Fairfax Gerrard was not a factoring company which is why I am wondering about your trying to promote a discussion here and seeing as you have posted your comment on a thread about Royal Bank of Scotland I can’t see it generating much interest from other Fairfax Gerrard clients anyway