New Search :
We suggest you :

Products and services

Articles

Offers

Who do I turn to if I have a dispute with my factoring company?

Technology/Functionality
Answer

The factoring industry is well regulated to protect customers, so, if you do find yourself in a dispute with a factor help is at hand. The first step with any dispute is to discuss the problem directly with the provider to see what resolution can be reached. However, if the provider cannot help or you are unhappy with the solution, the FOS (Financial Ombudsman Service) is the next step. The FOS is an independent body that settles disputes between financial services firms and their customers. You must contact them within six months of receiving a final response from your factor. Some complaints, such as unfair contracts and potential scams can also be reported to the Financial Conduct Authority (FCA), a body which regulates financial services in the UK. Do make sure that you thoroughly check your contract before signing and keep good records of all correspondence and transactions.

Companeo : Factoring: Compare price quotes

An additional question: Respond to this Question

  • Why turn to a factor rather than seek a bank loan?
  • How does a factoring finance arrangement work?
  • Who collects the debt due, the factor or my business?
  • What's the difference between factoring with recourse and factoring without recourse?
  • Does factoring require a minimum number of invoices?
  • What does a factoring company do in the case of nonpayment?
  • Do my customers know of the factor’s involvement?
  • What are the requirements for invoice discounting?
  • Is there any collateral requirement for factoring?
  • How quickly can I access cash for the invoices I sell to a factor?
  • I have overseas clients; can I factor international invoices?
  • Is it easy to terminate a factoring arrangement?
  • What regulations apply to factoring companies?
  • What does working capital mean to your business?
  • What is the difference between factoring and bill discounting?
  • What is credit insurance?
  • What is export factoring?
  • What is the difference between invoice factoring and merchant cash advance?
  • What is the difference between factoring and securitisation?