How do I set up a facility?
Introduction
When you make contact, a representative from the factor will call you to discuss how a facility could best be structured for you and your business. They will assist in completing the application form and in turn issue a formal offer.Once a business has accepted a facility, up to 90% of the existing as well as future unpaid sales invoices will be made available. The initial cash injection can be invaluable to help investment in new plant and machinery, also in management buy out scenarios, or simply to give a business headroom to grow after paying off traditional financing arrangements.
Easy Administration
In order to gain access to cash you simply send copies of your invoices either electronically or by post to the factoring firm. Money can be sent direct to your bank account when available, or can be set up ‘on request’ where you choose how much you want, when you want it. This can also be carried out at the touch of a button.
At the outset you can choose how the relationship will work with your customers. It is possible to retain the majority of contact with them, or it may suit you to outsource some or most of the credit management function to the factoring firm. This will be discussed with you up front.
From the initial meeting to the first payment can take as little as one week.
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]