dumped m&s kent job

[nybor62]

its hard to put into words all the conversations ive had with them ,but lets say i was,nt over confident about the out come of final payment.
the other company is elliot & lewis based in lincoln

 

[merlecollins]

Adonis construction

Great firm Dom, no probs there

You deal with Terry Alltree there?

 

[merlecollins]

Hope you make the right decision Rob mate

 

[diamondtiling]

Great firm Dom, no probs there

You deal with Terry Alltree there?

I sub to a firm in Southport that sub to adonis, It was for 3 ford dealerships in the north west. Never had any problems with payment. I do have a contact at Adonis but cant recall his name although its not a Terry Alltree.

 

[nybor62]

Hope you make the right decision Rob mate

its done kev the other lads on the job are not sure what to do ive told them make your own minds up , but im not putting 5-6 weeks hard graft in, away from home . feeling unsure about payments

 

[Scott]

Only you can make the decision Rob

 

[nybor62]

right just had a phone call they want me back on the job they mentioned some thing about factoring with there bank and they,will be able to pay us in full, whats factoring

 

[merlecollins]

Basically their bank will pay you mate so don't panic, just make sure there isn't an extra charge for this service

Businesses factor their debts all the time but generally in the other direction , i.e. if they are owed money from their sales ledger the bank will give them a percentage(80%) and then the debt belongs to the bank who then chases it. It just maintains a steady cash flow for a business.

Never heard of it being done the way you are suggesting though....

PM me exactly what he's said mate and I'll see if I can pick the bones out of it.

 

[nybor62]

Basically their bank will pay you mate so don't panic, just make sure there isn't an extra charge for this service

Businesses factor their debts all the time but generally in the other direction , i.e. if they are owed money from their sales ledger the bank will give them a percentage(80%) and then the debt belongs to the bank who then chases it. It just maintains a steady cash flow for a business.

Never heard of it being done the way you are suggesting though....

PM me exactly what he's said mate and I'll see if I can pick the bones out of it.

right i get that maybe ill consider going back , will need to talk with them again i think

 

[diamondtiling]

Factoring usually involves a third party that pays out on due invoices, you should not have to pay any charges though.

Factoring (finance) - Wikipedia, the free encyclopedia

 

[hillhead]

It's tight for all business at the minute so good luck Rob and get in there mate
I'm due back to site work tomorrow for a builder who is selling little at the minute,only i know him well now i'd be very wary.

 

[Pebbs]

Nybor, speak with Merle, hes up on all of this. But like some have said on this, we have to wait a long long time for payment on some contracts. With one contractor I have to wait up to 120 days after the application for payment.

If they are putting the contract through factoring then it means they will prob invoice every week and get the money released the same day by the factor company so you get paid. But now that Ive said that...SOMETHING STINKS! A company cannot pick and choose with contracts you are going to put through a factoring company, its all or nothing, so now Im thinking that was a lie from the start about you having to wait for your money and the balance would be paid when they get paid. You be careful and ensure that you get your money on time every week.

Pebbs

 

[Daz]

Bottom line is that the company you are subbing to will issue an invoice to their customer. The bank will pay 80% of the incvoice to your "employer" which means that they have ready cash to enable "cash flow", i.e. payment for services rendered. Your "employer" will have to pay a service charge for this but that is not an issue for you.

When your "employer" gets their invoice paid in full the bank releases the final 20% to them. The debt remains with your "employer" so if the invoice is not paid it is up to them to repay the bank. Should this become an issue you will have your money and be well gone, besides they cannot try to recover the money from you, so happy days .

In your position, I would get back on the job and take the money that you are owed. You will get paid regardless of whether your "employer" gets paid or not. Take the money and don't worry.

I have worked in an industry that uses factoring as standard business practice. I admit that I haven't necessarily explained it as well as I possibly could / should have and feel free to discuss with Kev (Merlecollins) or I for more info.

Good luck and I hope you make the right decision.

 

[nybor62]

thanks for all the info regarding factoring ,hardly slept last night thinking about it. its great to be able to chat with other tilers who understand the situation,you have all helped me and i feel a lot better about it all,


A BIG BIG THANKS TO YOU ALL

 

[Abstract tiling]

you going bk on the job then rob??