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Re: Statutory Demand Threat Personally For Company Account
Right that's better, a proper keyboard!
OK, basically the deal is. Ashley 'buy' a percentage of all credit card sales I make over a set period of time. In this case 20k worth. They add on a 6k finance fee at the beginning of the deal, give me the 20k then proceed to intercept all my credit card sales, take 14% and give me the rest until all 26k is paid. Effectively, I sell back 14% of all card sales.
I've done this before with another company and it worked beautifully, the idea being that repayments fluctuated with turnover and as it was paid back little and often and as it was taken at source, it was relatively painless. In principal it's a good idea. Problem is with this lot though is that when I tried to instruct* both my credit card providers to switch the account they paid into from ours to Ashley's they asked for info that Ashley could not provide. When I got the previous deal with another provider it was very clear that the idea was that it would suit seasonal businesses that had fluctuating turnover. Most of my sales are in the last 3 months of the year. This 'agreement' however seems to demand that a certain turnover is maintained but this is not how it was sold to me by the rep. I was led to believe it was 'on average' and as that was the same as the other company I'd already done a deal with I didn't question it. They are now using this as another reason for attempting to cancel the agreement even though they cannot possibly know what my turnover is from month to month.
*To instruct Merchant A & Merchant B to pay into another account required me to sign pre-prepared letters that Ashley had constructed as if they were from me, send them to Ashley who then sent them to the Merchants.
Not a sole trader, a Ltd Co.
Got the guarantee but can only add later.
Thanks!
Gollum
With the
Right that's better, a proper keyboard!
OK, basically the deal is. Ashley 'buy' a percentage of all credit card sales I make over a set period of time. In this case 20k worth. They add on a 6k finance fee at the beginning of the deal, give me the 20k then proceed to intercept all my credit card sales, take 14% and give me the rest until all 26k is paid. Effectively, I sell back 14% of all card sales.
I've done this before with another company and it worked beautifully, the idea being that repayments fluctuated with turnover and as it was paid back little and often and as it was taken at source, it was relatively painless. In principal it's a good idea. Problem is with this lot though is that when I tried to instruct* both my credit card providers to switch the account they paid into from ours to Ashley's they asked for info that Ashley could not provide. When I got the previous deal with another provider it was very clear that the idea was that it would suit seasonal businesses that had fluctuating turnover. Most of my sales are in the last 3 months of the year. This 'agreement' however seems to demand that a certain turnover is maintained but this is not how it was sold to me by the rep. I was led to believe it was 'on average' and as that was the same as the other company I'd already done a deal with I didn't question it. They are now using this as another reason for attempting to cancel the agreement even though they cannot possibly know what my turnover is from month to month.
*To instruct Merchant A & Merchant B to pay into another account required me to sign pre-prepared letters that Ashley had constructed as if they were from me, send them to Ashley who then sent them to the Merchants.
Not a sole trader, a Ltd Co.
Got the guarantee but can only add later.
Thanks!
Gollum
With the
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