Subject:
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Re: Suspension of English factoring services
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Newsgroups:
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lugnet.loc.uk
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Date:
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Tue, 21 Mar 2000 13:29:58 GMT
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Viewed:
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751 times
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So this is an interesting question - what is it about us guys
in the UK that we keep selling Lego and not buying it?
(I'm actually one of the factorees who's sparked this off by
deciding that I can't keep sending out cheques to UK sellers
when there's no UK buyers to make up the balance).
Simon
http://www.SimonRobinson.com
In lugnet.market.services, Larry Pieniazek writes:
> It pains me to let you know that due to a serious imbalance of payments, and
> excessive currency risk, I have to ask for a suspension of factoring services
> for deals involving english sellers and non english buyers.
>
> This is due to all my factorees in the UK having excessive credit balances • with
> me and having been burned on currency exchange too badly, so not being keen on
> me sending them USD at this time.
>
> The only exceptions are:
>
> - deals already in progress
> - deals involving the Collins family as direct participants as they are not
> concerned by exchange rates since they're coming to the US on holiday soon and
> want the USD to use while they're here.
> - deals in which an english BUYER wishes to buy something from somewhere else.
>
> This suspension is in effect till further notice.
>
> One way to lift it would be for someone to contact me privately with a cheap
> and safe way of moving a large sum of money from the US (in USD) to the UK (in
> sterling) and having to pay very close to the interbank rate for exchange
> rather than the retail rate we normally all pay.
>
> Right now it seems like all my UK factorees are doing is constantly emitting
> checks to UK sellers who have refused to become factorees themselves because
> they don't want to be bothered with the work and don't want the exchange rate
> risk (Hello to one particular big seller, you know who you are, since I just
> about quoted word for word your note to me declining my request that you • become
> a direct factoree), and in the process my UK factorees are getting burned by
> exchange rate costs and losing money. That's not fair to them.
>
> Note also that if we don't have some German buyers turn up soon, Germany isn't
> too far away from being suspended as well, the imbalance there is nothing • short
> of ridiculous and Horst has been very very patient with my sending him 400 a
> week, week in and week out (while getting accusations hurled at him of • exchange
> rate profiteering)
>
> ++Lar
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Message has 4 Replies:
 | | Re: Suspension of English factoring services
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| (...) perhaps it's that thing about the british being a nation of shopkeepers. I havent used a factoring service yet. Not done much selling and buying I suppose. How does it work? I understand the principal, but wonder how it was actually going on (...) (25 years ago, 21-Mar-00, to lugnet.loc.uk)
| | | Re: Suspension of English factoring services
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| Pay Pal is due to reach the UK soon... Initially I hope to be able to use it to settle up with my US factor. After that of course, there might not be a need for a factoring service any more, or at least a very much reduced one, only needed for those (...) (25 years ago, 21-Mar-00, to lugnet.loc.uk)
| | | Re: Suspension of English factoring services
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| (...) on (...) and (...) else. (...) (in (...) isn't (...) Maybe a symptom of the fact that HTF sets are slightly easier to find in UK/Europe due to the small old toyshop / no clearance sale phenomenon, resulting in a net westward migration of Lego (...) (25 years ago, 21-Mar-00, to lugnet.loc.uk)
| | | Re: Suspension of English factoring services
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| On Tue, 21 Mar 2000, Simon Robinson (<FrrxHy.BsA@lugnet.com>) wrote at 13:29:58 (...) Simon, I'd love to help, but having bought a roomful of stuff last year, and having had six months off, I really can't justify any big purchases :-( Earlier this (...) (25 years ago, 21-Mar-00, to lugnet.loc.uk)
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