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Subject: 
Re: Suspension of English factoring services
Newsgroups: 
lugnet.loc.uk
Date: 
Tue, 21 Mar 2000 16:10:35 GMT
Viewed: 
771 times
  
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 buyers in the US who haven't signed up.

I still haven't looked into transaction costs yet though...

Jono.

Simon Robinson <simon@simonrobinson.com> wrote in message
news:FrrxHy.BsA@lugnet.com...
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



Message has 1 Reply:
  Re: Suspension of English factoring services
 
"Jon D Hayward" <JonDHayward@Cableinet.co.uk> wrote in message news:Frs4x8.IHB@lugnet.com... (...) it (...) one, (...) Is the true about paypal? Or just speculation? Scott A (25 years ago, 21-Mar-00, to lugnet.loc.uk)

Message is in Reply To:
  Re: Suspension of English factoring services
 
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 (...) (25 years ago, 21-Mar-00, to lugnet.loc.uk)

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