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 16:10:35 GMT
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Viewed:
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818 times
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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 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
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Message has 1 Reply:
Message is in Reply To:
 | | Re: Suspension of English factoring services
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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 (...) (25 years ago, 21-Mar-00, to lugnet.loc.uk)
|
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