Subject:
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Re: Suspension of UK factoring services (was Re: Suspension of English factoring services
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Newsgroups:
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lugnet.market.services
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Date:
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Wed, 22 Mar 2000 15:00:47 GMT
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Viewed:
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1360 times
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OK, since this discussion appears to be to some extent
about me, I may as well make a rare excursion out of
loc.uk :)
Larry's factoring service is a great service, offered
at an extremely good price (Larry seriously charges
a fair bit less than I would charge if I was doing what he
does). But the service does depend on a good balance
of sales - about the same value of Lego leaving a
country as entering it. For some reason that's not
been the case in the UK recently - most of the Lego
seems to be leaving the UK and heading elsewhere.
That kind of situation causes a problem because
as a UK factoree I end up paying out a lot more money on
Larry's behalf then I take in - which means at some
point Larry has to send me some money - and then one of
us has to pay currency conversion charges - including the
fact that the banks set an exchange rate deliberately
designed to give themselves a profit in addition to
their commission charges. In the past we haven't done
that, which makes the factoring service even more
useful to buyers and sellers.
I hadn't anticipated this situation, and I don't
want to blame anyone for it (but to be fair to Larry,
I haven't seen the emails he's exchanged with Scott, so
I've no way of knowing if my opinion would be different
if I had). Yes, Scott and possibly others have gained,
and I will probably have lost some money but
as far as I'm concerned, it's just something that's
happened. The sums aren't huge but I'm concerned more
about the principle that if I'm doing a service like this
for other people I should make a net gain rather than a
net loss.
Larry and I have swapped a few mails about the problem
to see how we can stop it happening in the future - and
personally I suspect that may mean an increase in factoring
charges, at least for people buying from the UK.
However, until a
solution is found, I'm not prepared to get involved with
any new deals involving UK sellers.
(Should mention all opinions above are mine, not
necessarily Larry's).
One last point - I'm a bit puzzled by Scott's comment
that
> > I'm sure matters have been made worse by the recent exchange rate
> > fluctuations. As a seller it is good news for me,
given that the usual complaint in the UK the last couple
of years is that the UK pound has been so strong that
it's really cheap for us to buy things abroad and
very hard for businesses to export anything. Scott?
Simon
http://www.SimonRobinson.com
In lugnet.market.services, Larry Pieniazek writes:
> In lugnet.market.services, Scott Arthur writes:
> >
> > "Larry Pieniazek" <lar@voyager.net> wrote in message
> > news:Frs0sG.25K@lugnet.com...
> > > In lugnet.market.services, Scott Arthur writes:
> > > > Why just England? What about the rest of the UK?
> > >
> > > All of the UK. Wiseguy.
> > >
> > > You're a good part of the problem, you know. Perhaps if I'd suspended just
> > > Scotland a while back it wouldn't have come to this. <no smiley>
> >
> > I'm sure matters have been made worse by the recent exchange rate
> > fluctuations. As a seller it is good news for me,
>
> and bad news for Simon. If you want to make money on the exchange rate, that's
> great. Go play the currency markets. But don't make money at Simon's expense,
> please. That's not fair to Simon or to the rest of the community which is now
> blocked because you did a big bunch of selling that Simon took care of for you
> to the point where he's overextended credit wise.
>
> Sorry if my miffedness is coming through rather abrasively but I kind of don't
> care if you get annoyed by it.
>
> > but as a buyer it stinks.
>
> which might be why no one in the UK is buying.
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