Complaints about members of the Asset Based Finance Association (ABFA)

There is a complaints procedure from ABFA - this campaign has made its views public on the process and the sanctions that are available to 'punish' those factoring companies that simply believe their clients are there to be sucked dry.

There are two ways of using the Ombudsman service; one is simply to get financial redress of up to £25K which is a drop in the ocean if your company has just been put into insolvency against your wishes.  For smaller contractual complaints - it may have a role?

Secondly if you wish to take either civil or criminal action against your former factoring company then using the Ombudsman service will allow you to put together a case in a format that others can use and on the assumption you win - It is an effective judgement that can be used, especially in bringing criminal proceedings.

Remember if you accept the money you are effectively signing a Non Disclosure Agreement and we beleive agreeing to take no further action against the factoring company - ouch.

 

  About the Ombudsman

Ombudsman Services considers complaints about companies that are members of the Asset Based Finance Association (ABFA) and provide factoring, invoice discounting and asset based lending services to small businesses.

http://www.ombudsman-services.org/abfa.html