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Bill factoring in Ireland?

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  • 21-01-2007 5:56pm
    #1
    mick.fr
    Closed Accounts Posts: 1,974 ✭✭✭


    Hi there,

    I am an IT freelance.
    I am working with an accountancy company which is providing me a managed Ltd where I am one of the directors.

    I have just got a new contract and the agency where I get the new contract will pay at 30 days. Usually I am paid one week after I sent my timesheets/bill.

    The thing is it could be ok but in this new contract I have to travel all over Ireland, advance hotel fees, transportation etc...
    So being paid 30 days later might be difficult.

    So this is the reason I am looking for a Factor company that could pay my bills right away and then deal with the agency to get themselve paid, in exchange of a reasonable fee that would be deducted from my payment.

    Do you know any good factor company in Ireland ?


Comments

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    #2
    The Corinthian
    Closed Accounts Posts: 19,777 ✭✭✭✭The Corinthian


    I had the same issue in the UK just over a year ago, where my expense bill between flights, hotels and my driver came to just over €1,500 per month.

    In the end I just got the bank to up my limit on my credit card to over 10k and juggled money about a bit. If your credit rating is not poor they'll do it, even temporarily, if you ask and you're approaching your limit. I ended up paying a little bit of interest, but comparatively little.


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    #3
    mick.fr
    Closed Accounts Posts: 1,974 ✭✭✭mick.fr


    Yeah that's a possibility did not tought about this. Thanks


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    #4
    misterq
    Closed Accounts Posts: 382 ✭✭misterq


    Invoice discounting, that is loans based on invoices you have sent out, is really only available to large companies with a decent turnover and on an ongoing basis.

    It won't be worth your while going down that route. I worked for a bank in this business area many moons ago.

    If you have a chat with your contact in your bank, they will probably be able to arrange an overdraft facility for you or up your limit as Corinthian said.


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    #5
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    the best bet is to look for an increased OD and limit in CC as advised above.

    is the 30 days a monthly thing or 30 days after you send in the bill?

    anyway if u put everything on the CC, then u have c 28 days to pay from date of cc bill, u can request a change in the billing date so if u bill say 6 days before the date u receive ur CC bill u should be in funds before the cc is due.
    if u have online banking u should be able to see the cc details online for your invoice prep


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