Asset financiers......thicker and more useless than bankers?

[groan]

In the ganghut a fortnight ago we decided to buy some equipment for a biz. As the banks won't lend I contacted an AF for a LAF. They credit checked us and said nope can't lend. The company has an outstanding decree (CCJ) and the company is insolvent.

I asked the dafty to punch a ref. no. into its computer, which it did.

Me: 'what do you see'?.
Dafty: 'Your company's lease purchase account'
Me: 'How long's it been going'?
Dafty: '2.5 years'
Me:'when was the last payment'?
Dafty:'4 days ago'
Me: 'Any problem with the account'?
Dafty: 'None at all'
Me:'Well I've 2 more things I want to ask. 1)If we're insolvent, why am I looking to finance equipment for the company? And 2) if we're insolvent, how do you think the payments on our existing account with you are being met'? No answer. Then blamed Experian. Then gave me a complaint number.

Then I phoned Experian and asked why they're telling people we have an unsatisfied decree and are insolvent when, clearly we don't and we're not. No answer. Then blamed Companies House. Then gave me a complaint number.

Then I phoned Companies House. They hadn't a clue what I was talking about, and, as I thought, confirmed that they certainly neither share nor pass data to credit reference agencies.

Wall to wall dafties. The question is, who's to blame. The customer facing dafties or the people who recruit train and manage them?

Bonus? I'd give Stephen Hester a slap on his baldy nut! And as to Experian, use them if you like, but if you believe the data they give you is accurate you are very gullible.

Ps: We just wrote a cheque for the equipment. It got delivered yesterday.

Edited by groan on Saturday 19th March 13:29

[loafer123]

Experian is (possibly) to blame, but probably not the leasing co.

Insolvency doesn't mean you have no money, it means that you are unable to pay your debts. You often get travel companies going into administration because they are paying the current travellers bills with future travellers money, which is trading whilst insolvent.

It is also perfectly possible for you to want to borrow money for equipment to try and trade out of a potential insolvency, but for it to be a crap idea. Just because you think buying a new widget production line is a good idea, doesn't make it so.

In factual terms, you need to verify whether Experian have the right info namely;

Do the stat accounts show the company is solvent? If so, why do they think it isn't?
Does it have any CCJs? If not, why do they think it has?

You also need to understand that you and the finance co have completely different motivations and that therefore what you think is a great idea, isn't necessarily a good lend.

I suppose the ultimate way of showing they were wrong would be to show them that the money you used to buy the equipment was paid by the company wanting to take out the finance, or could have been.

[powerstroke]

For years it was a new van or truck on tick other plant and equipment on tick, not any more now I buy used for cash!!! happy dosent do it justice its like a huge weight has been taken of my back or just like cycling down hill NEVER EVER GOING to sign another hp or lease again its st and just makes a load of freeloaders money..
work your but off for the banks or yourself ???

Edited by powerstroke on Saturday 19th March 22:05

[crankedup]

Its not only the public sector that are grossly incompetent then! as so often is stated in here. Private sector are just as bad in some cases.