How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.
Ask Jamie-Law Your Own Question
Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 9039
Experience:  Solicitor
96104960
Type Your Law Question Here...
Jamie-Law is online now

I factor customer invoices and am in a pickle. I have banked

Customer Question

I factor customer invoices and am in a pickle. I have banked some of the cheques that were meant to go to the factoring company as had no choice due to HMRC threatening bailiffs. I intend to pay the money back but am not in the position at this time. Do you think the factoring company who are a large high street bank will Perdue me for fraud or will they agree for me to pay it all back in instalments? Please help. Thanks
Submitted: 7 months ago.
Category: Law
Jamie-Law
Expert:  Jamie-Law replied 7 months ago.

Hello my name is ***** ***** I will help you with your question today. I am reviewing it, please give me a moment.

Ask Your Own Law Question
Expert:  Jamie-Law replied 7 months ago.

Did you know that you should not have banked them? I assume you had already been paid by factoring Co?

Ask Your Own Law Question
Customer: replied 7 months ago.
I am aware. I have been with them for 15 years. I have had to bank cheques before and have them sent my own cheque to the factoring company (Lloyds). They have been aware of this in the past. I was hoping I could come to an arrangement with them once the realize and pay them back via s loan repayment. The bill will be around 25k. Just wondered what route you think they would take and whether my case is worth them prosecuting etc
Customer: replied 7 months ago.
just checking you got my reply
Expert:  Jamie-Law replied 7 months ago.

So cheques are not sent to them, but you? You send them their cut?

Ask Your Own Law Question
Customer: replied 7 months ago.
some customers send payments to me and I forward them to Lloyds Bank. some pay them directly. Ones sent to me I have banked. Do you think it is worth their while perusing a fraud claim. I will will then to offer a repayment. Was just hoping they would agree a repayment plan rather the court action etc.
Expert:  Jamie-Law replied 7 months ago.

It wouldn’t be fraud, it would just be breach of contract. Clearly they could terminate your facility

But you should come clean and arrange a repayment plan.

However it is not fraud.

Can I clarify anything for you about this today, please?

If not, I would appreciate a 5-star rating for my answer. If you need anything further I am available for a follow up at no extra cost.

Ask Your Own Law Question