Absolutely Business Destroying

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Lloyds TSB Commercial Finance Business Advice
★☆☆☆☆
1.4
From 7 reviews
14.0% of users recommend this

Guest's review of Lloyds TSB Commercial Finance Business Advice

“Absolutely Business Destroying”

★☆☆☆☆

written by on 02/05/2012

Stay away from Lloyds TSB CF. They will destroy your business and then try to destroy you. Cashflow increase at first is fabulous, allowing payment of suppliers early etc. However once your hooked they stop funding. The mismatch payments you get into arguments with your clients as they say they have paid you buit Lloyds say they have not. After all this they then stop funding they ask you to send copy invoices to your client and when you do they terminate the agreement as you have duplicated invoices. Then charge you £9000.00 for the privilege of termination.

They are now suing me for £40000.00 but the ledger only has £20000.00 on it.

Stay away from them they are destroyers of business. So much for helping small businesses

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Rose2012's Comment

Written on: 23/05/2012

10 (2) (10) debit to your Current Account, in addition to any other fees to which we may be entitled, a fee equal to 12.5% of the value of all assigned Invoices (including VAT) which are unpaid on the date we serve notice under this clause and which come into existence thereafter. You agree that this fee represents a reasonable estimate by us of the costs of the additional services and administration which will be provided by us following a Termination Event;

Dunlop Pneumatic Tyre v New Garage and Motor Company [1915} AC 79:

“A clause will be construed as a penalty clause if the sum specified is “extravagant and unconscionable” in comparison with the greatest loss that could be proved to have followed from the breach”.

Also refer to section 11 of the Unfair Contracts Act 1977

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