Invoice Discounting FAQs
Is the advice of the bank for me to refinance immediately?
We recommend that you make alternative arrangements with another Invoice Discounting provider as soon as possible and discuss your overall facility with your Relationship Manager in Certus.
Can Bank of Scotland plc recommend another provider in order to refinance?
Bank of Scotland plc ('the Bank') does not offer any recommendation in relation to providers but we have listed details of some Invoice Discounting Providers alphabetically below for information purposes only:
Allied Irish Bank - Ronnie King
Phone: 01-7724180
E-mail: ronnie.j.king@aib.ie
Bank of Ireland Finance - Derek McDermott
Phone: 01- 4885663
E-mail: derek.mcdermott@boimail.com
Close Invoice Finance - Harry Parkinson
Phone: 01 8711060
E-Mail: Hparkinson@closeinvoice.ie
Ulster Bank Invoice Finance - Eddie Brown
Phone: 01 6084377
E-Mail: eddie.brown@ulsterbank.com
What will happen on 31st March 2012?
For Invoice Discounting customers, on 31st March 2012 the Bank will stop approving new debts and all existing debts owed will be classified as "Disapproved Debts" under the Agreement.
For Business Finance the "Availability" under the Agreement will be reduced to 0%.
This means that the Bank will stop making payments to customers under the Agreement unless there is a credit balance on the Account.
Note that in accordance with the Terms & Conditions the Bank may ask for the prompt repayment of debit balances where they relate to debts that have not been settled by customers within the agreed period.
Have you considered the timescale given the notice period in the agreement and also the difficulty some clients may have in refinancing in this time?
The Bank wrote to all customers in December 2010 strongly advising customers to secure alternative arrangements with another Invoice Discounting provider. A full 6 months notice period has been allowed following notice of termination being given.
Can I term my facility if I cannot refinance?
In the event that you are unable to secure alternative financing arrangements please contact your Relationship Manager at Certus.
If I have multiple facilities in the Bank e.g. overdrafts, am I required to refinance them all or Invoice Discounting only?
We recommend that you make alternative arrangements with another Invoice Discounting provider as soon as possible and discuss your overall facility with your Certus Relationship Manager.
Would the Bank accept/offer discounts to settle accounts if they cannot be refinanced?
Any amounts owing are fully repayable. There is no discounting of debt.
Get in touch
