[AndyYSCISOdept]

There was a deal we actually funded and "the authorities" got in touch with us because they believed the person may or may not be using the money to sponsor terrorism. Now this happened pre-ISIS and the Bedroom radicalization that seems more common place now but it was still a wake up call.

Side note: we DID NOT get paid back.

[AndyYSCISOdept]

He killed a person and they killed his deal. An eye for an eye as the good book says...

And what book is that?

[FUNd]

And what book is that?

The good one, dude.

[fbilson]

Merchant had open litigation for prostitution arrest - it was a spa business.

[AndyYSCISOdept]

The good one, dude.

I know lots off good books. If youd like we can write one together.

[CreditGuy]

Not a decline reason, but still a good one. I can't recall the exact amount, lets say it was $100k. The merchant called up obviously upset that the full amount didn't hit their account. We looked into it on our side and the wire went out correctly, but somehow only a portion of the proceeds hit their account. It was a pretty big delta. Let's call it $20k that hit their account. Turns out they had an open tax liability, but no lien filed so we didn't catch it in UW. The IRS intercepted the wire and took the outstanding liability and deposited the rest into the account.

[AndyYSCISOdept]

Not a decline reason, but still a good one. I can't recall the exact amount, lets say it was $100k. The merchant called up obviously upset that the full amount didn't hit their account. We looked into it on our side and the wire went out correctly, but somehow only a portion of the proceeds hit their account. It was a pretty big delta. Let's call it $20k that hit their account. Turns out they had an open tax liability, but no lien filed so we didn't catch it in UW. The IRS intercepted the wire and took the outstanding liability and deposited the rest into the account.

Stone Cold Killers them IRS boys!

[Chambo]

Not a decline reason, but still a good one. I can't recall the exact amount, lets say it was $100k. The merchant called up obviously upset that the full amount didn't hit their account. We looked into it on our side and the wire went out correctly, but somehow only a portion of the proceeds hit their account. It was a pretty big delta. Let's call it $20k that hit their account. Turns out they had an open tax liability, but no lien filed so we didn't catch it in UW. The IRS intercepted the wire and took the outstanding liability and deposited the rest into the account.

THIS IS EXACTLY WHY funding a merchant with an open tax lien is sheer lunacy

[FUNd]

Not a decline reason, but still a good one. I can't recall the exact amount, lets say it was $100k. The merchant called up obviously upset that the full amount didn't hit their account. We looked into it on our side and the wire went out correctly, but somehow only a portion of the proceeds hit their account. It was a pretty big delta. Let's call it $20k that hit their account. Turns out they had an open tax liability, but no lien filed so we didn't catch it in UW. The IRS intercepted the wire and took the outstanding liability and deposited the rest into the account.

Great way to put someone out of business while basically making the funder eat the tax lien through an almost certain default. Doesn't even seem legal to me.

[Chambo]

TOTALLY legal...you shouldn't be giving the money to the merchant when he owes it to the IRS

[Sachip24]

Stone Cold Killers them IRS boys!

savages

[FUNd]

TOTALLY legal...you shouldn't be giving the money to the merchant when he owes it to the IRS

And how would the UW know that information with no lien filed?

[AndyYSCISOdept]

savages

I know....here's a quick story, my first year as a 1099 employee, I didn't have Corp set up...so I got my 1099 for 99,237 dollars...the IRS promptly told I owe the m37K in taxes. Obviously couldn't afford that so I went into an "auto debited" payment plan (they wont file a lien if they can auto debit your account) and I will be paid off this year after giving hem 53K in total If that aint gangster then WTF...John Gotti aint got nothing on the IRS. Shakedown.

[CreditGuy]

And how would the UW know that information with no lien filed?

Ask the borrower, "Do you have any outstanding tax liabilities?" Or, you could have them pull their tax transcripts/use a third party service.

[Sachip24]

I know....here's a quick story, my first year as a 1099 employee, I didn't have Corp set up...so I got my 1099 for 99,237 dollars...the IRS promptly told I owe the m37K in taxes. Obviously couldn't afford that so I went into an "auto debited" payment plan (they wont file a lien if they can auto debit your account) and I will be paid off this year after giving hem 53K in total If that aint gangster then WTF...John Gotti aint got nothing on the IRS. Shakedown.

good old Uncle Sam does not play when it comes to strongarming lol

[Michael I]

Not a decline reason, but still a good one. I can't recall the exact amount, lets say it was $100k. The merchant called up obviously upset that the full amount didn't hit their account. We looked into it on our side and the wire went out correctly, but somehow only a portion of the proceeds hit their account. It was a pretty big delta. Let's call it $20k that hit their account. Turns out they had an open tax liability, but no lien filed so we didn't catch it in UW. The IRS intercepted the wire and took the outstanding liability and deposited the rest into the account.

i had a merchant that had no liens on his business at all . All of a sudden all his accounts are levied and no money can go out . long story short , he was a 20% owner in another business that closed 7 years ago . the irs had a lien on the 80% owner . That guy moved to italy so they just hit my merchant with the lien . it took him months and thousands of dollars to get it off

[FUNd]

Ask the borrower, "Do you have any outstanding tax liabilities?" Or, you could have them pull their tax transcripts/use a third party service.

LOL, because merchants never lie about their financial liabilities.

[aredmond]

Not a decline reason, but still a good one. I can't recall the exact amount, lets say it was $100k. The merchant called up obviously upset that the full amount didn't hit their account. We looked into it on our side and the wire went out correctly, but somehow only a portion of the proceeds hit their account. It was a pretty big delta. Let's call it $20k that hit their account. Turns out they had an open tax liability, but no lien filed so we didn't catch it in UW. The IRS intercepted the wire and took the outstanding liability and deposited the rest into the account.

CHAPPELLE_01_0104_REPARATIONS2_640x360.jpg

How the IRS be after this deal went down lol