[The Chosen One]

I'm sorry but if an ISO starts or "converts" to a debt relief company then they must be broke. We've all been pitched by these schmucks and it's sad to but not surprising to see some ISO's jumping ship.

Things are going to get harder and only the shops that are profitable will prevail. Something tells me that this debt relief wave is going to end soon.

[ADiamond]

I'm sorry but if an ISO starts or "converts" to a debt relief company then they must be broke. We've all been pitched by these schmucks and it's sad to but not surprising to see some ISO's jumping ship.

Things are going to get harder and only the shops that are profitable will prevail. Something tells me that this debt relief wave is going to end soon.

I don't think it's as much of this situation as it is ISO's trying to capitalize on all leads even the bad ones by getting commission/fees on their defaults by doing debt consolidation on the same leads they pounded 20-30% out of 3 times by triple funding them.

So that's a problem, don't you agree? A major conflict of interest.

[Karen37a]

I do not know why some people dip into the debt restructuring business as well. They think they are monetizing data like he said.

[happysales]

I talked to a guy that is working with a company called corporate debt advisors to settle out a couple of cash advance debts, he's already in the program with them so there's nothing that can be done but does anyone know if that company is actually going to follow through and help this company?

How is having your credit ruined going to help ? You can be sure that these "renegotiations" will show up as defaults and merchants credit will be harmed, as it should be if they don't want to pay what they agreed to pay.

[soccercoach]

How is having your credit ruined going to help ? You can be sure that these "renegotiations" will show up as defaults and merchants credit will be harmed, as it should be if they don't want to pay what they agreed to pay.

Not sure, the merchant just basically said that he was working with brokers and within a year he was over leveraged, he came across a slow period and couldn't keep up with his payments, the lenders wouldn't budge on helping him for longer than two weeks and every time they did help they would charge even more fees for payment help and next thing he knew one of the brokers he was working with recommended that company. She told the merchant that this will cut those payments in half and that she could loan to him again in a few months after the company was making consistent payments but that the loan amounts would be lower.

[ridextreme]

She told the merchant that this will cut those payments in half and that she could loan to him again in a few months after the company was making consistent payments but that the loan amounts would be lower.

She is full of ****. No one can cut those payments in half, and she further lied by saying she will lend to him again in a few months. Really?

All those companies do is instruct the merchant to default on the loans by blocking the payments then they "try" to negotiate a discount. There is no guarantee any of the funders will cooperate. And no, he will never be able to borrow money again.

[Karen37a]

edit **

The question is... Why do they feel like they can get more money from someone when they are sticking the last funders for money?

Seriously think about it. Think about lending a friend $500 because they said it was for rent or an emergency...then you see them out on the town in a limo ordering steak and lobster. Then they say " well I know this guy and I am only going to give you half the money back"..." and by the way...can I have more money?"

*** I want to be a fly on the wall when some debt guy gets on the phone with one of the tough Funders lawyers ( they better be good )** I want to see them stacked 4 and have 4 lawyers after them

I do not know how much they have to owe until it's worth it for them( so I can not speak about their collection process).In my old industries and for me in this one it's $1 ...based on the principal.( if they lied to you or messed with you and caused damages)

[Israel Funding]

if any of u people have applications that has been declined due to default or stop payment, send them my way.

We work with merchants both getting business cash advance loans and also restructure advances as well.

Call us a super funding company.

[Karen37a]

LoL

** I hope everyone else sees the game

I Knew from the day you got here that you are just a debt restructuring guy preying on people thinking they can stack to the 9th Power

You should have said stacked 4th 5th postion..9th ?

[WestCoastFunding]

if any of u people have applications that has been declined due to default or stop payment, send them my way.

We work with merchants both getting business cash advance loans and also restructure advances as well.

Call us a super funding company.

What do you mean by "restructure" advances?

[Karen37a]

Debt Restructuring ....telling merchants to default and not make payments


God save me

[WestCoastFunding]

LoL

** I hope everyone else sees the game

I Knew from the day you got here that you are just a debt restructuring guy preying on people thinking they can stack to the 9th Power

You should have said stacked 4th 5th postion..9th ? Go back to con artist school

I just assumed he was a broker pretending to be a funder. Probably Empire in disguise.

[Karen37a]

They tell people we stack to the 9th....then they get the stacked files and convince merchants to default.

( and I am guessing)


**** he is so greedy he didn't want to leave out the potential for files that have 5 advances, 6 advances, 7 , or 8 ( so he busted himself by saying 9...so I saw it instantly)

I need a vacation

[Israel Funding]

fyi-- we also work with merchants who have dui or criminal background. We will not judge them by having a mugshot or what they look like.

[Karen37a]

now the df you see what you did?


Israel I have 5 files for you.Print your information.

Or the people who are going to send you files...share the wealth.

Do you have the call centers in the Philippines?


You are not having merchants default on me...its not my money

[ridextreme]

fyi-- we also work with merchants who have dui or criminal background. We will not judge them by having a mugshot or what they look like.

who is Israel Funding? I can't find any information on the internet. Do you have a website?

[Karen37a]

He is a guy who tells people he stacks to the 9th then convinces merchants to default.( sends it off to one of the debt companies)

And the idiot on this site told him I had a dui so I have to hear his bull**** now

[Anthony@torro]

Israel, Did you just say you restructure their existing cash advances meaning you have them block payments and renegotiate the original terms of the deal? Please explain

[Funder Mark]

if any of u people have applications that has been declined due to default or stop payment, send them my way.

We work with merchants both getting business cash advance loans and also restructure advances as well.

Call us a super funding company.

Did this genius just say he helps merchants restructure advances??? Anyone know who he is?

[Karen37a]

To brokers thinking about debt restructuring

It seems like an innocent thing until you find out the reality of whats going on behind the scenes. Me being in Mortgages for so long, I was on the both ends of Hamp restructuring( Loan modifications)...debt restructuring for Mortgages and worked in/with a law firm or 3.

This is why I also hold a low to no default ratio because if a client even utters the word "default" I go into overdrive to hold them into the advance. One client switched processors ( I caught it on the credit report), I made them switch back, I just pulled one back out of default..took 2 months and these people mention default to me on the phone all the time on cold calls. I got 3 funders paid back and it wasn't even my deal. I said pay it off in this order (funder I liked, funder i do not know, one I hated )

Very very very very few restructuring companies are really going to have their clients best interest at heart. Most get arrested for nonperformance of work, co mingling funds, licencing etc

And there is a difference between someone really being in trouble and seeking OUT help and someone coaching someone into default.The person is going to go into bankruptcy, personal and business ( not realizing thats what the end goal is). After collections and lawyers come after them and make their life a hell. THEN you can check the original application for inaccuracies and find fraudulent statements...deceptive practices.

I wrote forensic loan analysis reports to make the case that the "borrower" should eat the loss on loans.( only on the big mouth ones or fraud)

Bottom line... some of these defaults if pursued correctly won't be able to be pulled into a bankruptcy.

"presumptive credit abuse "Debts resulting from fraud are nondischargeable and do not go away.And they can go to jail.

( they will dig thru your underwear drawer and see you shopping at whole foods, buying a new purse and throw out any argument you have)

I am sure the Funders who make bazillions have it handled

Do you Really need the small commission that bad?That you f over funding companies that are helping you and are "ISO Friendly"...(I can see some brokers taking revenge on certain funders) Spend time finding new merchants. Leave certain funders alone lol

[Karen37a]

Here is an old article from Debanked

"Defraud Merchant Cash Advance companies go to jail"


http://debanked.com/2015/04/defraud-...es-go-to-jail/

[tefisch]

Let's start with some facts to address the innuendo in these posts.

1) MCA Helpline offers ethical and fully compliant solutions for merchants suffering hardship because of too many cash advances. Every member of our team, including our ISO Relationship Managers, have held senior leadership positions in the most well-known MCA funders, brokers and marketing companies in the industry.

2) I personally have been in the MCA industry for 9 years as a lead and submission generator for two of the most well known direct funders in the industry. My marketing company generated over $120.0 million in demand last year for one funder alone.

3) It is true that in 1986 I was indicted and plead guilty as an employee of a precious metals trading company. I was 22 years old when I left that business (my first job) and 25 when I was convicted. I'm not proud of it, but I served my time and preserved my dignity and learnt many life lessons. Today I am 56. In the 25 years since, I founded a telecom reseller and sold it to MCI (1996), served as chief marketing officer of another NASDAQ traded telecom that was sold to AT&T (1999) and founded, took public and eventually sold a global call center company with 6,000 seats of capacity in the Philippines and India - our clients included AOL, Earthlink, Discover, American Express and other Fortune 500 financial services and telecom companies (2006). I live with lasting effects of my indiscretions 35 years ago - but to assume that somehow makes me less of a professional or less than ethical today is offensive and wrong. You don't know me and if you did, you'd be asking me how I can help your bottom line instead of casting dispersions.

4) While it is true that there are debt relief companies that are unethical and even corrupt (just like some MCA companies), to paint the entire industry with the same brush is a mistake. There are several effective and responsible providers - I interviewed them all when I made the business decision to enter this market space.

5) You are spending good money on telemarketing, direct mail, digital campaigns and other advertising, but finding way too many of the submissions you generate are just plain unfundable.
More and more of your clients’ applications are getting declined. And even when funders do make an offer, it’s often a fraction of what the merchant is expecting because he already has too many open advances with several other funders.

6) Your fiduciary responsibility is to your client - not the funders who advance him too much money before you tried to help him. To choke a merchant with too much debt when you know intellectually that it's not in his best interest is immoral. Responsible restructuring and settlement can save a merchants business.

7) And if just doing the right thing for your client isn’t reward enough, an ISO can earn substantial commissions based on the amount of your clients’ debt - as much as 9% on every dollar your client already owes – including the factor amount. Our average deal size is $70,000 and typical savings for the merchant are 40 -50% of his debt load and a manageable weekly or bi-weekly payment plan. Funders negotiate to avoid costly write-offs - no different than banks allowing short sales on mortgages or a credit card company extending terms, eliminating interest and reducing balances to preserve value. To close your eyes to it is to be naive.

8) MCA HelpLine is not an ISO and not a direct seller of settlement services (a business decision we made to avoid any conflict with our ISOs). We enroll ISOs with the best provider, provide superior training and support and best in breed technology. We distribute all the leads we organically generate on our website to our ISOs (yes - distribute, not sell). We are proud of our skills and stand tall with integrity.

9) Nobody is twisting your arm to become and ISO for MCA HelpLine or any other settlement company. To protect your clients and reduce overall CPA on deals you can't fund by recycling already-spent marketing dollars into a product that your client will appreciate is just good business. Do it or not - the most impaired merchants will find their way to this service.

10) Finally, on a personal level - Archie, why did you sign an NDA and then go to this forum to do your diligence? Carol would have been happy to provide references and explain the entire process from A to Z so you could have make an educated decision. I wish you the best and we stand ready to help JumpStart Capital learn to appreciate this sector and improve your revenue by showing you how to monetize declines and help your clients preserve their business.

[Karen37a]

I am not going to debate you. At least your partially cleared the air. And it would be nice if people didn't market as "we can stack 50 advances wide" when they are really just looking for bank statements with no hopes of another advance, just coaching them into default.( so do more compliance training)

And I know what it is to get in trouble for something ( dui for 3 glasses of wine escalated ). I do not think it compares to the state to state 5 things

And it is true that peoples past are not indicative of their future ( although Bernie Madoff is in jail corning the Swiss Miss Hot Chocolate market, creating a monopoly, up- selling....even though his sons both died from his nonsense, one from suicide...he never learned a thing).

Most debt restructuring can not be completed. They can call the Direct Funder themselves or the Isos for help. And if the end result was bankruptcy why negotiate and pay fees, to begin with?

If I was the Funders...Id Circle the wagons right now.

I do know that some people are deserving of help but unfortunately, most of them are self-serving con artists looking to skip out on a promise.

**** A guy calls to get his house payments reduced, debt restructuring. Says " I can't afford the payments" (this is of course after him refinancing for cash out 3 times and buying cars "plural", boats, wet bikes, wine, and women )

he says " Omg I don't know what I am going to do, this was a house that was in my family for generations..., my grandmother use to bake bread every Sunday here, my first dog fluffy was buried in the back yard.
So I say "awwwwwww how sweet. ok, we can help you it will cost 3k which is really 1 mortgage payment"( and you haven't made payments for 2 years ) ...His Response " F U BCH I THOUGHT IT WAS FREE... well no it isn't free (not through us, you can do it yourself for free and I can point you in the right direction**). THEN F THE HOUSE...

I say "what about fluffy the dog??, what about Grandmas legacy??" He says " I made it up you stupid bleep. I do not care if that house burns down to the ground and I am taking the copper plumbing, wires and the kitchen fixtures with me" ...Alrighty then
( he came back day before the foreclosure and I ripped the house out from Underneath him, No Mercy )

We do not have a Fiduciary Responsibility to Liars. In fact, we do not have one at all. We are not supposed to help people purposely overextend themselves and just skip away with money. (And do not be using our Fiduciary word from the boiler room days...its a Tell)

( just wait until lunatics try to put a real Fiduciary on us everything will be passed to debt restructuring guys....EVERYTHING)

I wish you well. There are a few legitimate debt restructuring companies out there 1%. Maybe you are it

[WestCoastFunding]

I founded a telecom reseller and sold it to MCI (1996), served as chief marketing officer of another NASDAQ traded telecom that was sold to AT&T (1999) and founded, took public and eventually sold a global call center company with 6,000 seats of capacity in the Philippines and India - our clients included AOL, Earthlink, Discover, American Express and other Fortune 500 financial services and telecom companies (2006).

And now you've regressed to selling debt restructuring/corporate turnaround services. What went so wrong?

[MCNetwork]

8) MCA HelpLine is not an ISO and not a direct seller of settlement services (a business decision we made to avoid any conflict with our ISOs). We enroll ISOs with the best provider, provide superior training and support and best in breed technology.

Todd, a reputable source told me you're an ISO for Creditor's Relief (a company being sued by Pearl because they induce merchants to default on their advances). Are you saying this isn't true?