Verifying a payoff letter
Need a Funder or Vendor? START HERE

Results 1 to 3 of 3
  1. #1
    Senior Member Reputation points: 52185 ADiamond's Avatar
    Join Date
    Apr 2014
    Location
    New York City
    Posts
    891

    Verifying a payoff letter


    Me: "Hi I am calling to verify a payoff letter.."

    Rep: "Your name and company... Ok, and the client's info.."

    Me: "Ok, I want to verify that the letter dated xx/xx/xxxx has a correct payoff amount of $x,xxx.xx"

    Rep: "Well, if that's what the letter says then yeah it's correct.."
    If only I operated every day by what a digital document says, I wouldn't be operational much longer.

    This is coming from an "A" lender BTW. And people wonder why they lose money in this business!
    Anthony Diamond
    Underwriter

  2. #2
    Senior Member Reputation points: 99426
    Join Date
    Sep 2012
    Location
    New York, NY
    Posts
    1,780

    The payoff on the letter was probably higher than the actual payoff.
    Archie Bengzon
    Jumpstart Capital
    archie@jumpstartcapital.biz
    www.jumpstartcapital.biz

  3. #3
    Senior Member Reputation points: 4936 HFS's Avatar
    Join Date
    Sep 2015
    Location
    FL
    Posts
    180

    Those $35 missed payment fees add up lol

Similar Threads

  1. YSC Payoff Letter
    By 1StopFunding in forum Merchant Cash Advance
    Replies: 3
    Last Post: 11-14-2016, 09:56 AM
  2. Payoff Letter
    By Yesfund in forum Merchant Cash Advance
    Replies: 8
    Last Post: 05-27-2015, 02:46 PM
  3. Amerimerchant/Main Street business Loans-verifying a payoff letter
    By isaacdstern in forum Merchant Cash Advance
    Replies: 4
    Last Post: 04-03-2015, 05:05 PM
  4. Lender won't provide payoff letter?
    By WhoisKingsley in forum Merchant Cash Advance
    Replies: 6
    Last Post: 07-09-2014, 06:46 PM
  5. EVEREST- Payoff Letter Question
    By 1StopFunding in forum Merchant Cash Advance
    Replies: 6
    Last Post: 06-08-2014, 11:10 AM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

Pipe secures $100M credit facility
Cloudsquare: 14 new lender APIs
FundKite survey finds 77%


DIRECTORY