[MidnightAdvance]

So the debt relief companies, hitting up the court system every day, looking for fresh judgments, calling the Merchants and coaching them to move bank accounts. This is happening every day industry wide. COJs are dead.

[mikem]

So the consolidation companies, hitting up the court system every day, looking for fresh judgments, calling the Merchants and coaching them to move bank accounts. This is happening every day industry wide. COJs are dead.

Awesome! COJ's are dead! I always hated them, takes away the beauty of cash advance. Does that include you Midnight?

[Karen37a]

COJs have always been unenforceable in certain jurisdictions because some think it takes away "due process"The due process clause of the U.S. Constitution, amendment XIV, safeguards each person’s right to notice and the opportunity to be heard in court.

It can be used as a scare tactic. But when some idiot Atty or collections throws someone into default, when they are not in default because they need money, they pretend to serve someone then hold it on the desk until last min so the client/merchant cant react in time...its crosess wayyyyyyyy over the line

This is how people get slapped with usury or "criminal usury", rico etc and they take everyone associated with them down and possibly an entire industry.

The whole Idea of negotiating with someone reasonably is to get the money back with the least negative consequences. Not unjustly enrich an Atty, Funder or Collector...and not let a con artist merchant skip away with money ( If you funded them all, you must been in avalanche mode...I guess you cant tell the good from the bad)

Some people who do not live in a shack and have homes and asssets to protect, do not appreciate being tossed into the mix by some piker who owes child support

[Karen37a]

Id like to know from a real Lawyer ....if someone says "tortious interference" does that absolve the broker who got the original application and placed the deal....I would think not

[AndyYSCISOdept]

COJs may be unenforceable in certain situations, however it is my belief that COJs most important service is giving the indication to merchants that may be trying to default from the beginning that we are serious about collecting the funds owed,

I truly do believe that it is in the best interest of funders to have more tools than just repeated phone calls threatening collections.

[MidnightAdvance]

COJs may be unenforceable in certain situations, however it is my belief that COJs most important service is giving the indication to merchants that may be trying to default from the beginning that we are serious about collecting the funds owed,

I truly do believe that it is in the best interest of funders to have more tools than just repeated phone calls threatening collections.

Correct, but if filing a coj opens up the door for numerous debt relief chasers you're basically being counter productive, don't you think?

[Karen37a]

COJs may be unenforceable in certain situations, however it is my belief that COJs most important service is giving the indication to merchants that may be trying to default from the beginning that we are serious about collecting the funds owed,

I truly do believe that it is in the best interest of funders to have more tools than just repeated phone calls threatening collections.

I partially agree. Since I do not have "real" experience with defaults in MCA as I had 3/4 ( But I did Debt Relief / Restructuring loan mods for 5 years, credit restoration for 15...almost all mortgage brokers did ) ....I got the money back on 2...sent them into the hospital( while the guy had a heart attack) , tied ones assets to all business( they had 3 the funder didnt know about ) to move forwards. I caught 2 switching their bank accounts and made them switch back one of the wonderful ex brokers on my team told her to do it right before i fired her.

They are a deterannt...BUT using lawyers who are only out for themselves and do shady illegal things is not a good idea

and they shouldn't really step up to someone who has been in Finance for 30 years saying call me "mr" anything,( who was on their side ) then throw you under the bus for someone not in default

No reason to provoke the devil in people and go to all-out war on 4k

[Michael I]

Correct, but if filing a coj opens up the door for numerous debt relief chasers you're basically being counter productive, don't you think?

my argument about ucc fillings for years .

[Karen37a]

Funders should realize everything that you are seeing some Ethical Isos are seeing live and have been seeing it live...people right in our face doing it and we are blocking it.

Then some of you backdoor us or try to...as a thank you


Any Iso or broker who sees anything shady...exit stage right instantly like I did

When Funders toss brokers under a bus its a sign they are illiquid...run

[WestCoastFunding]

COJs may be unenforceable in certain situations, however it is my belief that COJs most important service is giving the indication to merchants that may be trying to default from the beginning that we are serious about collecting the funds owed,.

Pretty much. I used to see funders issuing COJs to Cali businesses and I would just roll my eyes knowing they are worth a damn. But then realized the point is to make the merchant believe the funder could file.

[WestCoastFunding]

Funders should realize everything that you are seeing some Ethical Isos are seeing live and have been seeing it live...people right in our face doing it and we are blocking it.

Then some of you backdoor us or try to...as a thank you


Any Iso or broker who sees anything shady...exit stage right instantly like I did

When Funders toss brokers under a bus its a sign they are illiquid...run

A lot of funders are shady. Same with brokers. So many merchants are shady as ****. Shadiness all around. So I don't take it personally anymore. its just expected.

[jake2276]

[COJ are most deff not dead. Yes there are companies that are looking for filings and sueing MCA companies for filing them. Why dont you check the court system and see how many actually have been successful. There have literally been about 2 or 3 rulings against the COJ, and both are being appealed.

[Karen37a]

A lot of funders are shady. Same with brokers. So many merchants are shady as ****. Shadiness all around. So I don't take it personally anymore. it's just expected.

I agree. BUT when someone does something illegal or highly unethical( and it crosses over to being regulated)...there is a problem when they tie you to it

[Nikkiclean06]

Bang Bang

[Karen37a]

[COJ are most deff not dead. Yes there are companies that are looking for filings and sueing MCA companies for filing them. Why dont you check the court system and see how many actually have been successful. There have literally been about 2 or 3 rulings against the COJ, and both are being appealed.

I have seen numerous different cases, different states, cojs, usury, rico and I have seen the decision swing both ways.

A lot of them have hung on the misrepresentation on the front end by brokers or Funders.

Saying "guaranteed" "loan"...merchants not understanding or claim to not understand when they do not want to pay it back or brokers not explaining things right...contracts not being written correctly ( which void them )

***[The funder] fails to point to a non-recourse provision in the Merchant Agreement by which it assumed the risk that it might not be able to collect payments from [the business’] account receivables. Merely telling the Court that risk is contemplated under the terms of the parties’ agreement is inadequate. The requirement of a guarantor, along with the other facts and circumstances set forth, demonstrate that the principal sum advanced was absolutely repayable with calculated interest that exceeds the legal rate, and supports a finding that the evidence outweighs the presumption against a finding of usury.”

*As a result, the court vacated the confessed judgment and voided the agreement, stating, “[d]enominating a loan document by another name, as in this case, by calling it a Merchant Agreement, and including in it verbiage of [the funder’s] purported purchase of accounts receivable that is unsupported by actual [business] receivables dedicated to repayment, does not shield it from the judicial determination that it contemplates a criminally usurious transaction, which is void ab initio as a matter of law.”**

[Karen37a]

To put someone in default that was not in default opens you up to so many things that some have not thought of yet

you get the wrong lawyer on the back end or some broker who you think is in the basement of their house you can cause havoc on people

always make an attempt to get the money back yourself, call the iso or broker, they can usually help ...and do not tell someone to be nice, when its you who should be nice

[Nikkiclean06]

Lets all just stop sending deals to Lenders that COJ and and eventually they will all lose a lot of money and stop COJing. Without us they are nobody. Strike Strike Strike

[Karen37a]

Lets all just stop sending deals to Lenders that COJ and and eventually they will all lose a lot of money and stop COJing. Without us they are nobody. Strike Strike Strike

lol

cojs are not bad...its the person behind the scenes thinking he is mr fancy pants trying to collect the wrong way.

Or being lazy and looking for defaults( on purpose ) and thinking you have a new way to get extra income, because you dont.

[Karen37a]

Pretty much. I used to see funders issuing COJs to Cali businesses and I would just roll my eyes knowing they are worth a damn. But then realized the point is to make the merchant believe the funder could file.

Also you cant sign an agreement or a mutual compromise to hold harmless that has a criminal element to it...a crime cant be mutually compromised. Also, federal law states that they might not hold up any agreement that was coerced or signed under duress.


So I roll my eyes at those too.



huge waste of my time..hope it ends the next 2 days and no more snakey moves...so we part ways

[MCNetwork]

It depends on which state you file your COJ in. Some states don't give it much weight and others will go after the merchant's bank accounts like a jilted ex-wife.

[DiamondBL]

These debt relief guys are really messing up our collection especially when we are giving good pricing-
They will find your client either way! Tell your client they can work with you for FREE and not charge another fee to destroy the credit and their future.
Any update on that big lawsuit that slammed those debt relief guys that were also funders?

Jonathan Kohanoff
B.R.E. #01962090

Diamond Business Loans
Beverly Hills, CA 90211
www.DiamondBL.com
jon@diamondbl.com

[NoBigDeal]

Tough to say. I've had certain deals where it's a waste of space and paper, but other times it locked up the defaulted merchant's account so fast and we got our money back. So, not sure "dead" is the right word to use

[allison]

So the debt relief companies, hitting up the court system every day, looking for fresh judgments, calling the Merchants and coaching them to move bank accounts. This is happening every day industry wide. COJs are dead.

In most of my dealings, COJs are not dead.