[RickyR3712]

PS. Merchant is a Victim of fraud..(debanked) had an article on it that described exactly what happened to this merchant...

A Broker promised him if he "took the 5 advances" they had a company that would consolidate them into a "Monthly payment" over 5 years. Since July he has been on the Cash Advance Cycle of hell...borrowing to pay back...and he keeps digging himself in and is now negative...

What to do?

Why is this called fraud? I get that he was lied to but my rule is if they is no police report than there was no fraud.I have every week people claiming fraud for this for that but rarely can provide any proof that it was fraud.People use the fraud word to lightly,
Recent merchant I had claimed his sectary stole over 30k from him,yet he did not file a police report.
In your case if someone wrote a letter of intent or put in writing that they were giving him the 5 year and he needed to take these first,suing that person will be your merchant best bet.

[CashCat]

HI Ricky,

What can the police to about it?

Also...the merchant was told he had to pay on time for 30 days to get the 5 year deal. By then the Conman was gone.

The merchant has borrowed from family, sold assets, prayed, begged and has worked his butt off to get out of the Cash Advance Cycle of hell...but is now negative.

However the daily payments are sitting at $3700 a day. He has run out of solutions...and I have nothing to offer the poor guy.

[WestCoastFunding]

HI Ricky,

What can the police to about it?

Also...the merchant was told he had to pay on time for 30 days to get the 5 year deal. By then the Conman was gone.

The merchant has borrowed from family, sold assets, prayed, begged and has worked his butt off to get out of the Cash Advance Cycle of hell...but is now negative.

However the daily payments are sitting at $3700 a day. He has run out of solutions...and I have nothing to offer the poor guy.

Stop. The merchant is not a victim. When he stacked those 5 advances I’m sure he lied to some of those funders.

[RickyR3712]

HI Ricky,

What can the police to about it?

Also...the merchant was told he had to pay on time for 30 days to get the 5 year deal. By then the Conman was gone.

The merchant has borrowed from family, sold assets, prayed, begged and has worked his butt off to get out of the Cash Advance Cycle of hell...but is now negative.

However the daily payments are sitting at $3700 a day. He has run out of solutions...and I have nothing to offer the poor guy.

If the conman put it in writing there is what to do.
Have you tried one of the reverse consolidators?

[ryan $]

If the conman put it in writing there is what to do.
Have you tried one of the reverse consolidators?

Hes Neg. Im assuming bouncing payments. Not gonna happen.

[CashCat]

Ricky,

Yea...conman didn't put it in writing.

We had a Good offer for the Reverse but the merchant needed Upfront Capital and Reverse Combo.

We submitted the deal to a lender that does both the (upfront/reverse combo) and the lender took TWO whole days to underwrite then turned it down. When I called the lender he said "he ran it through underwriting twice" to try to make it work. and ultimately said to me "I just don't like the deal"....

THEN....

1.5 weeks later the Lender ended up "Backdooring" the deal through another company of his.

The customer did not want to work with them after that. and besides the rate was the highest in the industry at 1.50 and overall just a bad deal.

So we've tried everything....I just don't know what he should do? or call? or???

He's 10k negative today.

[WestCoastFunding]

1.5 weeks later the Lender ended up "Backdooring" the deal through another company of his.

What lender?

[CashCat]

Hi WCF,

I think if I say something here another ISO/Broker will cut and paste it and send it to the "Lying Lender" and I don't want the drama......sooo I can tell you this....

Who it is NOT:

Not Fundkite
Not Arcarius
Not Mesa
Not ML

The "Lying Lender" always charges the same flat rate.

[WestCoastFunding]

He's 10k negative today.

He's effectively out of business.

[Karen37a]

He's effectively out of business.

No. He just defaulted on monies. He can still be in business or just change the name of his LLC and ein number; From Xyz cleaning to ABC Cleaners. e.g.


What you do is this. You take a hard hard look at the guy's bank statements, cash flow etc . Then you scratch your head thinking...where did the money go?

Then retrace the steps...first 250k ...spent paid back? Another 150k, 100k? paid back That's one-quarter of a million dollars, then another
( we get immune or lose internal shock value over numbers after doing business awhile thinking...ugg he only wants 40k...small deal)
. I have to slap myself back into reality at times...that's half a million...million...etc).

So sit down and trace the money. Where did it go? How was it spent? If the merchant has a bottomless pit of negative cash flow sucking up money...that's that. Something went wrong SOMEWHERE for him to come for the first ...then second.

I do not know how this merchant got 5 or 15 advances but it went thru underwriting and someone funded it....and he accepted it. ( he didn't say omg how did 100k wind up in my bank account then 50k..let me send this back)

People cant play the "disadvantaged merchant who got forced to take 500k and doesn't know where he put it bit" now that some of the money has to be returned.If I say "no one will consolidate that" some people will come out of the woodwork to give you fake offers to prove me wrong....OR maybe fund him. This isn't a shell game.

[Karen37a]

Everyone feels guilty after returning to the casino and losing their arse. You cant blame it on the fact that you got mailed a free lunch at the casino buffet and somehow wandered over the card tables and bet the house farm and your first born grandkids.

No one should have given him that many chips or markers.But its done now.

Live and learn