[Karen37a]

Oh I forgot to add somewhere BEFORE or AFTER debt relief...brokers and isos go to other "super isos" and dump the fking ugly file on their desk, then wind up in a fight on the DF

That's right before they get their butt kicked back to uber

[Jess]

what is worse, a broker taking a deal right after you fund it and pay them and stacking them 2-3 deep causing a default, or, a broker sending them to a debt relief co after they fund a merchant and collect a commission. Both seem to be bad practices.

Indeed...on the note, what is the status of Rapid v Pearl stacking lawsuit? Anyone know?

[Sean Cash]

Indeed...on the note, what is the status of Rapid v Pearl stacking lawsuit? Anyone know?

Trial is still set to begin on June 25th.

[Karen37a]

The concept of automated applications and getting rid of Isos isnt the smartest thing.

Id like to see the study on defaulted deals. The ones who have live isos on them, live brokers, or the ones that were orphaned or with a customer service agent /clerk ..non commissioned

Live experience ethical Isos were being battered by Debt Relief.

The merchant won't call the funder sometimes and say...i am going to debt relief, they don't like you. They sometimes have a personal relationship with the broker/iso.Just like salespeople can talk people INTO sales they can talk them OUT of doing something stupid

2 salespeople. The Debt relief on the phone...vs the experience iso explaining the ramifications of what they are going to do and alternate solutions.'

30% of the time they defaulted just because they didn't "feel" like paying any more and someone was convincing them to do it. ( this concept is the same in stocks..they lose money and want it back..mortgages...they want to be forgiven on the loan and keep the house, because they said so, life insurance...they cancel the payments 1 year later someone dies...they think they deserve credit for the time they paid)

The Isos want to hold them in the sale because it's their renewal commission.. If I think I am going to get 10k renewal commission and a debt relief person is trying to disturb my sales...I do something about it. So do most of us.

[Big Mack]

Maybe I do not understand your comment, but you have a problem with reverse consolidations? Reverse consolidation are designed to help get them unstacked and not default or have to go the debt settlement route. When it is responsibly underwritten it is a great program. However, there are some companies that will give crazy terms and include positions that do not make sense for the merchant. On top of that they will fund them an additional advance which defeats the whole purpose of the reverse. Which leads me back to my point, it is a good program if responsibly underwritten.

I understand the benefit of a reverse consolidation. I was referring to ISO's that put a merchant into MCA's, followed by the reverse consolidation and THEN send the file to a debt relief company.

[ryan $]

Recet is another one.

We put out #'s on Apps. And on one deal I seeded it (used different email addresses on each App and kept track of which lender i sent with which email address)

Needless to say a very prominent lender backdoored the file to a debt settlment company called recet.

It very well may be a rouge employee - or the entire company - Im not sure

[Richard Gomez]

Isaac Stern was the first guy I ever spoke to on the phone in this industry, as an ex-Stockbroker from NYC he told me to come to his office to sign up as an ISO with reps he sent my info to, back in 4/17, I have never looked back: Straight up character. I have never offered that debt relief trash option to Merchants.

[Karen37a]

Isaac Stern was the first guy I ever spoke to on the phone in this industry, as an ex-Stockbroker from NYC he told me to come to his office to sign up as an ISO with reps he sent my info to, back in 4/17, I have never looked back: Straight up character. I have never offered that debt relief trash option to Merchants.

I agree.

He is truly a great leader..great leadership skills, makes people feel good...helps people rise with him. Speaks softly and carries a big stick.Thats why so many look up to him...even when they are not originally C/D paper people.

[Ak2120]

love it! 100% agreed. Wish this was something that could truly be implemented in one shape or form, Industry would really benefit greatly from removal of greedy people like these.

[Ak2120]

Trial is still set to begin on June 25th.

definitely will keep a close eye on that trial!

[Sean Cash]

Indeed...on the note, what is the status of Rapid v Pearl stacking lawsuit? Anyone know?

UPDATE: The lawsuit was settled. There will be no trial. My guess is that there was a confidentiality clause because nobody will say anything.

[fundingsmbs]

that was fast! nobody likes to go to trial very expensive. so does that mean pearl cannot stack rapid anymore?

[StipMeBabyOneMoreTime]

that was fast! nobody likes to go to trial very expensive. so does that mean pearl cannot stack rapid anymore?

Probably. I guess better to settle than to set a precedent.