[KINGCASH]

So this is not the first time hearing this..

Merchants stating- Unknown lender (probably recent DBA created), are funding accounts without any consent whatsoever (i.e no signed contract, no COJ, list goes on) , and if payments are stopped, COJ is threatened to be put in place, freeze accounts etc.

I know first response would be that merchant probably doesn't know what's flying, but these are merchants whom we've worked with in the past and knew exactly what they were doing.

I get if the was a one time story, but this has been reoccurring.

[Davidein68]

Had a merchant tell me this happened to him. Didn't know whether to believe him or not...

[HDF]

This is utterly unreal. I wish we couldn't picture this happening, but can it really be going on out of desperation to make sales quotas? No way, but nothing is out of the realm of possibility I suppose. Geez...

[WestCoastFunding]

This is some Armenian Mafia ****.

[DonMcGrath]

Richard Moseley Sr. Was just sentenced to 10 years in prison a few days ago. He’s 73 yrs old and had a 220 million dollar payday lending business. One of his many violations/crimes was he was giving payday loans to people that made an inquiry regarding the process, but never actually applied/signed up. Then his company would issue the loan, and every month they would collect the interest, and leave the principle there, which had the loanee, who never borrowed the money in the first place, paying interest in perpetuity.

To be fair, Even the people who legitimately borrowed the money went through the secret of forevermore interest program with their principle as well.

So this is not the first time hearing this..

Merchants stating- Unknown lender (probably recent DBA created), are funding accounts without any consent whatsoever (i.e no signed contract, no COJ, list goes on) , and if payments are stopped, COJ is threatened to be put in place, freeze accounts etc.

I know first response would be that merchant probably doesn't know what's flying, but these are merchants whom we've worked with in the past and knew exactly what they were doing.

I get if the was a one time story, but this has been reoccurring.

[mcaguru]

So this is not the first time hearing this..

Merchants stating- Unknown lender (probably recent DBA created), are funding accounts without any consent whatsoever (i.e no signed contract, no COJ, list goes on) , and if payments are stopped, COJ is threatened to be put in place, freeze accounts etc.

I know first response would be that merchant probably doesn't know what's flying, but these are merchants whom we've worked with in the past and knew exactly what they were doing.

I get if the was a one time story, but this has been reoccurring.

Something not adding up.

[AdvanceFund]

So this is not the first time hearing this..

Merchants stating- Unknown lender (probably recent DBA created), are funding accounts without any consent whatsoever (i.e no signed contract, no COJ, list goes on) , and if payments are stopped, COJ is threatened to be put in place, freeze accounts etc.

I know first response would be that merchant probably doesn't know what's flying, but these are merchants whom we've worked with in the past and knew exactly what they were doing.

I get if the was a one time story, but this has been reoccurring.

King, pm me - I help seasoned brokers navigate the high risk space and avoid ALL of the issues I read on this site. And I am able to find out who is behind any entity.

[mcaguru]

And I am able to find out who is behind any entity.[/QUOTE]

Thats extremely impressive!!! your hired !

[KINGCASH]

King, pm me - I help seasoned brokers navigate the high risk space and avoid ALL of the issues I read on this site. And I am able to find out who is behind any entity.

Sent

[fundingsmbs]

Who is this mystery company dba/corp name. if this is true, their games won't last long. Without signed contracts nobody will be liable for the repayment. same with no coj, how do you chase someone with no signed coj. bump....

[KINGCASH]

They have it all- Contracts, COJ etc..

[Karen37a]

So this is not the first time hearing this..

Merchants stating- Unknown lender (probably recent DBA created), are funding accounts without any consent whatsoever (i.e no signed contract, no COJ, list goes on) , and if payments are stopped, COJ is threatened to be put in place, freeze accounts etc.

I know first response would be that merchant probably doesn't know what's flying, but these are merchants whom we've worked with in the past and knew exactly what they were doing.

I get if the was a one time story, but this has been reoccurring.

If they Funded with no contract they can just default...not a smart move

If they place a freeze on the account they can have it removed instantly if no real contract is present and the company that did it will lose their ability to perfect liens and also cojs and freeze accounts going forward

[Sachip24]

how do they fund with no voided check? where are they sending the money if they never collected anything? im pretty sure merchant sees a incoming wire for "x" amount in their bank account they are going to find out who the hell sent it. and if they don't want it they return the wire. Most merchants know exactly what they are doing and know how to work the mca system. Just like in subprime mortgages back in the day client always wants to say they didn't know anything but they signed the dam 100 page mortgage contract, with title agent in their face going over everything number by number. If they knew they didn't sign any proper documentation or authorize anything, if they Lender threatens they wont take wire back then merchants would just say f u then and close their account and take the money. Let them come after them for a COJ that was never legally signed.

[Karen37a]

how do they fund with no voided check? where are they sending the money if they never collected anything? im pretty sure merchant sees a incoming wire for "x" amount in their bank account they are going to find out who the hell sent it. and if they don't want it they return the wire. Most merchants know exactly what they are doing and know how to work the mca system. Just like in subprime mortgages back in the day client always wants to say they didn't know anything but they signed the dam 100 page mortgage contract, with title agent in their face going over everything number by number. If they knew they didn't sign any proper documentation or authorize anything, if they Lender threatens they wont take wire back then merchants would just say f u then and close their account and take the money. Let them come after them for a COJ that was never legally signed.

I agree with this.Something is off.

People did say say they didnt sign a 100 page mortgage contract in front of 10 witnesses during the housing meltdown lol Just like shred investors all of a sudden become a poor old part time nursery school teacher/ zen instructor, who was taken advantage of on the stockmarket when they lose money and want it back

[KINGCASH]

It's not off, it's shady practice

[Karen37a]

It's not off, it's shady practice

Be careful because if a merchant decides to sue or take any type of action they can drag you into the mix.( not sure when you fit in, )

If there is ever regulation and you had a Fiduciary Duty...they could also sue you for your personal money and assets.

Fiduciary Duty works almost like a COJ...you are automatically liable. ( personally, not shielded from a company LLC or inc)


**I am glad I am not in a 100% Fiduciary position anymore, 30 years was way too long. ( I still adhere to compliance guidelines)

[Karen37a]

Just like in subprime mortgages back in the day client always wants to say they didn't know anything but they signed the dam 100page mortgage contract, with title agent in their face going over everything number by number

I never sold subprime( d paper)...only prime( a paper fixed rates only), they did the same thing

Sachip if you lived through this...like some others have(the same thing happened when the stock market crashed). What do you think would happen if the merchant had this "regulation" get out of jail free card?

I know whats going to happen...massive defaults and an avalanche of epic proportions even on A paper and processing and lawyers looking to capitalize and making it a new cottage industry

__

add..West coast.... the "save yourself kill them all" quote from your fav hero....I can understand you now ( I guess you want me to cheer for regulation now...only a few of us will be left standing with the BIG billion dollar companies, debt relief and lawyers)

And those" crash test dummy" brokers wont survive it, they just do not realize it yet.

****I guess they do realize it. so they want everyone to go down with them so they can say ....see it wasn't me that was unsuccessful it was the business model. Guess what. I am still going to be standing making money have done so since age 17 in finance contracts . You will never get the chance to say it...ever

[jotucker1983]

So this is not the first time hearing this..

Merchants stating- Unknown lender (probably recent DBA created), are funding accounts without any consent whatsoever (i.e no signed contract, no COJ, list goes on) , and if payments are stopped, COJ is threatened to be put in place, freeze accounts etc.

I know first response would be that merchant probably doesn't know what's flying, but these are merchants whom we've worked with in the past and knew exactly what they were doing.

I get if the was a one time story, but this has been reoccurring.

So what's that word we've been discussing again? Oh, that's right, it's called "regulation". Any more proof this industry is a Wild Wild West?

- You have criminals/thugs like Ricky Dennis, fresh off 12 year prison runs, who are actively working in this business by soliciting merchants, collecting sensitive data, etc.

- You have merchants out here being the victim of multiple stacks that equate to 40% or more of their monthly gross going to payback high costing merchant cash advances, which leads many of them to file bankruptcy

- You have brokers running around adding PSF fees of 10 points or more, on top of already a high costing program for the merchant in general

- You have co-brokers getting ripped out of commissions

- You have brokers in general getting ripped out of commissions

- You have brokers being back-doored

- You have funders being ripped off by unscrupulous brokers

- Scroll through the Rip Off Reports and you will see an assortment of MCA related companies

- Now add to the list, that merchants are on the hook for "advances" that they never actually signed up for

If we don't act, we are all going to be featured on an episode of American Greed in a moment.

[RickyR3712]

So what's that word we've been discussing again? Oh, that's right, it's called "regulation". Any more proof this industry is a Wild Wild West?


- You have merchants out here being the victim of multiple stacks that equate to 40% or more of their monthly gross going to payback high costing merchant cash advances, which leads many of them to file bankruptcy

- You have brokers running around adding PSF fees of 10 points or more, on top of already a high costing program for the merchant in general

- You have co-brokers getting ripped out of commissions

- You have brokers in general getting ripped out of commissions

- You have brokers being back-doored

- You have funders being ripped off by unscrupulous brokers

- Scroll through the Rip Off Reports and you will see an assortment of MCA related companies

- Now add to the list, that merchants are on the hook for "advances" that they never actually signed up for

If we don't act, we are all going to be featured on an episode of American Greed in a moment.

Sounds like you can not close deals so you want the government to help level the playing field this way you can come back and try to make a living

[RickyR3712]

So this is not the first time hearing this..

Merchants stating- Unknown lender (probably recent DBA created), are funding accounts without any consent whatsoever (i.e no signed contract, no COJ, list goes on) , and if payments are stopped, COJ is threatened to be put in place, freeze accounts etc.

I know first response would be that merchant probably doesn't know what's flying, but these are merchants whom we've worked with in the past and knew exactly what they were doing.

I get if the was a one time story, but this has been reoccurring.

I do not believe it how can they enforce a coj with no notary , not being signed etc,

[Karen37a]

Sounds like you can not close deals so you want the government to help level the playing field this way you can come back and try to make a living

https://www.youtube.com/watch?v=eclbaC3q94k

it did not have the effect Longshanks planned... and I Elizabeth rode out to pay homage to the big banks and regulators

You have bled with Wallace...now Bleed with me

[jotucker1983]

Sounds like you can not close deals so you want the government to help level the playing field this way you can come back and try to make a living

I respect your opinion, however, I don't think your opinion is based on sound reasoning?

- Please provide explanation on how making sure people like Ricky Dennis is blocked from entering the industry, making sure merchants aren't being stacked to 40% of their gross in payments, making sure brokers get paid, and making sure merchants have fair pricing standards......somehow is "bad" for the space?

- To your point about "leveling a playing field", there's no way to "level" a playing field that is structured based on leveraged strategic resources. The 20% of companies/brokers with the strategic resources will still be the ones making the vast majority of revenues, while the 80% without said resources will still be the ones barely scraping by.

- Regulation doesn't "level a playing field", regulation helps rid the industry of the bad actions listed above and in turn, helps to "protect" the duration of the space. If the space continues to operate like a Wild Wild West, the long term duration of it will be significantly impacted.

[Karen37a]

I respect your opinion, however, I don't think your opinion is based on sound reasoning?

- Please provide explanation on how making sure people like Ricky Dennis is blocked from entering the industry, making sure merchants aren't being stacked to 40% of their gross in payments, making sure brokers get paid, and making sure merchants have fair pricing standards......somehow is "bad" for the space?

- To your point about "leveling a playing field", there's no way to "level" a playing field that is structured based on leveraged strategic resources. The 20% of companies/brokers with the strategic resources will still be the ones making the vast majority of revenues, while the 80% without said resources will still be the ones barely scraping by.

- Regulation doesn't "level a playing field", regulation helps rid the industry of the bad actions listed above and in turn, helps to "protect" the duration of the space. If the space continues to operate like a Wild Wild West, the long term duration of it will be significantly impacted.

I had fights with you for THREE years...go relook at what i posted.

Then look at you slandering me because you cant make sales....making up lies. Enough already

[Karen37a]

John

You made me the example of the bad 1099 broker. ME ( little miss low defaults and over 90% renewals)

in Finance since the 80's and never had a regulator fine me for $100....not with my stockbroker's licence(s), not insurance, not loans ( all regulated) nor anyone in my organizations ...EVER ( saying I made this all up)

You need to just figure out what the hell you are doing wrong and leave the decisions to the big players and brokers

[RickyR3712]

I respect your opinion, however, I don't think your opinion is based on sound reasoning?

- Please provide explanation on how making sure people like Ricky Dennis is blocked from entering the industry, making sure merchants aren't being stacked to 40% of their gross in payments, making sure brokers get paid, and making sure merchants have fair pricing standards......somehow is "bad" for the space?
.

I do not know ricky dennis and that is why that part was not quoted. I will go through each one and we can discuss it out.
making sure merchants aren't being stacked to 40% of their gross in payments- How do you decide those guidelines, Facts if those numbers put everyone out of business than pearl and yellowstone will not be the power houses they are now .Banks will give a guy 100 times his "gross monthly". Merchants know what they can handle and what they can not . I have a nail salon that has been paying over 40% for years now.(his real gross with cash is way higher)
making sure brokers get paid- To every rule there is loopholes that the same funders who do not pay will figure out a legal way not to pay.
merchant having a fair pricing standard- All this will cause is getting rid of alternative lending where all the thousands of merchants i have helped would just close up . Do you think yellowstone can keep there doors open if they have to do 15% . do you think on deck or rapid will be in business if they needed to compete with the banks at 3%
John you are to straight forward thinking thinking if there will be rules they will weed out the ****. Those guys will put there wife , mother,friend,neighbor.
Someone came to my office door offering me $500 a month to use my address for amazon and that i might get a return here or there. To me this means he already got thrown off amazon from his address ,ten different family members another ten friends and now is going door to door which he will 100% get someone and continue to screw people over.