[FunYouMan]

A friend of mine recently defaulted on a 3 cash advance company. He claims he was mislead from the beginning and that they completely lied to him. He is now suing these 3 MCA's.

The DA caught wind of his situation and is asking my friend for help in bringing these guys down.

I am not allowed to name names, but from what I understand a lot of the big guys are in trouble. Arrests will be made.

He mentioned the good guys have nothing to worry and the point of the arrests and judgments will result as a complete cleansing of the industry.

Obviously, you dont have to believe me bec im a noob on this site, however, if I hear anything else, I will post more.

[WestCoastFunding]

He claims he was mislead from the beginning and that they completely lied to him.

Good luck proving this in civil court, let alone criminal court.

[Sachip24]

what is the point of this post??? your friend didn't understand how cash advances work the 1st time.....the 2nd time.... or the 3rd time he took money to then default?

[FunYouMan]

Good luck proving this in civil court, let alone criminal court.

your probably right to assume he has no case. however, he said he couldnt get into details, so you really dont know what he has on these companies.

[Lmonus]

Please - no one feed into this and leave this thread as it is already. This is probably bait or his friend looking for Ammo / counters points. Regardless if he gets it or not, ide steer clear from this post and go back to something more informative and educational. Enough with these popup accounts already.

[Michael I]

dangerous road as the first position funder can counter how he went against their agreement by getting a second and third .Also a lot of companies do a funding call and record how they are not allowed to do that and they go over exactly what the deal is so people cant claim they were mislead

[Cashman1]

A friend of mine recently defaulted on a 3 cash advance company. He claims he was mislead from the beginning and that they completely lied to him. He is now suing these 3 MCA's.

The DA caught wind of his situation and is asking my friend for help in bringing these guys down.

I am not allowed to name names, but from what I understand a lot of the big guys are in trouble. Arrests will be made.

He mentioned the good guys have nothing to worry and the point of the arrests and judgments will result as a complete cleansing of the industry.

Obviously, you dont have to believe me bec im a noob on this site, however, if I hear anything else, I will post more.

So let me understand this. Your good friend took 3 deals in one month and defaulted, but he’s a innocent bystander because now lenders are coming to get their money back.

[FunYouMan]

what is the point of this post??? your friend didn't understand how cash advances work the 1st time.....the 2nd time.... or the 3rd time he took money to then default?

My point is: we are not as safe as we think we are. But I get it, were making money and everyone is the industry is pretty happy. Just know there are things were no seeing and to hear from my friend, who has some insight in dealing with the DA, I thought u might be interested. If not, then move on.

[WestCoastFunding]

My point is: we are not as safe as we think we are. But I get it, were making money and everyone is the industry is pretty happy. Just know there are things were no seeing and to hear from my friend, who has some insight in dealing with the DA, I thought u might be interested. If not, then move on.

Honestly, it sounds to me like a merchant that’s butthurt after he missed/blocked payments and a company filed on him, causing a default all the way around.

At the end of the day, contracts were signed and a recorded funding call explained the terms of the agreement. If they violated any of those terms, they triggered a default. Everyone “claims” they have a case, but rarely is there anything there. And to claim that, not one, but three companies violated criminal law? Yeah, no. Not falling for it.

[HDF]

"The DA caught wind of the situation." I'm sure you know how.

Folks, there are also very serious (yet rather isolated cases) in the hopper, and some are very disturbing as to funder behavior and the COJ enforcement issues. It's deeper than just a few displeased merchants.

[HDF]

Honestly, it sounds to me like a merchant that’s butthurt after he missed/blocked payments and a company filed on him, causing a default all the way around.

At the end of the day, contracts were signed and a recorded funding call explained the terms of the agreement. If they violated any of those terms, they triggered a default. Everyone “claims” they have a case, but rarely is there anything there. And to claim that, not one, but three companies violated criminal law? Yeah, no. Not falling for it.

True, but you are looking at it as if it was a straightforward 3-funder stack. As we all know, it can be otherwise.

[ridextreme]

My point is: we are not as safe as we think we are. But I get it, were making money and everyone is the industry is pretty happy. Just know there are things were no seeing and to hear from my friend, who has some insight in dealing with the DA, I thought u might be interested. If not, then move on.

What do you mean "We are not as safe as we think we are"? You make it seem like we're doing something illegal. What's your point?

You're "friend" (although this is highly likely to be all bs) signed on the dotted line. I rest my case.

[thefundingdiaries]

fool me once, take your money
fool me twice, take it again
fool me three times....i didn't mean to take it

[ryan $]

This entire thread is asinine. My friend is suing you and the DA - I cant name names, but your in trouble for wasting everyones time and killing a collective 1,000 brain cells of the readers of this post.

[mcashark]

Nobody forces you to sign a coj, nobody forces you to sign a 30 yr mortgage, nobody forces you to start a business, decisions are your own in life, make smart one's and own up to them.

Nobody, nobody
Nobody can drag me down
Nobody, nobody
Nobody can drag me down
https://www.bing.com/search?q=nobody...678EDC4D2F30AA lol!!!!

[FCG]

https://www.wsj.com/articles/cfpb-un...on-11549472626

[mcashark]

The Orange Sphincter is coming thru

[abfunders]

https://finance.yahoo.com/news/consu...234559264.html

[brokerCompany]

A friend of mine recently defaulted on a 3 cash advance company. He claims he was mislead from the beginning and that they completely lied to him. He is now suing these 3 MCA's.

The DA caught wind of his situation and is asking my friend for help in bringing these guys down.

I am not allowed to name names, but from what I understand a lot of the big guys are in trouble. Arrests will be made.

He mentioned the good guys have nothing to worry and the point of the arrests and judgments will result as a complete cleansing of the industry.

Obviously, you dont have to believe me bec im a noob on this site, however, if I hear anything else, I will post more.

Nice story bro

[mcaguru]

yep interesting.... since the borrower are consumers !!

"The Consumer Financial Protection Bureau announced today that it will no longer require lenders to make sure that borrowers are in a financial position to repay a payday loan, also known as “ability-to-repay.” The CFPB, led by Trump-appointee and former Office of Management and Budget official Kathy Kraninger, says the change will ultimately increase the availability of payday loans"

[SBiz]

yep interesting.... since the borrower are consumers !!

"The Consumer Financial Protection Bureau announced today that it will no longer require lenders to make sure that borrowers are in a financial position to repay a payday loan, also known as “ability-to-repay.” The CFPB, led by Trump-appointee and former Office of Management and Budget official Kathy Kraninger, says the change will ultimately increase the availability of payday loans"

Marcus - so you are saying that the announcement is for both consumers and small businesses because borrowers are consumers? Interesting.

[Christian]

Why are people posting links to consume finance regulations in this threat? We don't deal with consumers.

[Chambo]

So let me understand this. Your good friend took 3 deals in one month and defaulted, but he’s a innocent bystander because now lenders are coming to get their money back.

If the DA is in fact involved, it goes far beyond any potential greed of the merchant. We might see the DA go after fiduciary responsibility, or the know your customer concept. If the DA was interested and is gathering evidence/documents...that tells you this is not the first incident & they are building a case.

[Chambo]

Why are people posting links to consume finance regulations in this threat? We don't deal with consumers.

because the CFPB has gotten involved in the cash advance business

[mcaguru]

Marcus - so you are saying that the announcement is for both consumers and small businesses because borrowers are consumers? Interesting.

No. I am saying that it seems like the CFPB is rolling back regulations on consumer finance and not getting stricter... this roll back was not something that many expected ..i was of the mind set that the CFPB may not add new regs but to roll back old ones!! that was not expected.