[Michael Slabitcher]

Has anyone seen this?

How would you suggest proving the funder reached out to the merchant and offered to lower payments? Everything is done over the phone and there is no paper trail.

Your input is appreciated,
Mike
msla*****er@sla*****er.com

[blashley]

Tell Your merchant to call the accounting department of the funder/Lender, they are funded with and ask for confirmation that they are in good standing with lower payments the funder provided and have the merchant record the call. 2) if there is no UCC filing after lowered payments, chances are they lowered it to prevent stacking.

[fundingsmbs]

modification of payments is a real topic. it happens. whether the funder is allowing it, or, the merchant's are requesting it, happens all the time.

[Sachip24]

ive seen this happen first hand with prospects. It was during holiday season lender reached out offered as a holiday special to lower payments via phone no paper trail just to make it seem like they lowered payments so no other lender would fund them. I didn't believe it and he 3-way called them again with me on the line to confirm what they were telling him few weeks prior and they said yes, then he asked them to send a email stating this was an offer they had not that he lowered payments and was in good standing and the rep started trying to give him the run around as to why he didn't need that. I was speechless

[fundingsmbs]

^ which co was it

[Chambo]

it is getting CRAZY out there and desperate funds are trying any and everything

[Michael I]

i have been realizing also where they will oops miss to take a payment and file a ucc on larger merchants . Some funders are known to only file ucc if he defaults and now no one will touch the merchant . At first i did not beleive the merchnat but i have now seen it 3 times with the same funder

[harvey]

imo merchants in lower payment are better merchants - show that they actually know what is going on with the business.

[StipMeBabyOneMoreTime]

imo merchants in lower payment are better merchants - show that they actually know what is going on with the business.

Didn't you praise debt settlement companies in another thread?

[harvey]

didn't praise them said sometimes it helps funding companies to work with them - rather then a merchant R08ing them and disappearing for ever

[Chambo]

imo merchants in lower payment are better merchants - show that they actually know what is going on with the business.

if a merchant has a corresponding drop in revenue, then lowering payments is mandatory, not a courtesy, as per the contracts & is NOT a default.

We are afterall, purchasing receivables at 30-40% discounts & NOT loaning money for specified periods of time...that would be illegal

[Chambo]

didn't praise them said sometimes it helps funding companies to work with them - rather then a merchant R08ing them and disappearing for ever

I've seen TBB give out specific contracts with varying ACH amounts, depending on seasonal fluctuations of merchant....and addendums attesting as much

[Chambo]

didn't praise them said sometimes it helps funding companies to work with them - rather then a merchant R08ing them and disappearing for ever

nice political answer,but the whole purpose of debt settlement companies is to R08 the debits and then try to renegotiate the terms

[Fetachini]

i have been realizing also where they will oops miss to take a payment and file a ucc on larger merchants . Some funders are known to only file ucc if he defaults and now no one will touch the merchant . At first i did not beleive the merchnat but i have now seen it 3 times with the same funder

Which Funder?

[GoodCustomerService]

There have been shticks pulled by funders to keep other funders away from their renewals for years. UCC "poaching" is what first started it. In todays market, it doesn't surprise me what some funders will do. It's pretty genius if it actually works.