[Davincinc]

refusal of 0 balance letter of judgement filed after 4 missed payment!

Have a client who paid off their last lender two weeks ago. Lender has refused to provide 0 balance letter or remove the judgment. They told the merchant you can only get the 0 balance letter and judgment address if they provide a completed app from them with 3 months bank.

is this legal to do and is this common place now? this would be the second merchant being blackmailed or held hostage to get capital elsewhere.

[ryan $]

THAT IS HORSE****

What Lender?

Record the Call. Thats INSANE.

Almost as Insane as Quicksilver's Policy. Ready for this? A REAL POLICY!

1. Payoff Letter/ 0 Balance Letter Requested by Merchant
2. Send Merchant Info to Sales
3. Sales reaches out to merchant to renew or offer funding
4. MERCHANT HAS TO REFUSE OFFER
5. MERCHANT THEN HAS TO REQUEST 0 BALANCE/PAYOFF LETTER A 2ND TIME
6. LETTER IS SENT

[Davincinc]

THAT IS HORSE****

What Lender?

Record the Call. Thats INSANE.

Almost as Insane as Quicksilver's Policy. Ready for this? A REAL POLICY!

1. Payoff Letter/ 0 Balance Letter Requested by Merchant
2. Send Merchant Info to Sales
3. Sales reaches out to merchant to renew or offer funding
4. MERCHANT HAS TO REFUSE OFFER
5. MERCHANT THEN HAS TO REQUEST 0 BALANCE/PAYOFF LETTER A 2ND TIME
6. LETTER IS SENT

its a teir one lender

[Lmonus]

Super messed up - i dont understands the reason for a funder to hold off on sending a ZBL, THEY DONT WANT TO WORK WITH YOU. Just ****ing send the damn thing. Sheesh.

[Don Dolla]

sometimes it has to run through retention first.. Forward does it too , but what you're describing is most likely a merchant calling and asking a broker

[ryan $]

sometimes it has to run through retention first.. Forward does it too , but what you're describing is most likely a merchant calling and asking a broker

that sounds about right

[abfunders]

Is it truly illegal to withhold the payoff or ZBL letter? It might not be nice, it might be unethical (maybe?), it might be an industry standard, but where does it state in the contracts that they must provide it within X business days?

[Michael I]

refusal of 0 balance letter of judgement filed after 4 missed payment!

Have a client who paid off their last lender two weeks ago. Lender has refused to provide 0 balance letter or remove the judgment. They told the merchant you can only get the 0 balance letter and judgment address if they provide a completed app from them with 3 months bank.

is this legal to do and is this common place now? this would be the second merchant being blackmailed or held hostage to get capital elsewhere.

be carefull they may have a no stack addendum and want to see the banks to see if he truly has a zero balance or they will charge him more

[Michael I]

Super messed up - i dont understands the reason for a funder to hold off on sending a ZBL, THEY DONT WANT TO WORK WITH YOU. Just ****ing send the damn thing. Sheesh.

but on the flip side they need to prioritize what they are doing and that is on the bottom of the list. I feel that sending it within 24-48 hours is fair .

[Triton]

be carefull they may have a no stack addendum and want to see the banks to see if he truly has a zero balance or they will charge him more

That would make sense if they were asking for a MTD. Not a full submission package.

[nationwidefunder]

Sounds like a broker, Chief

[Michael I]

That would make sense if they were asking for a MTD. Not a full submission package.

the story that happened is what happened. maybe they want to see since they funded if any were there and now done

[golf2014]

Unregulated industry, needs to be bye bye 4 good

[Michael I]

Unregulated industry, needs to be bye bye 4 good

Is it safe to assume that you failed in this industry and that is why everyone single one of your posts are hoping for the indutry to go down so you can feel good about yourself again?
why stay on a forum that is about a industry you despise?

[Franklin]

Is it safe to assume that you failed in this industry and that is why everyone single one of your posts are hoping for the indutry to go down so you can feel good about yourself again?
why stay on a forum that is about a industry you despise?

That’s certainly a good point.



Any intelligent salesperson, company, or institution, when hearing that one of their customers is threatened by a competitor, will take action to retain said customer. Using the tactics mentioned in the original post, isn’t good business, it’s an “I couldn’t care less about the merchant, I’m not here to serve him, I don’t mind hurting him to make a profit”. That’s not anti-competition, that’s extortion.








www.UccRadar.com – We know where Merchants seeking funding hang out. Come find out.

[golf2014]

Didnt fail, found something way better. Why do people go to a campaign event..political?? Sometimes, people see the better of an industry going bye bye, then making money. My pists indicate unregukated industry..maybe if regulated it would be different.

[cashplug]

Didnt fail, found something way better. Why do people go to a campaign event..political?? Sometimes, people see the better of an industry going bye bye, then making money. My pists indicate unregukated industry..maybe if regulated it would be different.

so they don't have a forum for the "better" gig you found?

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[Zonefund]

THAT IS HORSE****

What Lender?

Record the Call. Thats INSANE.

Almost as Insane as Quicksilver's Policy. Ready for this? A REAL POLICY!

1. Payoff Letter/ 0 Balance Letter Requested by Merchant
2. Send Merchant Info to Sales
3. Sales reaches out to merchant to renew or offer funding
4. MERCHANT HAS TO REFUSE OFFER
5. MERCHANT THEN HAS TO REQUEST 0 BALANCE/PAYOFF LETTER A 2ND TIME
6. LETTER IS SENT

Quicksilver has done that to me many times... it's an unregulated biz.. wild wild west... it is what it is.

[Zonefund]

sometimes it has to run through retention first.. Forward does it too , but what you're describing is most likely a merchant calling and asking a broker

This has happened to me many times with quicksilver, it isnt the broker.

[Zonefund]

Unregulated industry, needs to be bye bye 4 good

It's a great industry you just suck.

[freeprocessing]

IMHO, holding hostage is a no no. However simple retention is very normal. I think anyone would be lying if they say that when the merchant requests a ZBL, they don't try to sell them.

[helpinghand]

This kind of stuff just further damages the reputation of the industry. Too bad for that merchant. This industry needs a real, self-regulatory governing body that literally punishes bad actors for doing **** like this. It's to the point now that merchants familiar with this world presume they will be taken advantage of, etc. Where / when / how does that end?

[abfunders]

...

[abfunders]

A governing body might be a problem..... then there's an address to say this to our clients.

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[Michael I]

does a regulated bank have a time frame to give you something that you need for an old loan they did? I know a guy that it took close to 30 days after tons of bounce around to get a ucc removed from 3 years ago that the bank never removed