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06-27-2019, 02:35 PM #1
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- Dec 2015
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- Texas
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- 552
NEW Illegal TREND Implemented till sued??
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.
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06-27-2019, 02:48 PM #2
- Join Date
- Jun 2017
- Posts
- 2,049
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
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06-27-2019, 03:00 PM #3
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- Dec 2015
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- Texas
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- 552
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06-27-2019, 03:25 PM #4
- Join Date
- Mar 2016
- Posts
- 908
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.
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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06-27-2019, 04:06 PM #5
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- Jun 2015
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06-27-2019, 03:49 PM #6
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- Dec 2017
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- 397
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
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06-27-2019, 03:53 PM #7
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- Jun 2017
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06-27-2019, 03:54 PM #8
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- Feb 2017
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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?
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06-27-2019, 04:03 PM #9
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- Jun 2015
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06-27-2019, 04:43 PM #10
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- Apr 2015
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- 297
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06-27-2019, 05:18 PM #11
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- Jun 2015
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06-27-2019, 04:56 PM #12
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07-03-2019, 05:51 PM #13
This.
He might have been with a tier 1 funder but he most likely called his broker, who wants to shop him around knowing he's trying to get another offer. There's no reason why the original funder would request another application on someone who just paid them off to provide a zero balance letter.
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06-27-2019, 06:34 PM #14
- Join Date
- Apr 2014
- Posts
- 781
Unregulated industry, needs to be bye bye 4 good
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06-28-2019, 10:27 AM #15
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- Jun 2015
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06-28-2019, 11:20 AM #16
- Join Date
- Oct 2013
- Location
- Designer
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- 598
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.
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06-29-2019, 02:17 PM #17
- Join Date
- Apr 2014
- Posts
- 781
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.
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06-29-2019, 09:43 PM #18
so they don't have a forum for the "better" gig you found?
ld.png
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07-01-2019, 12:40 AM #19
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- Aug 2018
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- 897
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07-01-2019, 12:40 AM #20
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- Aug 2018
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- 897
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07-01-2019, 12:41 AM #21
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- Aug 2018
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07-02-2019, 09:36 AM #22
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- Jul 2017
- Posts
- 548
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.
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07-02-2019, 12:59 PM #23
- Join Date
- Apr 2015
- Posts
- 159
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?
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07-02-2019, 01:08 PM #24
- Join Date
- Feb 2017
- Posts
- 3,464
...
Last edited by abfunders; 07-02-2019 at 01:20 PM.
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07-02-2019, 01:09 PM #25
- Join Date
- Feb 2017
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- 3,464
A governing body might be a problem..... then there's an address to say this to our clients.
c2.jpgLast edited by abfunders; 07-02-2019 at 01:20 PM.
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