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07-11-2019, 01:43 PM #1
- Join Date
- Sep 2014
- Posts
- 68
Clawbacks
When it comes to clawbacks what sort of documentation do you all generally ask the lender for before sending it to them?
I assume at least a payment history isn't too much to ask for right?
I have had 2 clawback in the history of having owned my own ISO shop, the one I am now referencing is my third - the other 2 gave me a payment history immediately.
And a copy of the filed COJ? What is the use in that? NONE?
Please give me feedback.
Francis Decelle
President
Terrapin Financial Services
main@terrapinfunding.com
www.terrapinfunding.com
917.797.9710
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07-11-2019, 02:09 PM #2
- Join Date
- Jun 2019
- Posts
- 78
Generally (depending which lenders you work with) have strong verbiage in their ISO agreements that detail what constitutes a default.
I would verify a funders process of collections first, (do they involve you, is reduce payment considered full default, do they involve you in collection issues initially etc) before you sign up with them. If an ISO of mine request payment history etc that shouldnt be a problem, we typically try to get ISO's involved when we see 2 or more consecutive payments bounced especially in the first 30 days.
Hope that helps
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07-12-2019, 08:17 AM #3
- Join Date
- Apr 2019
- Posts
- 72
It’s done once a judgment is filed.
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