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  1. #1
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Beware consolidation scams out there!!!!!

    The story I'm listening to right now??????? omg.....

  2. #2
    Senior Member Reputation points: 91418
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    Quote Originally Posted by Fundyman View Post
    The story I'm listening to right now??????? omg.....
    It's wild. "Hey we'll give you $8,000 on Monday and take back $1,000 every day."

    Not sure who's scamming people into these.

  3. #3
    Senior Member Reputation points: 10484
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    Merchants are grown adults who read the contracts.

  4. #4
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Quote Originally Posted by SFC View Post
    It's wild. "Hey we'll give you $8,000 on Monday and take back $1,000 every day."

    Not sure who's scamming people into these.
    Nah.... Not these guys. Those are legit reverse consolidations. What happened was this merchant was telling me how a debt RELIEF company pretended to have negotiated monthly payments for him. Took upfront chunk, took monthly payments, TOOK FINAL PAYMENT!!! Then, when the merchant went to the funder asking for zero balance letter, found out they were in default the whole time for non-payment....

    -___________________________-

    Wild AF!!!!

  5. #5
    Senior Member Reputation points: 503040
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    Quote Originally Posted by Fundyman View Post
    Nah.... Not these guys. Those are legit reverse consolidations. What happened was this merchant was telling me how a debt RELIEF company pretended to have negotiated monthly payments for him. Took upfront chunk, took monthly payments, TOOK FINAL PAYMENT!!! Then, when the merchant went to the funder asking for zero balance letter, found out they were in default the whole time for non-payment....

    -___________________________-

    Wild AF!!!!
    This isn稚 uncommon with the debt relief guys. Happens quite regularly.

  6. #6
    Senior Member Reputation points: 301165
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    Quote Originally Posted by Fundyman View Post
    Nah.... Not these guys. Those are legit reverse consolidations. What happened was this merchant was telling me how a debt RELIEF company pretended to have negotiated monthly payments for him. Took upfront chunk, took monthly payments, TOOK FINAL PAYMENT!!! Then, when the merchant went to the funder asking for zero balance letter, found out they were in default the whole time for non-payment....

    -___________________________-

    Wild AF!!!!
    was it a funder or a debt relief guy . care to share name?

  7. #7
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Quote Originally Posted by Michael I View Post
    was it a funder or a debt relief guy . care to share name?
    Debt refief. Merchant didn't give me a name, but soon as he said they were from Cali, it was common sense!

  8. #8
    Senior Member Reputation points: 20458 Fundyman's Avatar
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    Quote Originally Posted by WestCoastFunding View Post
    This isn’t uncommon with the debt relief guys. Happens quite regularly.
    I never heard of such a scam; EVER. I heard of the common guys who get merchants to take a bunch of cash advances, tell them once they're 30 days in, they'll qualify for a $2 million line of credit, and then after the MCAs fund, they go on vacation! I never heard of debt relief scams.

  9. #9
    Senior Member Reputation points: 91418
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    Quote Originally Posted by A+Paper View Post
    Merchants are grown adults who read the contracts.
    Umm... seriously? You don't actually think that?

  10. #10
    Senior Member Reputation points: 91418
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    Quote Originally Posted by Michael I View Post
    was it a funder or a debt relief guy . care to share name?
    Honestly, there should be a list of all these funders, or at least what they pull under. Like DataMerch but for these thieving @$$holes.

  11. #11
    Quote Originally Posted by SFC View Post
    Umm... seriously? You don't actually think that?
    Something tells me the merchant didn't read all of the 20+ page contract in the five minutes between receiving and signing it.

  12. #12
    Senior Member Reputation points: 51397 DTFdowntofund's Avatar
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    Consolidation scams have been commonplace since 2016. It's really dirty business, bad for everyone.

  13. #13
    Senior Member Reputation points: 27980
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    Quote Originally Posted by Fundyman View Post
    Nah.... Not these guys. Those are legit reverse consolidations. What happened was this merchant was telling me how a debt RELIEF company pretended to have negotiated monthly payments for him. Took upfront chunk, took monthly payments, TOOK FINAL PAYMENT!!! Then, when the merchant went to the funder asking for zero balance letter, found out they were in default the whole time for non-payment....
    Sounds like this guy... https://debanked.com/2019/03/debt-se...minal-charges/

  14. #14
    Senior Member Reputation points: 54975
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    My Gutt tells me that these scammers don't have much-longevity these hurting business owners.

    https://debanked.com/2019/06/long-is...ested-in-bust/
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    覧覧覧覧覧覧覧覧覧覧覧覧覧
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  15. #15
    Senior Member Reputation points: 503040
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    Quote Originally Posted by Fundyman View Post
    I never heard of such a scam; EVER. I heard of the common guys who get merchants to take a bunch of cash advances, tell them once they're 30 days in, they'll qualify for a $2 million line of credit, and then after the MCAs fund, they go on vacation! I never heard of debt relief scams.
    Yeah, been going on a while. Get merchant to stop payments, switch accounts. Then charges a ton of fees and disappears.

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