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11-06-2023, 04:55 PM #1
- Join Date
- Dec 2021
- Posts
- 213
Lcf doesn"t want to give a payoff letter
I have been trying to get a payoff letter from LCF for weeks for my merchant to no avail. I call them multiple times a day and they just do the same thing every time. Take down my information and never call me back or email me. Why won't they just give a simple payoff letter that takes 5 minutes to type up. They wont even terminate his UCC. I've called every department. Lisnet Rodriguez has been dodging my calls. legal@thelcfgroup.com and info@thelcfgroup.com don't even respond to emails. This is such a crooked company. The merchant paid LCF off months ago and is still dealing with this garbage company. Do I really have to get a lawyer involved to get a UCC termination and Payoff Letter? If anyone has any idea on how to rectify this situation, let me know. Thank you!
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11-06-2023, 04:58 PM #2
- Join Date
- Jul 2015
- Posts
- 215
I don't have much of a solution for you, however I am pretty sure Lisnet no longer works there.
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11-06-2023, 04:59 PM #3
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- Dec 2021
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- 213
Lol that would explain why she hasn't returned my calls.
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11-06-2023, 05:06 PM #4
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- Dec 2021
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- 213
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11-06-2023, 05:14 PM #5
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- Jul 2017
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- 548
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11-07-2023, 11:00 AM #6
- Join Date
- Sep 2018
- Posts
- 60
It sounds like you were communicating with someone who no long works at the firm, that is why you weren't getting a response. Below you will find my contact information. If you should need anything going forward please don't hesitate to reach out. With that said, we will not issue a payoff letter to someone who didn't originate the deal, we are happy to issue a letter to the Merchant or broker who brought us the deal. Again, please feel free to reach out if you have any questions.
Jason Redding
Director of Sales
The LCF Group
631-824-1617
888-499-2939 ext. 127
jredding@thelcfgroup.comLast edited by The LCF Group; 11-08-2023 at 03:46 PM.
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11-07-2023, 11:33 AM #7
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- Dec 2021
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- 213
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11-07-2023, 12:03 PM #8
- Join Date
- Sep 2018
- Posts
- 60
We saw your post on this forum and took care of it, you had been reaching out to someone beforehand who no longer works here. Would you like to speak with me directly to ensure this doesn't happen again in the future opposed to communicating here? If you would like to speak I am more than happy to jump on a call.
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11-07-2023, 12:13 PM #9
- Join Date
- Mar 2021
- Posts
- 186
LCF does not have a good reputation in general. People have lots of negative things to say.
I personally, have had very decent experiences with them.. and slowly have been sending more/funding more with them...
Only thing that is crazy annoying ... they will stip hard on a 3K deal like its a 150K deal
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11-07-2023, 03:38 PM #10
- Join Date
- Oct 2014
- Posts
- 27
As an ISO who has funded a decent amount of deals with LCF and was ultimately cutoff(another story)I've never had any issue with LCF's integrity. In my experience, the LCF slander is probably misguided. If I could fund every single deal at my shop with LCF, I would
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11-07-2023, 07:05 PM #11
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- Aug 2018
- Posts
- 812
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11-07-2023, 07:06 PM #12
- Join Date
- Aug 2018
- Posts
- 812
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11-08-2023, 10:16 AM #13
- Join Date
- Oct 2014
- Posts
- 27
I'm not really here to change your opinion, sharing my personal experience. As an ISO, I have NEVER had an issue where LCF was unfair to our company. My only issue is they cut us off after a period where we had a low conversion rate. With that said, COJ's were a very big part of the business and I haven't personally reviewed every COJ LCF filed. They fund higher risk paper, I wouldn't be surprised if they simply batched all the slow paying and defaulting merchants into one. If you don't want to work with them because they filed COJ's on merchant's that weren't paying, how do you feel about the companies that have filed COJ's on merchants that ARE paying because they stacked or missed one payment and didn't respond that day?
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11-08-2023, 03:23 PM #14
- Join Date
- Aug 2020
- Posts
- 1
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11-08-2023, 03:31 PM #15
- Join Date
- Feb 2017
- Posts
- 3,429
Ozzy, you're late the party. It's become really normal in the past year or so on DF for people to call themselves "lenders" in the MCA world and it's getting really annoying calling them ALL out on it. Even established ones, all the new ISO reps are using it. Very few are stamping it out (although I saw a few years ago that Elevate uses filters on their emails at work to prevent anyone from using that term, and correcting merchants if it ever does come up.)
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11-08-2023, 03:48 PM #16
- Join Date
- Sep 2018
- Posts
- 60
Sorry, I worked at Ondeck for a number of years and was responding quickly and used the wrong term due to old habits. I have corrected it and just to be clear, LCF only provides revenue based financing, MCA's. We do not provide loans or have borrowers.
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11-08-2023, 03:59 PM #17
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