Refusing to Refund Overpayment
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  1. #1

    Refusing to Refund Overpayment

    We signed up with a "funder" who was reaching out to us for over a year. We funded two deals with them and they've both been nightmare scenarios where they have done nothing they said they would do.

    Realistically, we are probably going to have to stop doing business with them but they're trying to steal an extra 3 payments from a merchant.

    I sent them the bank statements, with each payment made and bounced marked and the bank statements indicate they overpaid by 4 payments. They refunded 1 payment and still owe 3 payments.

    Do you have any ideas on how to get this funder to refund the payments?

  2. #2
    Senior Member Reputation points: 13183
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    Lawyers can be fairly persuasive

  3. #3
    Senior Member Reputation points: 72961 Olderguy's Avatar
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    Quote Originally Posted by goldenhippo80 View Post
    Lawyers can be fairly persuasive
    Prepaid legal services at $29.95 a month. Have them send a demand letter.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  4. #4
    I don't mind signing up for prepaid legal as I had them in the past. They didn't really assist with any issue I had in the past, are people having positive experience in situations like this?

    Also, would they do work for a client of mine as the refund is due to the merchant and not to me directly?

  5. #5
    Senior Member Reputation points: 72961 Olderguy's Avatar
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    Quote Originally Posted by letsgetmoney View Post
    I don't mind signing up for prepaid legal as I had them in the past. They didn't really assist with any issue I had in the past, are people having positive experience in situations like this?

    Also, would they do work for a client of mine as the refund is due to the merchant and not to me directly?
    I had a broker bad mouth me to a prospective client and I had legal send them a cease and desist letter...that shut them up. Client only wanted to do business with me and broker was trying to sell the high commission MCA. I still paid the broker...Broker wanted client to take WBL and I had hard money LOI.
    Last edited by Olderguy; 11-07-2023 at 06:12 PM.
    Steve Benjamin
    Professional Business Loans

    522 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  6. #6
    Senior Member Reputation points: 22201
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    Quote Originally Posted by letsgetmoney View Post
    We signed up with a "funder" who was reaching out to us for over a year. We funded two deals with them and they've both been nightmare scenarios where they have done nothing they said they would do.

    Realistically, we are probably going to have to stop doing business with them but they're trying to steal an extra 3 payments from a merchant.

    I sent them the bank statements, with each payment made and bounced marked and the bank statements indicate they overpaid by 4 payments. They refunded 1 payment and still owe 3 payments.

    Do you have any ideas on how to get this funder to refund the payments?
    Refusing to Refund Overpayment - WOULD BE LIKE A LIQUOR STORE OUT THE GATE NEVER APPLYING FOR LICENSING....
    Marcus Clapman
    Capybara Capital
    marcus@capybarausa.com
    www.capybarausa.com
    646-708-5986 (Text Friendly!)

  7. #7
    Senior Member Reputation points: 16767 fundinggrasshopper's Avatar
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    Quote Originally Posted by MCA-VET View Post
    Refusing to Refund Overpayment - WOULD BE LIKE A LIQUOR STORE OUT THE GATE NEVER APPLYING FOR LICENSING....
    i know a funder that specializes in overpayment

    it rhymes with bozo advance

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