[Collection Specialist]

This company is engaging in clear and overt Tortious interference by contacting merchants and advising them to go with them. I simply wanted to make those lenders who may not be aware already that the company unfortunately has many "spies" within different offices ready to sell current lists of accounts that are funded.

How this company has not been sued for such a clear act of interference is beyond me. I had heard a while back that there was a pending suit, but I heard nothing as a follow up.

Does anyone here know how they continue to get away with this? It's clearly illegal to purposely interfere with existing contracts.

[J.Celifarco]

Can you explain exactly what they are doing because from your post I dont clearly understand

[Collection Specialist]

They call lenders to find out who is currently out with a cash advance. They don't call the owner of course, they try to find a way to hide it. They then call the merchant and say to the effect: "Hi. Register with us and well make sure you pay less than you are now and potentially not the full balance". They then call the lender and say: "Sorry, I won't allow my ACH debits to clear and we'll have to pay 60% of what we owe over 20 months" or some ridiculous term

I know as a fact a lender who had the unfortunate circumstance of one of their employees selling the list of current and paying advances.

[FCF Fund]

They call lenders to find out who is currently out with a cash advance. They don't call the owner of course, they try to find a way to hide it. They then call the merchant and say to the effect: "Hi. Register with us and well make sure you pay less than you are now and potentially not the full balance". They then call the lender and say: "Sorry, I won't allow my ACH debits to clear and we'll have to pay 60% of what we owe over 20 months" or some ridiculous term

I know a fact a lender who had the unfortunate circumstance of one of their employees selling the list of current and paying advances.

I support this statement of operations with Corporate Turnaround. The only addition I would add is they are not necessarily only buying lists from insiders but in fact are cold calling UCC. I had the unfortunate but educational opportunity of coming across their tactics while I worked for a direct funder as UW / Operations Manager. They represent themselves as specialist in debt restructuring and are intentionally telling their clients to stop payments and have all lender correspondence to be directed to them and they will handle it, which of course they dont do squat!

Best part of their interference measures is they charge the merchant a nominal amount on a static debit, i.e. weekly debits.

Lesson to be learned, if you see Corporate Turnaround in a merchants bank statements auto-decline the deal, not worth losing your reputation and potentially forfeited hard earned commissions.

[ridextreme]

A friend of mine used to work for this company a while back in paramus, nj when they were called Commercial Credit Counseling Services. They cold call businesses using poor D&B ratings and businesses who are about to go out of business due to debt. They take over all their vendor accounts and contact them and say "So Mr. X is about to go out of business. He is willing to work out a settlement with you and pay a small amount each month until it's paid off". They try to settle for like 30% of their debts and the fee the merchant or business owners pay them is 35% of the money they saved.

With MCA's, they are contacting merchants who have stacked 2, 3 or more advances and sell the merchants on reducing the debt, and they then contact the funders for settlement the same way they did for the guy who was about to close shop due to debt. They try to sell the customers on freeing up their cashflow.

[Collector]

I've dealt with Corporate Turnaround many times over the years and they are a huge pain to negotiate with. After the merchant places a stop payment on your debits...Corporate Turnaround offers 1 monthly payment to settle the balance at a discounted amount spread out through a year for example. In most cases it's better to take their monthly payment rather than spend time and resources trying to sue a merchant for breach of contract.

[CASHCASH]

This has been an issue for a while, it continues to amaze me that they still exist since must surely be illegal on some level. It has actually been brought up on this forum before: http://dailyfunder.com/showthread.ph...nt-Cash-Relief
The post is about Merchant Cash Relief, but they are owned by Corporate Turnaround (and the websites link to eachother)

[155refi10psf]

cashadvanceanonymous.com also does this