[Natan]

Seeing more and more clients with CT in their banks, looking to hear how ISOs and Funders have dealt with them, decent/bad experiences??

[ridextreme]

This is usually a deal killer since they will probably stop the customer form paying back the advance and then negotiate a lower payback on their behalf. This is almost similar to being in a bankruptcy.

Before they were called Corporate Turnaround they were called Commercial Credit Counseling Service (Just like consumer credit counseling but for businesses).

CT has been marketing to merchants who have outstanding balances or open UCC's to try and sign them up for their services to cut the payback amount to free up their cash flow.

[Jaella]

We avoid any and everything that has to do with Corporate Turnaround. If you see CT in the merchant's bank before funding it is very bad news. Natan is right it is like BK but just with a private debt consolidator and not the Court system. CT has offered us payment plans on some of our defaulted accounts as well. The offers are laughable and the reps there are unprofessional and harass us. We have refused to work with them anymore.

[Andy]

We consider it an auto decline if we see corporate turnaround on bank statements, they tell the merchant to put a stop payment and then try to negotiate a laughable settlement, as mentioned above. very bad idea for merchants to use them ,as it ends up costing the merchant much more after we then have to sue them then if they just paid us as agreed

[ridextreme]

CT's commission is 45% of the money they saved the customer. That is why their "settlements" are laughable.

[Natan]

What about when the economy slows and merchants need a way out, will these "debt consolidators" offering laughable "settlements" pop up more frequently like the fly by night funders are now??

If so, definitely could put those 5th position stacking companies in a super bind..when they have to settle for pennies on the $$

I have a feeling this is more the start of a trend than the end..Thoughts?

[MCAVeteran]

CT advises customers to breach agreements and debt obligations? On the loans, the customers are signing PGs, so not sure that works well. Do they target mca balances only?

[Chambo]

not only Ed, but they do have a campaign aimed at MCA

[GoodCustomerService]

They have ISO's sending them deals. MCA ISO's. Brokers working in our space sending CT deals to help the merchant default on funding companies.

[fisheMS]

0-0

[Zach]

They have ISO's sending them deals. MCA ISO's. Brokers working in our space sending CT deals to help the merchant default on funding companies.

I can't even begin to fathom how someone can get through life with such an unethical, warped reality. To fund a merchant and then help them default... Wow.

Loyalty is such a rare commodity in this space.