[Michael I]

And I'm noticing nowadays that funders are quick to provide payoff letters. Not too long ago, getting a payoff letter was like trying to break into Fort Knox. Nowadays, everyone is just looking to get PAID!

yeah but they are still being greedy with the early pay off discount is only if merchant pays off himself

[NoBigDeal]

yeah but they are still being greedy with the early pay off discount is only if merchant pays off himself

Can you blame them?

[Michael I]

Can you blame them?

no but they need to get smarter. The merchant was getting a consolidation to pay off 5 loans . Lenders should be taking the money and running. Instead lender wanted full pay back since it was not coming from merchant. When the situation was explained to them they hit him up with a stacking fee .
end of story he said f.. it and now has a judgement on him.

[NoBigDeal]

no but they need to get smarter. The merchant was getting a consolidation to pay off 5 loans . Lenders should be taking the money and running. Instead lender wanted full pay back since it was not coming from merchant. When the situation was explained to them they hit him up with a stacking fee .
end of story he said f.. it and now has a judgement on him.

That situation really sucks for the merchant. I'm definitely with you on that. IMO, the funder shouldn't charge the additional stacking fee, especially if they're getting paid off (but it's not my contract that the merchant signed), however, I don't believe the funder should have to honor a pre-pay discount to a merchant who's looking to get "bailed out" by another funder