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  1. #11
    Bobtail Member
    Member Since
    Mar 2011
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    Stillwater, MN
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    Former TCI Business Capital Sales Rep

    Quote Originally Posted by tiger1996 View Post
    Has anyone ever had any dealings with Freight Capitol factoring company?I factored a few loads through them because I was not sure of the broker.Everything was fine till I called wanting my reserve money and they say I can not have it because they do not recieve regular invoices from me.Is there anything legally I can do without spending a fortune?They only owe me $312.Thanks
    Freight Capital is very unethical and will put the screws to you...TRUST ME! Also, stay far away from TCI Business Capital. If you even sign their beginning application, they can and often times do file a UCC against your company without your true knowledge. Then, because you'll still need to factor, when you decide to go elsewhere, the new factoring company won't be able to factor your receivables until the UCC is paid off. They often times make you pay hundreds of $$$'s that they say goes towards their Due Diligence, before they release the UCC. I recommend Bibby, Riviera, Crestmark, or Spectrum. Good luck, and keep truckin'...


  2. #12
    Light Load Member
    Member Since
    May 2011
    Location
    Montreal, Quebec
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    Factoring company

    Quote Originally Posted by bigsmilenj View Post
    Can anyone recommend a good company? What are the pitfalls and what rate should i expect to pay? Thanks.
    Did you ever do anything? I run a factoring company, but am not in your area. I may still be able to answer questions to help you confirm your decision. Check my public profile and give me a call if you wish to chat...I promise not to try to sell you any services.

  3. #13
    Bobtail Member
    Member Since
    Jun 2011
    Location
    brooklyn, ny
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    Hey Dennis are you still working with TCI?I need an advise.

  4. #14
    Bobtail Member
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    Jun 2011
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    brooklyn, ny
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    Hi Dennis I really need your help please respond to me. I'm factoring with TCI and they basically are screwing my life right now because I wanted to use a different factoring company .

  5. #15
    Light Load Member
    Member Since
    May 2011
    Location
    Montreal, Quebec
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    Need help?

    lan4uk,
    If you need to ask questions on factoring, I'll be happy to answer whatever I can about how it works. I cannot speak to policies of specific factors, but I can tell you how the industry generally works.

    You can PM me, call (514.402.3266) or just post your question in this forum if it is a matter of general interest.

  6. #16
    Bobtail Member
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    Jun 2011
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    brooklyn, ny
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    Thank you for your reply I do understand how factoring companies work generally but this specific factoring company which is TCI is charging ridiculous amount of money as the cancellation fee they want over 10K

  7. #17
    Light Load Member
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    May 2011
    Location
    Montreal, Quebec
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    TCI

    Did they provide you with non-recourse factoring? If so, it sounds like it could be the amount required to cover an annual credit insurance policy, which TCI may have already paid on your behalf (they then recover a small amount from you on each invoice you sell them). They're probably looking to recover the lost fee. Check your contract to see if you are indeed on the hook for it, but I suspect that they anticipate these circumstances and structure their contracts to protect themselves in such cases. This is just a guess, but if you suspect it could be true, you can follow it up. Good luck.

  8. #18
    Bobtail Member
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    Jun 2011
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    brooklyn, ny
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    The Insurance was never mentioned in the contract it states that we are supposed to meet certain volume each month and since we were unable to meet that volume we have to pay the volume deficiency plus cancellation. They calculate the volume deficiency since the day we signed the contract which was 3 yrs ago.

  9. #19
    Light Load Member
    Member Since
    May 2011
    Location
    Montreal, Quebec
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    Fine print

    I guess all kinds of things can be hidden in fine print. Even many who claim to have no minimum volume commitments and extra fees have been accused on this and other boards of presenting these surprise charges. I suggest you ask around for references before signing with another factor.

  10. The Following User Says Thank You to KeyFactor For This Useful Post:


  11. #20
    Light Load Member
    Member Since
    Sep 2011
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    Burnsville, MN
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    Whether you have legal recourse depends upon what the factoring agreement says about what the conditions precedent are for obtaining return of the reserves.

    Paul Taylor
    Attorney at Law

    Last edited by bullhaulerswife; 09.02.2011 at 03.00 PM. Reason:: removed advertising

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