Factoring company holding me hostage

Ummc · Jan 8, 2024

Tina Flowers

FFfreight1 · Nov 10, 2024

All 48 said: ↑

Request for Investigation into Unfair Business Practices and Discrimination by TBS Factoring Company

I am writing to bring to your attention to the grave violations of my human Civil rights committed by TBS Factoring Service. Their actions amount to discrimination, fraudulent activity, and a breach of fair business practices, which have had a detrimental impact on my small business and personal well-being. I believe it is crucial to launch a thorough investigation into these matters.

TBS Factoring Service has engaged in unfair business practices that violate anti-trust laws. They have employed fraudulent tactics, such as reoccurring billing and chargeback fees, to prevent competitors from acquiring my business. The excessive chargeback fees have severely impacted my revenue stream, putting my company in great danger. Moreover, TBS's refusal to provide accurate data on the exact amount owed for these fees, along with the multiple instances of double and triple charging, has caused significant mental anguish and suffering.

Additionally, TBS Factoring Service holds the financial rights to invoices issued by the original lender, effectively controlling my business account. However, they have failed to uphold their contractual obligations, resulting in them wrongfully extracting over $50,000 from my company fraudulently. As a Result of TBS Factoring service holding my NOA, I cannot switch over into another factoring service , until all chargebacks fees are paid in full. TBS continuously recharges me previously payed chargebacks to prevent me from leaving TBS and progressing to E Capital.
Furthermore, TBS orchestrated a series of unauthorized actions, such as opening old age RateCons and invoices, repeatedly paying me for the same accounts, and subtracting factoring fees from invoices without my consent or notification. This not only demonstrates their disregard for the contract but also raises concerns about discriminatory practices based on my social and economic background as an individual from a disadvantaged community.

Despite my repeated pleas for assistance, TBS Factoring Service has continuously ignored my requests for crucial information regarding chargeback fees and other relevant data. Their lack of transparency and failure to address the missing and incomplete information in a timely manner has further exacerbated the situation. For instance, TBS charged me back $8,500 for a law I took for Scott Logistics PA, only to later claim that they had paid me out three times for the same amount. However, they have failed to provide any evidence to support their claims, even after reaching out to relevant parties involved.

The actions of TBS Factoring Service have caused significant harm to my business and personal life. By admitting to depositing over $100,000 into my account illegally and without my knowledge since 2019, they have violated fair business practices and breached our contractual agreement. This has resulted in the denial of fuel advances and other benefits outlined in the contract, further impeding the growth and stability of my small business.

In light of the aforementioned egregious conduct by TBS Factoring Service, I urge you to initiate a thorough investigation into their unfair business practices, fraudulent activities, discrimination, and mishandling of documentation. I kindly request your immediate attention to this matter, as it is crucial to protect the rights of small business owners and ensure that companies are held accountable for their actions.

Thank you for your prompt consideration and assistance in this urgent matter.

Tina Flowers
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I am also curious about how this turned out because we also have had our fair share of issues with factoring companies. I think the worst among them being Ecapital, TAFS, & TAB Bank. We had a huge credit balance with TAFS when we concluded doing business with them and we were told they would be wiring the funds to our bank account. We never received the funds and called to find out why. When we asked what bank account number they had listed to send the funds to, we discovered they had the wrong account number and that they needed to correct and reissue the funds. It was then we were told the account they sent to was TAB Bank who they said we owed money to. This blew my mind. I could not believe they colluded with another company and took it upon themselves to change the bank account number on our account to where funds should be issued and decided that they would make the decision to reroute funds from our account to another bank because they spoke with them about our account. Is this even legal?

omaharj · Nov 12, 2024

As I've never been an O/O I haven't been familiar with factoring companies. Having looked into it, it appears to be the trucking version of payday lenders. Am I right?

REO6205 · Nov 12, 2024

omaharj said: ↑

As I've never been an O/O I haven't been familiar with factoring companies. Having looked into it, it appears to be the trucking version of payday lenders. Am I right?
Click to expand...

Yup. Factoring companies prey on the greenhorns and the gullible drivers.

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