Factoring company holding me hostage

Discussion in 'Report A BAD Trucking Company Here' started by crayo360, Nov 15, 2022.

  1. crayo360

    crayo360 Bobtail Member

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    I got In trouble with an MCA lender who then sent a UCC lein to my factoring company Ecapital. I scratched up all the money I had and settled the debt. I forwarded the lein release letter to my factoring company but they will not honor the lein release and are still holding $8000 of my pay. What can I do?
     
    runningman0661 Thanks this.
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  3. Snailexpress

    Snailexpress Road Train Member

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  4. Knightcrawler

    Knightcrawler Medium Load Member

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    Well, the only recourse I see is one of these 2 things:
    1) Get a lawyer that deals with this sort of thing.
    2) Be patient until they DO release it (if ever).

    Might cost you the same either way. This is called a "life lesson"...

    And why I will always say NEVER buy a truck until you have been in the business 10 years at least.
     
  5. crayo360

    crayo360 Bobtail Member

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  6. crayo360

    crayo360 Bobtail Member

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    Yeah I agree. A lot of Vets told me when I started out but I was hard headed. I been in the biz 3 years and every time I think I seen everything bam something like this happens. I’m gonna use a lawyer as a last resort because they are expensive as well. For now I’ll try and wait it out thanks for the advice
     
  7. ZVar

    ZVar Road Train Member

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    Well, I mean, they didn't force you to sign the contract.
    And if there is ao much legalese why did you not get a lawyer to explain it to you before signing?
     
  8. wichris

    wichris Road Train Member

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    So basically you factored your current and future invoices twice.
     
    Siinman Thanks this.
  9. crayo360

    crayo360 Bobtail Member

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    Your right I wasn’t forced to sign the contract I feel like they misrepresented their service. I went back and reread the contract I signed 3 years ago it’s a simplified one page called an express agreement and The full termination clause was not included. I think their out is it says the terms and conditions can be changed at anytime by the purchaser (factoring company)
     
  10. xsetra

    xsetra Road Train Member

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    Did you check with the UCC if they removed the lien. That may be the reason your factor company won't release your pay.
    Is the 8g being held after your customer paid the factor company? That I would think is not legal. Not sure what your contract requires.
    Good Luck
     
    crayo360 Thanks this.
  11. Oakland Raiders Forever

    Oakland Raiders Forever Medium Load Member

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    Out of all of the horror stories that are around this industry I think the absolute worst are with factoring companies , seems almost like the mob gave up on crime and found factoring to be better $$$.

    I never used factoring but I did have a few conversations with one and boy oh boy did the warning signs start going off.
     
    nikmirbre Thanks this.
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