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?
Factoring company holding me hostage
Discussion in 'Report A BAD Trucking Company Here' started by crayo360, Nov 15, 2022.
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# 1 reason not to use any factoring company ever.
buddyd157, Constant Learner, TheLoadOut and 3 others Thank this. -
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.buddyd157, NightWind, Snailexpress and 1 other person Thank this. -
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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? -
So basically you factored your current and future invoices twice.
Jubal Early Times and Siinman Thank this. -
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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 Luckcrayo360 Thanks this. -
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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