Screewed by Factoring Co

Discussion in 'Trucker Legal Advice' started by tiger1996, Oct 29, 2009.

  1. tiger1996

    tiger1996 Light Load Member

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    May 25, 2009
    athens,ga
    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
     
  2. Gears

    Gears Trucker Forum STAFF - Gone, But Not Forgotten.

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    Aug 20, 2009
    I've not dealt with factoring companies so this is a shot in the dark....Maybe tell them you're going to use a different factoring company and want to close your account with them.
     
  3. Pur48Ted

    Pur48Ted Road Train Member

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    Jun 14, 2006
    Grand Rapids, MI
    Anything you can do without spending a fortune?
    For $312?
    You might wish to contact the Atty General in the State you reside in.
    It is obvious they aren't abiding by their "own" rules. They MAY be in violation of WIRE FRAUD Laws
    From THEIR website:
    No Minimums, No Volume Requirements
     
  4. 112racing

    112racing Road Train Member

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    Nov 30, 2008
    pocono's, pa
    i used d&s there is no reserve and had zero problems with them

    as long as you got a broker approval first you got paid
     
  5. Brickhauler

    Brickhauler Medium Load Member

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    Oct 1, 2008
    Elizabeth CO
    Do you still have some invoices that they have not collected on yet? The Factor that I use requires my reserve to equal 10% of the uncollected invoices. Maybe they are still waiting for $3100 to be paid to them before they release your $312?
     
  6. Redrider

    Redrider Light Load Member

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    Mar 30, 2008
    boonville,nc
    i use d&s also,1 year and no problem,greatest
     
  7. tiger1996

    tiger1996 Light Load Member

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    May 25, 2009
    athens,ga
    I do not get on here much.Thanks for the advice.Called them and they stated I have to wait on them to collect because I do not use them enough.The cut my access to my account off so I can not even look at it.I am sure if you used them alot this would not be a problem.
     
  8. bigsmilenj

    bigsmilenj Bobtail Member

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    Nov 11, 2009
    red bank, nj
    Can anyone recommend a good company? What are the pitfalls and what rate should i expect to pay? Thanks.
     
  9. stepnfetchit

    stepnfetchit Medium Load Member

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    Jun 23, 2009
    Monett MO
    I was going to use a factoring company but not being familiar with them I went to my local (small town) bank. Told them what I was thinking and was told " we'll do it for you"! HUH! They have a program for small business owners to use for operating capital. I decided since they were local I would go that route. They had a number of options you could use. I didn't know banks did this but they will. I am not familiar with banking regs in all states but I would suggest to anyone needing operating capital to speak with the local bank. JMO
     
    Brickhauler Thanks this.
  10. Brickhauler

    Brickhauler Medium Load Member

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    Oct 1, 2008
    Elizabeth CO
    Going to a local bank is a great idea. I had checked with Wells Fargo a couple of years back and they have a program but you needed to run at least 25k through it every month. I never thought of a small local bank. I am not working today, I might just check it out. I use a factoring company now and would love to tell them to shove it. I would much reather deal with someone locally.
     
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