Screewed by Factoring Co

It is legal to be asked to factor all my invoices? I know that many companies don't ask this but I found the one that does ...

 

Yes, it is legal to be asked. It is actually quite common.

Paul O. Taylor
Attorney

NOTHING IN THIS POST SHOULD BE CONSTRUED AS CREATING AN ATTORNEY-CLIENT RELATIONSHIP.

 

Tell them to pay you or you are going to drive your rig through their office with them in it...Just a thought!

 

How can you check to see if a UCC is filed or currently listed against your company?

 

You need to go to your state's Secretary of States Office. That is usually where you can check filings. This information is often available on line.

Paul Taylor
Attorney
Truckers Justice Center

NOTHING IN THIS POST SHOULD BE CONSTRUED AS CREATING AN ATTORNEY-CLIENT RELATIONSHIP.

 

INDEED. Turns out Comdata has a lingering left over one. So I have started the daunting task of trying to get rid of that. Comdata is so dam big - almost too big for themselves. I suspect it will not be 1-2-3 here...

 

It sounds like you need to report them to the IFA ( International Factoring Association) www.factoring.org. They have a disclipinary action tab under information of companys who have broken their rules. May you can get them on that list??

We used a factor in the past call Carriernet Group Financial out of SD. They are up front about how they work. We never had an issue i used their online credit check system and if I needed more help they worked with me. It was simple flat rates easy to budget my cost, no minimums or start up cost. I always got my reserve and if there was an issue they got to the bottom of it right away. Good guys and their sales man is Irish he's a HOOT to talk with.

 

I have, and it has been the worst experience I have ever had; to the point that I need a lawyer to fight back.

 

I have been using Freight Capitol for a bout 6 months and I just told them off for the 3rd time and am quitting using them. They seem to be very disorganized and fail greatly in the communications department. About half of the times I turned in paperwork there was some kind of mess up on their part. Every time they seemed to make the mistakes, I was in a tight for money and they really screwed me. They apologize and act like they give a #### but they don't. Im done with them.

 

Yes. We are going thru it might now with Freight Capital ( they recently changed their name to E. Capital). They are illegally factoring loads for us which we didn't contract then for. We hired them to factor us for JD loads only. But now we recently found out that they are holding our money for a load that we took for CH Robinson. This has to be illegal! We didn't contract them for this load! How can they put their hands in our pockets like that? They are the most dishonest company I have ever seen! We are probably going to have to hire an attorney just to get paid for a load which they had no business in anyway. I strongly urge ALL truckers to stay away from this company and seriously urge the feds to investigate this company. They are doing illegal things and need to be exposed and shut down!!!