TAFS TRANSAM Financial Services

Factoring company problems ?
No ... we never ever see that

 

How did you get out of the contract? Did you send them certified mail?

 

Tafs is not only a scam, they are the most unethical corporation in the Factoring business.
I to am looking for a means to file a class action lawsuit. I have attempted 2 yrs in a row to cancel the contract and fall within their guidelines and they still will not release me.

We have not factored one bill with them in over a year. Just like all the other solicitations when you first open your authority they all come off sounding good. Warning once you are entrapped in their system it is nearly impossible to get out.

Once you indicate you want to cancel they stop answering your calls, they stop corresponding, and you have to seek out legal services.

Carriers, Brokers, and to extent shippers are all regulated in this industry. Freight Factoring is not. Somehow they slide under the radar as self regulated. This has to change!

OOIDA is supposed to lobby and be an entity that looks out for the interests of small carriers and owner operators. When you look at the complaints listed on the BBB site of Kansas for Tafs you see the same story told over and over. The State of Kansas needs to investigate this institution as does the Federal Government.

 

I too am looking into joining in on a class action lawsuit against this organization.

I do believe that as an industry we need to seek out equal regulation of all entities associated with the industry, despite the fact that I am not a huge proponent of over regulation. There does need to be a degree of regulatory protection and guidelines set for this part of the industry.

Yes I have read post after post on this site, and the various opinions in regards to factoring, quick pay, or waiting the 30 days. If you have been around this industry for any length of time you understand all the nuances that go into being able to operate under all these circumstances.

For most New Entrants there are limited choices and the Capital reserves have not been fully built up yet to go to a standard payment option, so they seek out or are over solicited to the point of taking the good faith option that a factoring company will assist in processing your bills.

Tafs unfortunately is unlike companies such as APEX and other more reputable companies and specifically prays upon those New Entrants promising the moon and stars with a smooth talking Midwest accent.

 

There is an old saying that cites either you can continue to be part of the problem, or you can work to rectify the problem.

Obfuscation, Trolling, and so forth does nothing but attempt to self gratify. There are so many hurdles in today’s environment for small businesses, small to mid size carriers, and the industry as a whole from high fuel prices to low rates (not only on the spot market) that it has become long past due that all the independents and smaller carriers have to set aside differences and self to work for the larger picture.

What many may not understand about Tafs is that they bury deep in the contract a paragraph that can be misleading, but implies that they believe they are entitled to any and all revenue you generate under your authority and it is they and only they that determine the amount they are entitled to. This would include any direct customers who pay direct, this would include sub contracting under a 1099.

In essence they practice through this clause indentured servitude or better stated slavery. We all are aware of the problem to break away from them. They attempt to make it so hard to do so that you give up, by doing so the entrapment and clause mentioned defines the indentured servitude or slavery. In many aspects it is outright extortion.