Be well. Mary R. Bayshore, NY 4-30-2018, I would highly recommend Dramer Law for your debt settlement needs. I can not thank you enough for giving me freedom from debt. I/we started out with $87,555.84 total debt and ended up paying back $26,020.71. You can rely on Lendmark for customized loans that are hassle-free and budget-friendly. Most MCAs have turned to other states like Pennsylvania, Illinois, & Utah to file their COJs, and these states have seen an increase in COJ filings ever since the NY laws have changed. An extended payment plan for your payday loan may be available, subject to state restrictions. As a provider, you deserve to get paid for the cash you advance. Michael called every month to see how we were doing and was alwaysavailable to answer questions or offer support. In the case of some Merchant Cash Advances, the profit made by the MCA purchaser can range from 100% to 200% or even higher, which would undoubtedly be usurious by most states standards if it were deemed to be a loan. There is no obligation to enroll, so dont delay. For example, if A+ Construction Co gets an advance of $10,000 and pays back 20% of their sales with a 1.35-factor rate, they will pay back about $13,500 by the end of the eight weeks. Whether or not the bankruptcy is filed personally or for your business will determine the result of how the discharge will affect your liability. Many of them ask what we want to do?.. Are your accounts frozen or have liens been placed on your assets? The companies generally provide a predetermined amount of money to a business in exchange for future receipts. We work quickly on your behalf as the longer you delay with a deed in lieu of foreclosure, the more fees your lender will charge. Beat Everest Business Funding in Court | SoloSuit Blog Not only did you get me out of debt but you gave me a freedom that cant be described. Small businesses sued by Itria included a builder's company in Minnesota, a grocery in South Carolina, a Holiday Inn Express in Wyoming and a barbecue joint in Alabama, court filings show. There arent that many reviews on the internet about them and like most people were not sure if we can trust them. as well as any of your customers that pay you! What Happens if I Default on a Merchant Cash Advance? We do not want you to be harassed well take over the calls for you. The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance exceeded 1,900%. The personal guaranty being a required condition of the MCA contract was one fact of this case which showed the need to repay the advance was undeniable. A Merchant Cash Advance is not a set term as the purchaser is paid back as funds come into your merchant account. Other insurers have stopped reimbursing Runion after the advance company notified them that it had sued him. Their profit or loss derives from future receivables whereas a loan company profits on the interest rate. I was beside myself when I spend a hit letter from an attorney who.informed me that I was in debt for a very large amount of money that was owed 15 years ago I thought the matter had been resolved through my divorce, but to.my dismay it wasnt and had accrued an astronomical amount of late payments and finance charges, they froze our bank accounts , but through the expertise of Mr.Sininsky he resolved a 15 year matter in 2 weeks unfroze our accounts and saved us more than we could of imagined I recommend the Dramer Law firm highly and lifted a great deal of stress for us. Our Relief Specialists are NOT Paid a Commission so there will be no sales pressure at our law firm. "He more or less presented me the net cash I would receive and the payments. A merchant cash advance (mca) is not a business loan, rather it is a buyout of future receivables. I never felt at anytime like I was getting less than 110% from them. A regular debt settlement company can offer one thing that our Debt Relief Attorneys dont OUTRAGEOUS FEES typically charged upfront regardless if they perform or not. Merchant cash advances are a short-term form of business financing. To read about this case click here. The FTC had previously settled with defendants RAM Capital Funding, LLC and Tzvi Reich. The dual dynamos that power our economy are Americas 32 million small businesses and the more than 60 million people they employ. The comments posted on this blog become part of the public domain. Let our Merchant Cash Advance Debt Relief Attorneys to defend you or for our Certified Debt Arbitrators to negotiate on your behalf to save you as much time and money as possible the right way! Need an experienced Merchant Cash Advance attorney? Our mortgage negotiation services are offered a fee structure as such that you pay part of the fee when retaining our firm and part of the fee only if were successful. NBC News reviewed some of the communications, including videos of a visit by a collection agent to a borrower's home and another to a borrower's office by an expletive-spewing man trying to collect on a loan. The only source of capital he could find was from merchant cash advance companies. Aggressive Business Lawyers at Affordable Rates No matter where you are in the country you can contact our firm in Long Beach, NY to set up a free business debt relief consultation. 4-6-15, Recently we finished the debt relief program through Dramer Law. Aside from treating you with the upmost care possible, this means you wont have to deal with multiple people and re-explain your situation to a different person each time you call. He said the actions were dropped because they worked out payment plans. When they reached $70,000 a month, he had trouble paying his vendors. Lendmark Financial Services: Convenient Personal Loan Solutions We work to advance government policies that protect consumers and promote competition. We wont post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups. Thats the gist of the agencys 2020 lawsuit against merchant cash advance outfit RCG Advances, LLC and owner Robert Giardina. They are filed without a business' knowledge; merchants often learn about them when they try to pay their employees and find their accounts blocked, the lawyers say. Heres why: Whether or not a broker was involved, we have helped countless business owners that were sued traditionally or have signed COJs. Owners must also give the lenders unfettered access to their bank accounts for the automatic withdrawals. Find legal resources and guidance to understand your business responsibilities and comply with the law. You will be assigned a specific member of our team that will be in constant contact with you throughout the process. An official website of the United States government. To file a detailed report about a scam, go to. Most Sincerely, Ken and Nicki K Highland, NY. A merchant cash advance is a type of financing that allows small business owners to access funds quickly. We wont post off-topic comments, repeated identical comments, or comments that include sales pitches or promotions. Freeze your business's bank accounts. Do you need help with a Merchant Cash Advance lawsuit or legal issues? Merchants like Indelicato have been hammered by the coronavirus outbreak. The .gov means its official. If I had any questions or concerns they would answer any questions very quickly and patiently. Readily responds to questions and concerns in detail. 7-7-2017, The Law Offices of Kenneth H. Dramer P.C Attorneys at Law were efficient in handling by bankruptcy case. A few years ago I could not imagine a way out of this hole that I dug myself. But, in the lawsuit, Attorney General James alleges that the Richmond companies' merchant cash advances are in fact illegal, high-interest loans with astronomical and illegal rates. Nothing will be hidden from you as we are a full disclosure law firm. He didn't talk too much about how it was secured or the workings of it.". "Normally we're usually really busy. Small businesses are struggling right now and need responsible sources of financing, said Andrew Smith, Director of the FTCs Bureau of Consumer Protection. "The FTC has to seriously look at rules that ban some of the most extortionate clauses in these loan contracts," he said, adding that the FTC is prepared to "go after some of the loan sharks and their lawyers who run lawsuit mills that are filing some of these sham collection actions.". This saves time for you and eliminates any extra stress for you as time is money and being stress free is just as important as being debt free! My husband and I owed a lot of debt due to closing of our business, but we still tried to payoff debtors little by little. Our debt relief representatives will be sure you understand the cost benefits and will be sure to disclose our fees fully. The combination of our experience, well-trained representatives, long hours, and state of the art software, allow us to accomplish more in any given day than most other firms only dream about. A leading provider of merchant cash advances used deception to lure small business customers, then regularly withdrew money from their accounts without consent even after the customers had repaid the money they owed, according to a Federal Trade Commission lawsuit. Meanwhile, as the crisis spreads, cash advance companies are on the hunt for new customers. We were also worried about our credit score, the bankruptcy record will stay in your record for 7 years ( our score were poor anyway). IE 11 is not supported. Arverne, NY 2-6-17, Happy new year! An Inquiry into Cloud Computing Business Practices: The Federal Trade Commission is seeking public comments, FTC Lawsuit Leads to Permanent Ban from Debt Relief, Telemarketing for Operators of Debt Relief Scam, Is Franchising Fair? 7 Ways to Get Out of a Merchant Cash Advance - Hasanov Capital Our lawyers and certified debt arbitrators will discuss the Pros AND Cons of each different option, as debt settlement isnt the only option out there to choose from. Three federal rulings scrutinize the business model on which merchant cash. New Jersey Attorney General settles lawsuit against merchant cash advance providers. Its okayweve got this! Please call for your free consultation to speak to one of our trained professionals. Many random phones calls later, we were fortunate to come acrossed Mike, he has explained to us bankruptcy doesnt mean we will lose our house or car. Installment Loans, Payday Loans & Cash Advances | Check `n Go Unless your case involves one of our attorneys having to go to court, our negotiation service fees are flat fee based not charged hourly. According to the complaint, the defendants told business owners that no personal guaranty of collateral was required and then put personal collateral requirements in their contracts. An official website of the United States government. Lillian L. Queens, NY 7-20-2015, To Whom It May Concern , We would like to thank Michael Sininsky and your law firm for helping us get out of debt and back on track . Florida Court Affirms That Merchant Cash Advance Product Not Subject to If sued, they will NOT be there for you as they can NOT represent you in court like we have done for our clients numerous times! . We will work quickly and efficiently to bring a successful resolution to your situation. I would highly recommend this firm to anyone going through financial difficulty and need good advise. If you do, you must create a user name, or we will not post your comment. Federal government websites often end in .gov or .mil. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Fast funding for your financial goals. Looking for legal documents or records? Put our experiencedMerchant Cash Advance Settlement Attorneysto work for you. We are so pleased with the results.I know we could not have been successful without their help. The site is secure. In hindsight I wish I had declared bankruptcy but this was clearly my decision. The laws regarding the filing of Confession of Judgments (COJ) in New York have recently changed. Your thoughts, ideas, and concerns are welcome, and we encourage comments. How to Defend Against Merchant Cash Advance Lawsuits We are available long hours but should we happen to be unavailable for any reason we pride ourselves on returning calls and emails right away, not several days later like most attorneys. Our business debt attorneys and arbitrators have successfully worked with many struggling business owners who werent able to qualify for traditional bank funding who were then forced to pledge future receivables to one or more Merchant Cash Advance companies for the capital they needed. Merchant cash advances are a form of financing in which a company provides money to a small business up front in exchange for a larger amount repaid through daily automatic payments. On March 23, Kayla Kight, a server at a Lone Spur in Prescott, Arizona, told NBC News that hers was the only restaurant in the group open for business and that it was just providing takeout. Call us for a free consultation at (866) 890-7337 or click here to send us a message Tips to Avoid Defaulting on a Merchant Cash Advance As you can see, defaulting on an MCA can have serious implications for your business and finances. But the 81-year-old lawyer says that's not how it worked when his solo practice accepted $55,000 from Scottsdale, Ariz.-based . Thanks! JC, Queens, NY. The filings are often in amounts that are twice the money owed, say lawyers who work in the arena. Debt Settlement can be a great option for some business owners, but for others it can be horrible! I want to say, he immediately put my mind at ease. And some offered hardship /debt relief or settle your debt for less.. no matter what you call it at the end you still have to pay the creditors, the debts collectors and the lawyer. In addition to potentially saving you money, retaining Dramer Law will save you time as we relieve you of the harassing and embarrassing collection calls you and your employees may get barraged with on a daily basis. The changes to the NY law are a major win for business owners outside of NY, however, the law does not effect those living in NY as, COJs can still be filed against NY residents. A leading provider of merchant cash advances used deception to lure small business customers, then regularly withdrew money from their accounts without consent even after the customers had repaid the money they owed, according to a Federal Trade Commission lawsuit. NBC News asked Itria and Biz2Credit why they were taking such an aggressive tack against small businesses during a national disaster. I am eternally grateful to you and the rest of Dramer Law. He explained your retainer fee; that costs for filing papers; phone calls, and other incidentals, would be deducted from that fee and, if any fees were due at the end of the process, I would be liable for those additional fees. Is a Merchant Cash Advance Right for Your Business? Now, amid the coronavirus crisis, the lenders have come for their money. Handled my debt in a month and cut it in half. Once retained, we immediately send a copy of our Limited Power of Attorney to your creditors, debt-collectors, or attorneys. "It's down a lot, more than 50 percent," she said. I wasnt even their client at this point and they were already going above and beyond. When Debt is the Problem We Have the Answers! Another person was told if he didnt pony up, they would falsely accuse him of being a child molester. 5-26-16, I am very grateful of Michael Sininskys assistance to get through the process. Give Mike a call and a chance, his very sharp and on the point. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. When the business owners call to find out what is going on, they quickly find out that no progress has been made! "You can't have people freezing assets and demanding payments at a time like this. Call us for a free consultation at (866) 890-7337 or click here to send us a message Steps You Can Take to Defend Yourself While a confession of judgment doesn't give you many options, it's not ironclad. We offer all debt relief options and we service our clients like family. Perhaps I will be like that one day (in another life). Peter L Valley Stream, NY 3-2-17, When I initially called, I spoke to Mike. Dial 516-670-5165 right away. The FTC alleged that RCG, Giardina, and others stitched together a blanket of misrepresentations that cloaked the true nature of the transaction. Michael Atleson, Attorney, FTC Division of Advertising Practices, Competition and Consumer Protection Guidance Documents. Dont understand why we didnt do it sooner I guess we were like a lot others going day by day try to be nice by paying off little by little. Learn more about consumer topics at consumer.ftc.gov, or report fraud, scams, and bad business practices atReportFraud.ftc.gov. Dont use trial and error trying to figure this out on your own with thousands of your dollars at stake when errors can be costly! It shows the kind of threatening language described in lawsuits by the FTC and the state of New York. Sending notice of representation is the first step in curbing any creditor or collector calls you may be receiving. We were thankful that he had our account . And for . In all cases, the businesses had stopped paying in March, although Itria Ventures said some of the defaults dated back months before the coronavirus clobbered operations and governments required that many nonessential companies close. So when small businesses become targets for misleading claims, deceptive tactics, and flat-out intimidation, the FTC takes notice. If a business bankruptcy is filed, it needs to be considered if your business can still function and operate on a daily basis. If you took out a Merchant Cash Advance of any other business loan or line of credit, then you have signed away UCC Lien rights to your funder. Some business owners said they are being swamped with new texts and emails offering funds. A just-announced settlement will return more than $2.7 million to consumers and includes a key provision to protect small businesses in the future. Getting out of that debt was like taking a huge weight off my shoulders. Cory K. 4-20-15, Nicki and I are ecstatic, she is so happy she is in tears! Failure to do so is a violation of the FDCPA, and we will sue them for you. ! Susan F. Copaigue, NY. In some states, you may be able to fight it if you can prove any of the following: Merchant Cash Advance Relief Attorneys | The Law Offices of Kenneth H What to Do When You Can't Pay a Merchant Cash Advance from Blursoft Still, the virus isn't the worst of Indelicato's woes, he told NBC News. WE PAY YOU A 2 % REFERRAL FEE FOR ANY BUSINESSES YOU REFER THAT WE FUND!!! You will be given all the facts you need, and then you will be given plenty of time to think things over. Sometimes called cash advances, payday loans are quick, simple, convenient loans with competitive rates and terms. But there's nobody outside.". We serve clients in English & Spanish. Jason Indelicato, who owns a three-store clothing chain in Massachusetts called North River Outfitter, is under siege. Forever. Anne G. Brooklyn, NY 1-2-2017, I was very pleased with the legal services I received from the Dramer Law Firm regarding settling a debt collection matter with a very stubborn collection service J. V. Cobleskill, NY. Gretchen Morgenson is the senior financial reporter for the NBC News Investigative Unit. We would highly recommend their services for debt reduction and settlement rate negotiations. John & Pat T. Valatie, NY 5-30-2017, Thanks for being so helpful i am glad for your help I hope I can send some client your way thanks so much Audrey. As you know being in debt that you cant see your way out of causes so many restless nights and a lot of stress and anxiety. Are you getting hounded by collection calls that you want us to take over on your behalf? To protect your privacy and the privacy of other people, please do not include personal information. They have access to your bank accounts they can wipe out an account overnight.". For a free consultation regarding your merchant cash advance lawsuit, contact our New York merchant cash advance lawyers at (516) 217-4488 or fill out a form. We expect commenters to treat each other and the blog writers with respect. Merchant Cash Advances can be discharged through bankruptcy. All of our client relationships are One on One. A proposed class action lawsuit has been filed against Penn Capital Funding, MapCap Funding and those who run the merchant cash advance (MCA) companies over their alleged use of an apparent loophole in Connecticut law to collect upon unlawful debts and otherwise fraudulently obtain money. Is a Merchant Cash Advance (MCA) ruining your business cash flow? Our staff is trained to ask the right questions to make sure that no stone in your financial picture goes unturned. Runion said the companies that advanced him cash have persuaded an insurer holding $40,000 in reimbursements for procedures he had already completed to send the money to the advance company, not to Runion. The next thing you know, bank accounts and incoming receivables are all frozen leaving the business owner without funds to operate. At the time of underwriting or any time since then, if you have provided your funder with: then you can assume that within a day or two of filing a UCC lien against you, your funders will send a copy of the UCC lien to anyone they know of that pays you! You should never settle for less when trying to settle for less! Until we got hit with a summons from the court ( for over 100K lawsuit). I hope other staff in your office are as efficient and compassionate as Mike is. FTC takes action against merchant cash advance providers He stopped paying around Thanksgiving and hired a restructuring firm, Second Wind Consultants, to help him work out the loans. The Federal Trade Commission Act authorizes this information collection for purposes of managing online comments. The New Jersey Attorney General recently announced a settlement in its lawsuit against Yellowstone Capital LLC, its parent company, and various. Merchant Cash Advance companies are aggressive and do not wait to take action when a business defaults on their product. He is very professional and extremely helpful. This step is critical in any of our processes as we ensure that whatever service we recommend will be within your budget and therefore youre more likely to succeed. We have worked hard over the years to earn the reputation we have by giving honest advice to those in need rather than the advice that benefits our bottom line! A True Merchant Cash Advance is NOT a loan. The FTCs complaintagainst Yellowstone Capital, Fundry, founder and CEO Yitzhak Stern, and president Jeffrey Reece, alleges that they unlawfully withdrew millions of dollars in excess payments from their customers accounts, and to the extent they provided refunds, sometimes took weeks or even months to provide them. We can negotiate to lower your daily or weekly payments which will extend the terms of your payback. We are very satisfied with the work and support provided by Michael Sininsky and The Law Offices of Kenneth H. Dramer. Those allegations are troubling enough, but RCG was just getting warmed up. Yellowstone Capital Refunds | Federal Trade Commission 6-13-16, I think you and the company basically do a good job and I appreciate it. "On some of our loans, we were paying over 200 percent. Before sharing sensitive information, make sure youre on a federal government site. (Continue reading below to learn how we can help). All settlements are represented as a percentage of the debt paid back. Bob & I wish you a Happy, Healthy Holiday Season. I kept hoarding mail and it overwhelmed me. Now half year later we are debt free, no need to worry from phone calls from debts collectors. Recommended! Alex M. Floral Park, NY 12-24-14, I would like to open by saying how grateful I am to Michael Sininsky for helping me with my legal problem. All settlements are represented as a percentage of the debt paid back. Call today for your free consultation with an experienced member of our team who will ask the right questions to determine the best course of action. If funds do not come into your merchant account, the MCA company should not collect. Small businesses have borrowed billions from unregulated merchant cash advance companies. FTC official: Legal 'loan sharks' may be exploiting coronavirus to Keep in mind the greater the downsides a choice may have the greater the potential for savings. Mr. Sininsky was personable, honest, deligent, and stayed in communication with me every single step of the way. We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. MCAs are not considered loans , so they aren't subject to most of the laws that apply to traditional business loans. Beyond withdrawing unauthorized payments and failing to provide businesses the promised amounts, the complaint also alleges that the defendants relied on deceptive marketing to promote their services. Did you Personally Guarantee your advance or sign a Confession of Judgment? It became a cycle of death. It was that unfront honesty and eagerness that sealed the deal for me. You can further research this case here. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. All this just to get you to sign on the dotted line. We will send notification of power of attorney to your actual MCA Purchaser, their collectors, their attorneys, and even the Marshall or Sheriff if they are now involved. They can make all the difference when you're in a situation where you need access to money immediately. Instead of lending an amount of money over a period, a Merchant Cash Advance company will purchase your companys future receivables coming into your merchant account.
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