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merchant cash advance lawsuit28 May merchant cash advance lawsuit

It shows the kind of threatening language described in lawsuits by the FTC and the state of New York. We do not offer any services that arent strictly related with clients that are struggling financially so our clients have unique needs, compared to those of other law firms, that we can cater to. "He more or less presented me the net cash I would receive and the payments. They were able to reduce the money I owed to less than the original amount. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. WE PAY YOU A 2 % REFERRAL FEE FOR ANY BUSINESSES YOU REFER THAT WE FUND!!! Get to keep our house and car, even our credit score went up. Is A Merchant Cash Advance Right For Your Business? - Forbes That is our one and only goal when we go to work for you TO SAVE YOU AS MUCH MONEY AS POSSIBLE! Many times, when we successfully get our clients out of debt, they still need assistance with other areas of their financial life. ! Susan F. Copaigue, NY. Keep up to date get updates with latest topics. It is true that a judgment (whether entered by COJ, default, or awarded) can also be used to freeze your incoming receivables, however, most funders do not use judgments to freeze receivables (especially now that COJs in NY are banned against out of state business owners) so filing a UCC lien is a much quicker tool! They completely turned around a very trying situation for me. A lot of these companies had problems prior to coronavirus; they were on a payment plan and they defaulted.". Companies often choose to make the filings in New York state, because its statute is powerful and easy to use. (The suit is now on hold.). CALL TODAYfor yourFREE CONSULTATIONand let us help you save your business today! According to the FTC, the company threatened people with physical violence, telling one person they would break his jaw if he didnt pay. 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. The attorney may advise you to file for bankruptcy after exploring all of your financial circumstances. We'll get back to you within 5 . You never made me feel harried, pressured or overly anxious about paying off my bills. The complaint alleges that these practices violated the FTC Act. We do not want you to be harassed well take over the calls for you. At a time when many small businesses are struggling to stay afloat, the FTC is paying close attention to the tactics of companies claiming to throw them a financial lifeline. Do you need help with a Merchant Cash Advance lawsuit or legal issues? A merchant cash advance, MCA for short, [] Read Now When the business owners call to find out what is going on, they quickly find out that no progress has been made! Court documents show that amid the pandemic, so-called merchant cash advance companies are pursuing legal claims against owners that freeze their bank accounts and are pressing their family members, neighbors, insurers, distributors even their customers for money the lenders say they're owed. Be well. Mary R. Bayshore, NY 4-30-2018, I would highly recommend Dramer Law for your debt settlement needs. An email to PowerUp requesting comment received no response. Before sharing sensitive information, make sure youre on a federal government site. Fast funding for your financial goals. If the merchants fall behind on their payments, some lenders send threatening emails and texts and even pay visits to borrowers' homes to try to collect, lawyers and small business owners say. 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. 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. This year, my wife and I will be celebrating 25 years of marriage and I cant think of a better 25th wedding anniversary gift than this! Their profit or loss derives from future receivables whereas a loan company profits on the interest rate. He provided a photo to NBC News. Suit Filed Against Merchant Cash Advance Companies - PYMNTS.com We dont benefit from getting you to hire our law firm, but instead, we benefit when we get the job done for you. On March 15, the governor of Ohio ordered an end to all oral surgery procedures; Runion's practice is now open six to eight hours a week. FONDLY BARBARA & BOB G Brooklyn, NY 11-16-2015, I was deeply in debt and after I tried everything I could think of -including a reverse mortgage-I heard of this law firm and I was told to contact Michael Sininsky. . However, they often come with high fees and confusing terms. Our Law Firm is Known for Helping Business Owners With This Niche Area of Law (see below). You will be assigned a specific member of our team that will be in constant contact with you throughout the process. 'I'm Ruined': Litigation Trend Takes Aim at Merchant Cash Advance The merchant cash advance companies often demand that borrowers also pay attorneys' fees, which can be 25 percent to 33 percent of the balance due under a borrower's agreement, documents show. Although I wish I had never put myself into the position to need this companies services, Mr. Sininsky was very extremely effective in working with me to reduce my consumer debt. The most common arrangements between these companies and small business borrowers aren't technically loans, and therefore their terms and the companies offering them aren't regulated. The company, PowerUp Lending Group of Great Neck, New York, had given North River money to be repaid from the stores' future sales. We can convert the factoring method of your calculated payments, convert payments from daily or weekly withdrawals to monthly, etc. Once any third party servicer, debt collector, debt purchaser, collection attorney, foreclosure attorney, etc. They advised me every step of the way through the difficult process of bankruptcy. As with many small business owners, he has closed his stores because of the coronavirus pandemic, and his revenues have disappeared. Merchant Cash Advance Relief Attorneys | The Law Offices of Kenneth H We will be in touch with you throughout the process to keep you informed and are available when you need us. Do you want to reduce your payments with our cash advance repayment options? 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. The case against Jonathan Braun is pending. The companies generally provide a predetermined amount of money to a business in exchange for future receipts. If funds do not come into your merchant account, the MCA company should not collect. Based on your current income and your financial hardship, we will determine which course of action will work best for you. The FTC says the defendants also forced people to sign confessions of judgment, which allowed the defendants to go straight to court for an uncontested judgment in case of an alleged default, leading to the unlawful seizure of business and personal assets. A merchant cash advance is a type of financing that allows small business owners to access funds quickly. And for . The flood receded when New York courts stopped accepting electronic filings in nonessential matters on March 23. As couple we are able keep certain amount of assets. According to the FTC, when small business owners sought capital, RCG formerly known as Richmond Capital Group lured them in with fast talk and supposedly sweet terms for what are called merchant cash advances. A COJ will allow your funder to freeze your bank accounts whereas a UCC lien will allow your funder to freeze your receivables BEFORE THE FUNDS EVER MAKE IT INTO YOUR BANK ACCOUNT! Dial 516-670-5165 right away. Hire A Real Law Firm instead of a Debt Relief Company, Merchant Cash Advances and Filing Bankruptcy, The amount owed to MCA and other obligations, Past, Current, & Future Cash Flow of the business, chance, pretty much stressed out on my options, I stumbled on, but very satisfied with my collaboration with Dramer. 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. Worked with Michael who was so patient and was very understanding. Failure to do so is a violation of the FDCPA, and we will sue them for you. They have access to your bank accounts they can wipe out an account overnight.". 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. North River Outfitter in Beacon Hill, Mass., is owned by Jason and Alice Indelicato. A few years ago I could not imagine a way out of this hole that I dug myself. If you do, you must create a user name, or we will not post your comment. We wont post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups. If you are a business owner and want to file for personal bankruptcy, your obligation to pay back the advance will be discharged; however, the liability for the business remains. That must change, Chopra said. They were so helpful at a very difficult financial time in my life. 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! Michael, Im gonna miss you! Steven & Esther W. 12-12-14. Lines Of Credit, Business Loans, & Merchant Cash Advances . Keep in mind the greater the downsides a choice may have the greater the potential for savings. 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. Business is hurting, Kight said by phone. In contrast, the New York Supreme Court of Westchester County decided Pearl Capital Rivis Ventures, LLC v. RDN Construction, Inc. on October 25, 2016. Settlement companies will harp mainly on the amount of money you should expect to save and that they will cut your payments in half. In summary, a Merchant Cash Advance company does not lend and charge interest but instead purchases your future receivables. If youve answered YES to any of these questions, then our Merchant Cash Advance Relief Attorneys can help! Our MCA Settlement Attorneys and debt relief negotiators have combined decades of experience in contract renegotiation. Sending notice of representation is the first step in curbing any creditor or collector calls you may be receiving. With just one meeting with you, you gave me hope that just maybe I too could live debt free and once again become a responsible spender. But the 81-year-old lawyer says that's not how it worked when his solo practice accepted $55,000 from Scottsdale, Ariz.-based .

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