"I tried to make it work," he said, "but I really was unable to.". This can be said for ANY service we offer from negotiations to litigation to bankruptcy. Yellowstone Capital misled potential customers and withdrew additional payments customers did not owe, Competition and Consumer Protection Guidance Documents, or report fraud, scams, and bad business practices at, sign up to get the latest FTC news and alerts, 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? 4 Best Ways to Get Out of a Merchant Cash Advance - Tayne Law Group Put our experienced Merchant Cash Advance Settlement Attorneys to work for you. Merchant cash advance companies provide funds to businesses in exchange for a percentage of their revenues, often in the form of daily withdrawals from the business's bank account until the obligation has been met. This benefits you when we contact these companies on your behalf, they know the accounts will get resolved and therefore we are usually able to avoid legal action! The purpose of this blog and its comments section is to inform readers about Federal Trade Commission activity, and share information to help them avoid, report, and recover from fraud, scams, and bad business practices. In mid-2018, Runion, an oral surgeon, wanted to add a second location to his practice and had initial approval from a bank for financing. 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. That must change, Chopra said. Most banks offer more conventional small business loans with favorable terms, but longer turnaround times. Three merchant cash advance companies are facing a lawsuit from New York Attorney General Letitia James over reportedly practicing illicit measures when loaning money to clients, according. UCC liens are by far the most frequent issue we hear about from those first contacting our Law Firm for help after having defaulted on their payment obligations. The attorneys at Grant Phillips Law, PLLC have seen cases where the effective APR on a Merchant Cash Advance exceeded 1,900%. 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. The company, PowerUp Lending Group of Great Neck, New York, had given North River money to be repaid from the stores' future sales. Are you getting hounded by collection calls that you want us to take over on your behalf? Default judgments by MCA lenders and their law firms can be vacated giving leverage to small businesses to pursue resolution of the debt via litigation and or settlement. 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. Typically they provide these loans, including merchant cash advances programs, to small businesses in need of working capital. The complaint alleges that these practices violated the FTC Act. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Merchant Cash Advance Attorney Florida - Grant Phillips Law Give Mike a call and a chance, his very sharp and on the point. Hes truly an asset to your business. UCC stands for Uniform Commercial Code and these types of liens can be more detrimental to your business than Judgments and COJs. 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. Keep up to date get updates with latest topics. We wont post comments that include personal information, like Social Security numbers, account numbers, home addresses, and email addresses. Federal government websites often end in .gov or .mil. Commissioner Rohit Chopra issued a statement. Our staff is trained to ask the right questions to make sure that no stone in your financial picture goes unturned. (Continue reading below to learn how we can help). In contrast, the New York Supreme Court of Westchester County decided Pearl Capital Rivis Ventures, LLC v. RDN Construction, Inc. on October 25, 2016. Merchant Cash Advances can be discharged through bankruptcy. 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. Yellowstone Capital Refunds | Federal Trade Commission Those allegations are troubling enough, but RCG was just getting warmed up. 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. 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. What to Do When You Can't Pay a Merchant Cash Advance from Blursoft 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. 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. These actions cause collectors to seek other measures to collect, often meaning lawsuits. 12-14-17, They were very helpful. 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.
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