We recently inquired partnering up with a invoice factoring company to help with the extreme growth of our company. We were in need of cashflow solutions fast and started the process in December. From December to end of January we paid almost $2k for company fees and underwriting fees. We soon realized that although we had already CLOSED twice with their underwriters, they kept adding restrictions the original term and kept putting our account on hold because we did not want to agree with those added terms; this was done twice and each time they charged us to write up another contract. We finally cut ties with that factoring company and just took the lost of money to not have any relation with them, I also want to add that this process took so long that they actually received a check from one of our customers to their remittance address and ignored us for almost a week on the release of the payment. They only released that check once I threatened to report them to the factoring association.
This factoring company filed a UCC on my company even though they never factored any checks or financed us. We now have been working with another factoring company that has been very helpful in our situation, but we have hit a a stop in the process because the first factoring company does not answer us to release the UCC filed on my company. Our new factoring company was able to get in contact with the first company but they just put excuses in order to not release the UCC (they say they need to speak to me but never call/answer my calls).
Long story short I am stuck now because the first factoring company did not want to fund us, rather robbed us almost $2k, and also doesn't want another company factoring use by holding that UCC. This is hurting the operation of my business and I need to do what ever it takes to not let the first company hold the UCC cause me not to be able to get funded.
Please advise ...Read More
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Tipton Harrison
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