Platinum Financial OC

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below I felt pressured to accept the revised deal when it was finally given to me because I needed the funds I was told that I would be funded the same day That did not happen The next day (Tuesday, May 13), I saw that my check for $was cashed which just infuriaed me I still had not been funded so I decided to cancel the whole deal Pacific Working Capital had nothing to do with funding being stopped I called the funding company (Pearl Capital), explained to them what happened and canceled the funding They praised me for filing a claim with the Revdex.com They are ones that told that they had my file since the previous Thursday Up until May 12, I was under the impression that I was being funded by Pacific Working Capital They never told me my file "was given" to Pearl Capital to fund at a much higher interest rate that what I was approved at by Pacific Working Capital Regards, [redacted]

The client signed a "preliminary" contract on terms our credit department was deemed approvedDuring final review it was discovered that the client has many open tax liens which is a direct violation of our lending license to fund a client cash without paying the government firstWe explained this
to the client who asked what can we do for him so we outsourced the deal to a company called web bank who is able to lend to companies in every state with tax liensThey came back with approved term in which the client did not wish to proceed with the loanAccording to his contract he cannot cancel for any reason and if he does the deposit check will be deemed earned by Platinum Financial, OCAll of our cancellations may take 30-days for review but the customer does not wish to wait that long so he is filing complaints because he does not wish to follow the terms of his contract or the policy of Platinum Financial, OCThe more time and effort we spend on his file the less funds he will receive from his initial deposit

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
The response from Platinum Financial is factually falsePlatinum Financial was aware of the tax liens prior to sending me the "Preliminary contract"The check I sent to them was for "processing fees and closing costs"
of that specific "preliminary contract" not some open ended search for an advance at much worse termsPlatinum financial has had my money for days at this pointHolding my money for longer periods so they can imagine more charges is not acceptable
The minimum (and just barely acceptable) result should be the immediate return of the and not one cent deducted
Platinum Financial does not respond to emails or phone calls from me in this matter
Regards,
*** ***

Hello, I would like to start off by stating we do not have anyone by that name working here, but I was able to locate your fileYou submitted an application under a company you had no ownership of and work as a driver forWe offer financing to BUSINESSES not consumer loansIn doing our due
diligence we found that your application was not filled out correctly and that the information submitted would not suffice for any of our programsyou also signed a agreement on behalf of a company called P&I Motor Express which Mr*** has no ownership of to do soWe extended our resources in securing this loan for Mr*** but due to the information not being true we were unable to do soIf you read the terms of the agreement you signed it clearly states:
UPFRONT
PAYMENT - INITIAL DEPOSIT. The payments for the Working Capital shall be
in the amount designated in the payment schedule and shall commence on the
indicated payment due date immediately following the acceptance date. Debtor shall pay Creditor said payments on or
before the due date and at the office of Creditor or to such other person or
place as Creditor may designate in writing.
The Initial Deposit noted above is
required upon acceptance of this Agreement, which shall be applied to the
Advance Payments which is non-refundable and fully earned by Creditor upon
Debtor’s acceptance of this Agreement, each as noted above. In the event the agreement is not commenced
at the election of the Debtor, for any reason, or in the event that Debtor does
not supply the diligence items required by Creditor, or should an event occur
as described under Rental Adjustment herein, then the Initial Deposit will be
forfeited by Debtor and retained by Creditor as partial compensation for
expenses incurred in investigating the credit of the Debtor, other transaction
costs and for general overhead expenses incurred by Creditor in the proposed
transaction. This proposal is subject to
receipt of final documentation and final credit approval by Creditor."

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Please see attached file.
Regards,
[redacted]

We were able to secure the client a loan in which he signed contracts for (contract attached) you can clearly see he agreed to all the terms and options upfront and in the 11th hour decided he didnt need the funds so he wanted to cancel the funding. We were able to accommodate that and called the...

bank to stop the funds from going out. The initial deposit is used to cover any/all fees associated with funding his loan so when you cancel after everything is completed with processing your loan those fees need to be covered I have attached contracts the client sign** on 5/9/2014 and 2 days later at time of funding he canceled.

We were in the middle of returning the unused portion of his deposit what we received all sorts of threats from the client. Per our attorney we must now wait for 120 days to make sure this client is not causeing harm to our business. here is the last email our company received from this client dated...

May 1, 2014: "Hows the scaming business going. Wanted to let you know ive contacted some of your other victims and were advertising for you . Were even making a you tube video. So b looking for it in the near future. I try to spend a hour a day on this"
We are currently suing that other customer for defamation and breach of contract so if this client would like to be included in that lawsuit we will wait and see if that "free" advertising pops up online and include Mr. [redacted] in our lawsuit.
The client assumes that Platinum Financial, OC works to their time frame and under the clients terms but we have contracts and policies in place which take time for us to unwind transactions. the client was not satisfied that his refund was not going to be sent the same day he canceled, we have a 30 day period to unwind all transactions. Mr. [redacted] was never told he was not going to get a refund, the refund was just not going back to him the day he wanted it to go back. Now because of his threat of defamation, we now have the right to wait and see if he is participating with a previous client who we are currently suing in case we need to include Mr. [redacted] in our lawsuit.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I felt pressured to accept the revised deal when it was finally given to me because I needed the funds.  I was told that I would be funded the same day.  That did not happen.  The next day (Tuesday, May 13), I saw that my check for $1450 was cashed which just infuriaed me.  I still had not been funded so I decided to cancel the whole deal.  Pacific Working Capital had nothing to do with funding being stopped.  I called the funding company (Pearl Capital), explained to them what happened and canceled the funding.  They praised me for filing a claim with the Revdex.com.  They are ones that told that they had my file since the previous Thursday.  Up until May 12, I was under the impression that I was being funded by Pacific Working Capital.  They never told me my file "was given" to Pearl Capital to fund at a much higher interest rate that what I was approved at by Pacific Working Capital.
Regards,
[redacted]

If you read the reviews on Yelp,scam book, rip off report and notice the 6 complaints against this company to the Revdex.com in the last 6 months, you should know that you are dealing with crooks. Platinum Financial OC will tell you what you want to hear and when you send in your deposit check, they will say that you are no longer approved. This is their strategy. It is called bait and switch marketing and that is how they make a living. You will not get financed; rather, you will finance the finance company. You have been warned. Read more at www.platinumfinancial.org or if you don't trust a stranger's website, read about it on leasingnews.org an unbaised financical news organization that works towards shutting down criminals like these. My name is Andy [redacted] and I gave $6200 to Platinum Financial when they promised to give me a loan. Call me [redacted] and I will verify that I am real and I was defrauded by Platinum Financial, OC. Do not be their next victim.

I responded to an offer for funding a business buy-out and was advised that I would have a response within 48 hours, possibly sooner. I submitted an application along with confidential bank records on 12/22/2015 anticipating a response after the holiday.
I left several messages and emails during the past 10 days for the National Sales Representative, [redacted]. He has not responded in any manner. I do not know if this organization is legitimate or if I have been scammed out of confidential information.

It's our duty to supply each customer with the loan to fit their needs. If a client signs a contract they are bound to that contract. This customer does not realize I can charge for the interest loss as well which would be more than the deposit check. The documents you signed state "facsimile" considered originals, also "check by fax" which is why you sent it in the first place. We were upfront with everything from the start. I have emails from you stating you wishes to proceed as long as we can fund by a certain date, then on that date as we were sensing wire to your account you decided against the loan. Why would we work for free just because you changed your mind? We provide a "service" which means we get paid for underwriting loans not an actual tangible item. If this complaint goes against our account we will proceed with legal action in the state of California which will cost you much more than the deposit, we allowed you out of your contract without penalty. You decided to cancel not our company.

Review: I attempted to secure an advance from Platinum Financial.I was told I was secured a 65k advance. I was told that I would need topay a processing and closing fee of 1625 in advance of receiving the cash advance. I did this. Once cashing my check they then informed me that for reasons they were already aware of (tax liens) they could not perform on the advance and attempted to substitute a much less advance (15k) with even more terrible terms. I declined that offer. I requested a refund of my processing and closing costs since nothing was processed nor closed.I was given a check list of hoops to jump through including an absurd demand that the refund be submitted by certified mail. I complied with all of this. I was told it would take weeks to decide how much or if any refund would be returned. Which was not mentioned in any way before hand. This has been about 3.5 weeks- they will not reply in any manner to me at this time.Desired Settlement: I consider that I am dealing with a highly unethical establishment I consider I will be lucky to get any of my money returned.But in the unlikely event that they are legitimate I request my full refund plus associated fees I have put out and an interest rate commiserate as to what they were going to charge me. (25% per month)

Business

Response:

The client signed a "preliminary" contract on terms our credit department was deemed approved. During final review it was discovered that the client has many open tax liens which is a direct violation of our lending license to fund a client cash without paying the government first. We explained this to the client who asked what can we do for him so we outsourced the deal to a company called web bank who is able to lend to companies in every state with tax liens. They came back with approved term in which the client did not wish to proceed with the loan. According to his contract he cannot cancel for any reason and if he does the deposit check will be deemed earned by Platinum Financial, OC. All of our cancellations may take 30-45 days for review but the customer does not wish to wait that long so he is filing false complaints because he does not wish to follow the terms of his contract or the policy of Platinum Financial, OC. The more time and effort we spend on his file the less funds he will receive from his initial deposit.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

The response from Platinum Financial is factually false. Platinum Financial was aware of the tax liens prior to sending me the "Preliminary contract". The check I sent to them was for "processing fees and closing costs"

of that specific "preliminary contract" not some open ended search for an advance at much worse terms. Platinum financial has had my money for 49 days at this point. Holding my money for longer periods so they can imagine more charges is not acceptable.

The minimum (and just barely acceptable) result should be the immediate return of the 1625.00 and not one cent deducted.

Platinum Financial does not respond to emails or phone calls from me in this matter.

Regards,

Review: My Name is [redacted] I own a small trucking co in Trenton, Tennessee .I received a fax on Feb 2 1914 from [redacted] advertising that he is the national sales manager for Southern Funding. The fax states that I am pre approved for a low intrest rate loan. I call Mr.[redacted] an there is no answer I leave a message an he calls me back I give him a activation number that's on the fax. Mr. [redacted] refers me to [redacted] with Platinum Financial. [redacted] tells me that they will purchase equipment an lease it to me an at the end of the lease I pay one dollar an retain the equipment.[redacted] tells me to send him a purchase agreement on the equipment that I need. I contact [redacted] with MHC kenworth in Kansas City MO witch is a commercial truck dealer. We agree on the purchase of a 2010 KW truck for $73.300.00. [redacted] ask me to fax him a copy of the sales agreement.[redacted] calls [redacted] the salesman at MHC an tells him to send a copy of the truck title that there purchaseing this truck to lease to me. [redacted] fax me a copy of the lease purchase agreement . I fill out and sign the agreement an also send a check for $3982.60 which they require [redacted] says it is the first payment and the last payment. I sign a agreement to pay $1743.80 for 60 months and the at the end pay a dollar an retain ownership. After they get my check an cash it the next day communication goes down hill from there a few days later another Guy calls me his name is [redacted] and that he is [redacted]s Boss and they need additional bank statements which I had already sent them four months worth as request earlier. [redacted] sends [redacted] emails saying that its going to b a few more days that its just a matter of paper work but [redacted] or [redacted] or [redacted] never answer or return my phone calls. A few weeks later [redacted] emails [redacted] an tells him they can approve me after they had him hold the truck in inventory for over 4 weeks. [redacted] in his email said they were sending my money back but they never did then they were going to send me a portion of my money But none.Desired Settlement: I want the $3982.60 that I was scamed out of. I suffer from kidney failure an am on kidney Dialazes. I was struggling financialy before this happen now I am worse off,

Business

Response:

We were in the middle of returning the unused portion of his deposit what we received all sorts of threats from the client. Per our attorney we must now wait for 120 days to make sure this client is not causeing harm to our business. here is the last email our company received from this client dated May 1, 2014: "Hows the scaming business going. Wanted to let you know ive contacted some of your other victims and were advertising for you . Were even making a you tube video. So b looking for it in the near future. I try to spend a hour a day on this"

We are currently suing that other customer for defamation and breach of contract so if this client would like to be included in that lawsuit we will wait and see if that "free" advertising pops up online and include Mr. [redacted] in our lawsuit.

The client assumes that Platinum Financial, OC works to their time frame and under the clients terms but we have contracts and policies in place which take time for us to unwind transactions. the client was not satisfied that his refund was not going to be sent the same day he canceled, we have a 30 day period to unwind all transactions. Mr. [redacted] was never told he was not going to get a refund, the refund was just not going back to him the day he wanted it to go back. Now because of his threat of defamation, we now have the right to wait and see if he is participating with a previous client who we are currently suing in case we need to include Mr. [redacted] in our lawsuit.

Review: Also known as Pacific Working Capital. I entered into an agreement with Pacific Working Capital on May 7 for a short term loan. The loan was to funded by "their bank". On May 2, I received an email from their salesperson, [redacted], that he had received "hard approval from the bank" on my loan request. On May 7 as part of the approval process, I sent a check for $1450 to [redacted] as a downpayment on my loan. That money would be used to pay down the principal of the loan once it was funded. On May 12, my loan was still not funded and on that morning I was called by [redacted] to alert me that he could get 2 loans for me, one for $40,000, the other for $50,000. I had still not been told that the terms of the deal had been changed. The total amount of the loan that I was told was originally approved was $105,000. Only after receiving the paperwork, did I realize the terms had dramatically changed. The cost of the money went significantly up from what I was quoted. I felt that I had to agree to the first loan for $40,000 because I was late paying a supplier's invoice. I sent back the paperwork even though the deal was terrible and not what we agreed to. I was told we would be funded that day. We were not. When I arrived at work the following day, I saw that we were still not funded and that my check for $1450 was cashed. I was outraged and proceed to cancel the loan since we still had not been funded. I then demanded that my $1450 be returned to me at once. After being told that I would be contacted no later than Friday, May 16 and was not, I sent another email today asking about my refund. I was told a little while ago that since I cancelled at the last minute, the money would not be refunded. If I was funded with the deal that we had agreed on, I would not have cancelled the loan. I felt I was deceived by Pacific Working Capital and I feel the $1450 downpayment for the loan that they never funded should be returned to me at once.Desired Settlement: I want the $1450 downpayment refunded.

Business

Response:

We were able to secure the client a loan in which he signed contracts for (contract attached) you can clearly see he agreed to all the terms and options upfront and in the 11th hour decided he didnt need the funds so he wanted to cancel the funding. We were able to accommodate that and called the bank to stop the funds from going out. The initial deposit is used to cover any/all fees associated with funding his loan so when you cancel after everything is completed with processing your loan those fees need to be covered I have attached contracts the client sign** on 5/9/2014 and 2 days later at time of funding he canceled.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

I felt pressured to accept the revised deal when it was finally given to me because I needed the funds. I was told that I would be funded the same day. That did not happen. The next day (Tuesday, May 13), I saw that my check for $1450 was cashed which just infuriaed me. I still had not been funded so I decided to cancel the whole deal. Pacific Working Capital had nothing to do with funding being stopped. I called the funding company (Pearl Capital), explained to them what happened and canceled the funding. They praised me for filing a claim with the Revdex.com. They are ones that told that they had my file since the previous Thursday. Up until May 12, I was under the impression that I was being funded by Pacific Working Capital. They never told me my file "was given" to Pearl Capital to fund at a much higher interest rate that what I was approved at by Pacific Working Capital.

Regards,

Business

Response:

It's our duty to supply each customer with the loan to fit their needs. If a client signs a contract they are bound to that contract. This customer does not realize I can charge for the interest loss as well which would be more than the deposit check. The documents you signed state "facsimile" considered originals, also "check by fax" which is why you sent it in the first place. We were upfront with everything from the start. I have emails from you stating you wishes to proceed as long as we can fund by a certain date, then on that date as we were sensing wire to your account you decided against the loan. Why would we work for free just because you changed your mind? We provide a "service" which means we get paid for underwriting loans not an actual tangible item. If this complaint goes against our account we will proceed with legal action in the state of California which will cost you much more than the deposit, we allowed you out of your contract without penalty. You decided to cancel not our company.

Review: Applied for a loan with Platinum Financial to pay [redacted] Truck Center's bill which involved repairs on my semi-truck. Platinum Financial required the first and last payment of $389.01 plus a fee for during the paper work for 60 months. I faxed a copy of the check for $1173.07 on March 25,2014 which they cashed on March 28,2014.I have not received any loan papers or have been able to contact them. I spoke to [redacted] the number ###-###-#### all I get is a voice mail they have never return any of my calls. [redacted] phone only rings all the time ###-###-####. I have all the information and paperwork.Desired Settlement: I would like a full refund of $1173.07 which I paid on March 25,2014 which they withdrew the money on March 28,2014.

Business

Response:

Hello, I would like to start off by stating we do not have anyone by that name working here, but I was able to locate your file. You submitted an application under a company you had no ownership of and work as a driver for. We offer financing to BUSINESSES not consumer loans. In doing our due diligence we found that your application was not filled out correctly and that the information submitted would not suffice for any of our programs. you also signed a agreement on behalf of a company called P&I Motor Express which Mr. [redacted] has no ownership of to do so. We extended our resources in securing this loan for Mr. [redacted] but due to the information not being true we were unable to do so. If you read the terms of the agreement you signed it clearly states:

I own a manufacturing business and was in need of some cash. Platinum had $50,000 in my account just 72 hours after I submitted my application. I will be back when I need more,,,,

I responded to an offer for funding a business buy-out and was advised that I would have a response within 48 hours, possibly sooner. I submitted an application along with confidential bank records on 12/22/2015 anticipating a response after the holiday.

I left several messages and emails during the past 10 days for the National Sales Representative, [redacted]. He has not responded in any manner. I do not know if this organization is legitimate or if I have been scammed out of confidential information.

If you read the reviews on Yelp,scam book, rip off report and notice the 6 complaints against this company to the Revdex.com in the last 6 months, you should know that you are dealing with crooks. Platinum Financial OC will tell you what you want to hear and when you send in your deposit check, they will say that you are no longer approved. This is their strategy. It is called bait and switch marketing and that is how they make a living. You will not get financed; rather, you will finance the finance company. You have been warned. Read more at www.platinumfinancial.org or if you don't trust a stranger's website, read about it on leasingnews.org an unbaised financical news organization that works towards shutting down criminals like these. My name is Andy [redacted] and I gave $6200 to Platinum Financial when they promised to give me a loan. Call me [redacted] and I will verify that I am real and I was defrauded by Platinum Financial, OC. Do not be their next victim.