Settle My Cash Advance Reviews (%countItem)
Settle My Cash Advance Rating
Address: 70 East Sunrise Highway Suite 500, Valley Stream, New York, United States, 11581-1233
Phone: |
Show more...
|
Web: |
settlemycashadvance.com
|
E-mails: |
Sign in to see
|
Add contact information for Settle My Cash Advance
Add new contacts
We signed a contract with SMCA for there assistance in negotiating a settlement of payments to *** The reason for the stop payment is due to "bait and switch" by FMC Funding. FMC Funding approached us regarding funding. We stated, "We had no need for funding, however, we would accept a revolving credit facility of $750,000." The facility would replace an outstanding MCA with another competitor. We stressed we had no need for another MCA. FMC Funding provided us with a written offer for a credit line $750,000. The provision was; 1. $150,000 would be a MCA. $600,000 would be the revolving portion; 2. miss no payments or modify loan for the first two (2) weeks; 3. payoff competitor. The loan is a fraudulent transaction. We solicited SMCA to assist in the negotiations. We signed a contract with SMCA, provided contracts with both *** and our current MCA funder, payment history to *** and our bank statements. Within 24 hours SMCA presented a written proposal that was totally inadequate and unacceptable. Upon our conversation with SMCA legal we discussed the short comings of their proposal and forwarded an email resending the contract. In resending the contract we offered to pay any out of pocket expenses and requested their billing schedule and itemized expenses. We discussed the short fall with Robert who stated, "He would get back with myself before the end of the day." Our original sales agent returned the call stating we owed $10,669 for all the man hours spent on the proposal. After failure to resolve the issue the sales agent threatened to file a UCC-1 against the business and damage our chances of obtaining an SBA. The conversation with Mark was an overt threat. The sales agent called the principal of the business to threaten him and the principal referred the sales agent back to myself.
We are currently dealing with the merchant directly and trying to resolve the issue between us. Our legal department has started a dialogue. We are asking for an extension from the Revdex.com so that we can resolve the issue. If we cannot resolve the dispute we will provide information regarding our response to the Revdex.com. Please confirm. Thank you.
At this point we have tried extensively to settle directly with merchant but unfortunately he has been completely unreasonable and has it made it clear he is using a bad review as leverage to get SMCA to agree to unfair demands.
Please find below response from SMCA general counsel.
Firstly we would like to address the broker issue that the merchant raised as part of their complaint with SMCA. SMCA has nothing to do with that aspect of this situation. While we were sympathetic to the merchant when they described what had happened we were not involved in any way shape or form with what occurred. That issue should be addressed with the broker, not us. Our relationship is only towards the merchant. SMCA is a BUSINESS debt negotiation firm that restructures BUSINESS debt for merchants that get in over their heads with merchant cash advances (MCA). MCAs are a contract to purchase future receivables with a considerably higher payback then the funding provided. When we are engaged by a merchant we have them sign our contract which clearly lays out SMCA's fees. The contract clearly states that the initial processing fee due upon signing the agreement is non-refundable. The initial processing fee is. This fee compensates SMCA for all of the expenses and cost related to the intake of the merchant. These expenses and costs include all of the administrative work related to gathering the information from the merchant, doing a financial analysis of the information provided, and to formulate a plan of attack to resolve the merchant's cash advances. Depending on the merchant, the effort expended can be considerable due to complexities of the merchant's circumstances. The merchant was provided the agreement and they had ample time to review it prior to signing it. In this case, the merchant explained the extensive circumstances of how they got into the cash advance and their goals to address and resolve the matter. SMCA reviewed the information and circumstances provided by the merchant along with their goals in addressing the advance. An in depth analysis of the information (bank statements & MCA contract) provided by the merchant was completed in a very short time frame to accommodate the merchant. Seven senior employees at SMCA handled this file. SMCA began implementing the agreed upon approach and the merchant subsequently later rejected this agreed upon solution. The merchant then indicated that they wanted to terminate the agreement with SMCA. SMCA had further discussions with the merchant concerning the fee and the balance owed but no resolution was achieved. SMCA worked on the merchant's file with only $5,000.00 of the initial processing fee paid with the balance of $5,669.00 to be paid at a later date for a total of $10,669.00. SMCA works with merchants as we are aware that they are facing financial difficulties and allowing flexibility in payment terms allows them to move forward with our services without adding further financial stress to the business. We contacted the merchant indicating we were willing to forgo the balance of the fee that is owed and due SMCA as per the signed contract, as we had no further interest in pursuing the matter to prevent any further financial stress on the merchant. SMCA is fully within its rights to collect the full amount of the non-refundable initial processing fee per the signed agreement with the merchant. SMCA is forgoing half of what is rightfully due in order to avoid further stress to the merchant.