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"Their strategy was always to get more," he said. I wish everyone would be like that. If instead of hiring an experienced Business Debt Relief Law Firm you opt to hire a regular debt settlement company to deal with your Merchant Cash Advance, they will NOT be able to give you legal advice. MERCHANT CASH ADVANCE LAWSUITS and JUDGMENTS - Lebedin Kofman LLP (Continue reading below to learn how we can help). If you do not have funds for either a payment plan or settlement, fighting the lawsuit will buy you time and can even prevent a judgment from being entered against you and your business altogether. Find the resources you need to understand how consumer protection law impacts your business. Some companies' aggressive, even menacing, collection techniques are documented in video, recordings and emails provided to NBC News. April 2019: How Mulvaney undid consumer protections from predatory lenders. But aggressive lenders are still trying to extract money from their empty coffers. A merchant cash advance, MCA for short, [] Read Now Report it to the FTC. We work to advance government policies that protect consumers and promote competition. Fast funding for your financial goals. A small-fleet owner received this text from a merchant cash advance provider. In fact, MCAs are largely unregulated. These estimates they will give you are known for setting unrealistic expectations as they will make your potential savings out to be more significant than what their actual results tend to yield. In a return email, he said the firm had decided to stand down for the moment. Learn more about your rights as a consumer and how to spot and avoid scams. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. If youve answered YES to any of these questions, then our Merchant Cash Advance Relief Attorneys can help! Those allegations are troubling enough, but RCG was just getting warmed up. Get to keep our house and car, even our credit score went up. Overall, though, Im very happy. Mike S. Baldwin, NY 8-3-15, I was so happy to have been represented by the law firm of Kenneth H. Dramer. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. 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. Not only did you help me do this, but I have learned some other valuable lessons that are priceless like dont spend beyond your means and if you dont have cash for it dont buy it. Approach a Merchant Cash Advance Attorney Hire a lawyer skilled in debt settlements and bankruptcy for your MCA debt. On March 19, as COVID-19 spread across the U.S., triggering a national emergency, a merchant cash advance company sued Indelicato and his wife, Alice. Learn more about your rights as a consumer and how to spot and avoid scams. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. The below options each have their own benefits and drawbacks. 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. "I'll show you what type of loser you are you clown of a man.". We never agree to anything without first consulting with you and getting your approval. This saves time for you and eliminates any extra stress for you as time is money and being stress free is just as important as being debt free!