ComplaintsforForward Financing, LLC

• Initial Complaint

  06/01/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I was working on a great relationship with ** but I had an issue come up last week. Revenue dropped precipitously beginning in May and on May 17 I called ** but had to leave a message. No call back for almost two weeks. I had a check that HAD to clear so unfortunately I had to put a stop payment on the ** weekly payment. At that point I had paid off 33% of the note. That did finally prompt a call from ** but it was to another company I was working with to notify them I had placed a Stop Payment on their payment. That in turn prompted that company to cancel that note and call it due. Who does that? The only purpose was to hurt that relationship. ** did offer to Cut my payment in half for 4 weeks but the larger damage was done. PLEASE GIVE SECOND THOUGHTS TO WORKING WITH **. Also ask serious questions about the brokers they use and do not stand behind their actions.

  

  Business response

  06/04/2024

  Hi ****,

  Thank you for sharing your feedback. We are aware you left a similar review on TrustPilot, so to reiterate our sentiments: we would love to learn more about your situation and who you tried to contact at the beginning of May. We are also curious to hear about your conversation with another company regarding your status at Forward Financing. Please reach out at your earliest convenience at ************ or *************************************************.

• Initial Complaint

  03/18/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I am a veteran owned business asking for assistance or guidance. I'm over the threats and ignoring my emails. I renewed a loan with Forward Financing 09/19/23, website is confusing borrowed $85K payback $130K and I have paid $45K already. My weekly payment was $2897.75 I'm going through a lawsuit with 25 other franchisees against our franchisor for fraud and racism to where it has reduced my revenue to zero because the business has shut down due to the franchisor was my sole vendor for the business.(Forward Financing is aware and unsympathetic. I attempted multiple times to arrange a temporary payment plan but the refused and would hurl threats and ignore my emails. I am currently pay my business creditors with my military retirement and disability pay while trying to get another business up in running so I can resume normal payments in the future. I attempted have a temporary payment plan of $250 a week for 4 weeks at a time and gradually increase but the increases they wanted I can't afford. Then they implied they would take my military retirement and disability pay, take my home (have 2 kids), and my cars. They also made unauthorized debits against my account after attempting to request a payment plan. They would debit my account multiple times with different amounts and dates then what was agreed upon on our contract(mind you the account had no money so they bank account was overdrawn, which was on the verge of being closed by the bank which forced me to do a stop payment which breached our contract but they breached first with the unauthorized debits. I want to protect other military members from this company, they are very aggressive and predatory....I could not recommend anyone to lend with this company. Looking for assistance to negotiate a payment plan or debt settlement and if you are familiar with the process to blacklist this company at a DOD level to protect other veterans. I have already sent an email to my congress man as well.

  

  Business response

  03/22/2024

  Hi ****, 

  Thank you for your feedback. We are sorry to hear about the stress that you and your business are under. Upon review of your account, our records indicate that we did assist you with payment relief when you reached out to our Account Servicing team. The different payment amounts that you saw in your bank account were all reflective of the reduced payments that you agreed to. When things changed with your business making the payment plan no longer feasible, we offered you numerous payment options that aligned with what you were requesting to avoid escalation of your account. Despite our best efforts to work with you, you declined our assistance and told us that you would prefer if your account escalated instead. We are still willing to work with you to find a solution. Please reach out to us directly and we would be happy to assist.

  Thank you, 

  Forward Financing

  
  

  Customer response

  03/25/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  Initially I accepted a reduced payment of $1297.56 on 1/12/24 because my lawsuit was supposed to conclude but did not.  I contacted Forward financing again informed you I can not afford due to business closure and the settlement was not met and sent bank statements. I began to receive threats and Forward made unauthorized debits I did not agreed to and informed you I can not afford. I sent multiple emails stating my situation.  Attempted multiple unauthorized debits for $579.55 weekly & $65 daily payment which kept my overdraft for multiple weeks which put my account pending closure due to bank policy.  I was accused of dictating terms were I was letting you know what I could afford to pay temporary. I said I guess going through arbitration may be the only answer because the creditor got hostile and started implying threats of legal action, because I could only afford $250 a week temporary.  
  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  Regards,

  ****

   

   

  

  Business response

  03/27/2024

  Hi ****, 

  Our records indicate that we did agree to a payment plan on 1/12 and then we further reduced your weekly payment per your request starting on 1/19. The reduced payments that you accepted ended up bouncing. Because these payments bounced, we agreed to assist you by offering to reduce your weekly payment to $250 temporarily, but you declined. We are more than happy to work with you to find a solution. Please reach out to us directly at ************.

  Thank you, 

  Forward Financing

  Customer response

  04/05/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  I did not commit to the agreement of $250 a week because 2-3 weeks later you want to quadruple the payments, because I cant afford to. Then the associate on the phone proceed to admonishing me letting me shes in control.  I don't think forward financing is being honest not sure what to do. If you look at the text message I received yesterday it doesnt line up with what they are saying.  
  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  Regards,

  ****

   

   

• Initial Complaint

  10/31/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I needed a short term loan for 1 month for my company. I didn't realize by paying early I would still have to pay ALL the interest. The loan was taken out on 8/8/23 and paid off 9/13/23. I needed $10,000 but the repayment amount is $15,905 with a daily payment of $158.00 taken out of my checking account. this also includes a $495 financing fee. Purchase amount of $9,505 so $6,400 is what it cost me to get funding for ONE month. This was in part my not understanding the loan terms but it feels like this type of interest should not be legal. Companies that are desperate to get above water can't afford this kind of payback amount. It is so hard to function in todays world and companies like this are just taking advantage of desperate business owners, especially a woman in a small business. The loan amount was paid in full 9/13/23 and was taken out of my bank balance. I did talk to their customer service department and they would not budge on the $6,400 amount and I was forced to pay it so my credit rating would not be compromised. It is beyond my comprehension that a company can get by with charging that much financing for a loan for just a little over 30 days. I would like to see the company reimburse me at least $5,000 of those fees and they would still come out way ahead on a 35 day loan. It surely cannot be legal to charge these fees on a loan this small and for that short of time. Thank you for your help.

  

  Business response

  11/09/2023

  Hi ********, 

  Thanks for sharing your feedback. One of our **************** Managers has reached out numerous times by email and phone, but has not been able to get in touch. We would like to address your concerns at your earliest convenience so please do not hesitate to contact one of our Managers at ************ or *************************************************. 

  Thank you, 

  Forward Financing

• Initial Complaint

  10/31/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On October 5 2023 I was sold a bad loan. I borrowed ******. They deposited $14,210, which is minus a their processing fee and they want $21,900 to pay it back. I did not understand the contract or the cost of the funds. I have paid them $2346.45 and they refuse my $****** payment today to cancel the contract. I contacted *********************** Manager - Account Servicing Tel/Fax: ************** Toll Free: ************ Email: *********************************** She repeatedly said that I signed a contract and that I needed to pay the $6900 in fees for this loan.It's been less than two weeks and I want to return $****** in addition to the $2,345. *********************** said that there is no way to "get out of the contract" and that I am liable for the full repayment of $21,900.

  

  Business response

  11/08/2023

  Hi ********, 

  Thanks for sharing your feedback. We understand you spoke with one of our **************** Managers and have come to a settlement agreement. That agreement was documented in a letter, which was sent to you by e-mail on November 3rd and again on November 7th. If you have any questions or additional concerns please do not hesitate to reach out. 

  Thank you, 

  Forward Financing 

• Initial Complaint

  03/13/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Forward Financing is a loan shark company they are rude and like sending threatening emails ,text and phone calls.Back story my account was over drafted because of their daily ACH pulls . I blocked them until I could get my bank account straightened out once I got it straightened out . I noticed they started pulling money out once again which threw up red flags because they were blocked .So with the help from my bank we noticed the amount they started pulling was not the authorized amount I originally agreed to and they changed the company ID so they could get around the block I still had on my account .I never once agreed to a new amount never received a contract for this new amount.The original contract I signed was never signed by them and I know as a business owner both parties have to sign the contract and it has to be presented to both parties for filing purpose.But because they changed the amount without my authorization the original contract is voided. Im being forced to close my bank account because of what they are doing and my bank is saying its fraud.Dont do business with this loan shark company .

  

  Business response

  03/23/2023

  Hi *****, 

  
  Thank you for sharing your feedback. As a reminder, with revenue-based financing from Forward all of our customers are entitled to payment relief, they just need to reach out so we can work together on a resolution. We understand you were communicating via email with one of our Managers early in the week to address your concerns and get your account back on track. However, we havent heard a response from you since Monday 3/20 as he has been reaching out via email/text/phone to figure out a plan for your business. Please get in touch with him at ************ and hed be more than happy to assist you. 

  All the best, 

  Forward Financing

  
  

• Initial Complaint

  04/06/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I took a business loan from forward financing. Paid it off ! With a lump sum of $7500. They have taken two months to give me a receipt that I have paid in full. Now they have assigned me a new account manager and I have a 0 balance. Ive repeatedly asked for a receipt but they want me to sign a new contract, and I want to be done with this company. They are holding my small business hostage !! I want a receipt of payment in full and they cant even deliver that! Im a member of the BBB too and they do not hold to the standards of the BBB! Please help me get my receipt and be completely done with this suspicious business. They are a loan shark company, praying of small businesses! I just need a receipt and I can go on with my business and be completely free form this company! Thank you for your help!

  

  Business response

  04/21/2022

  Hi ****,

  
  Thank you for voicing your concern. Our Senior Director of Renewals and Account servicing has reached out to you about the situation, and we understand that your ISO (the ****************************** that served as your broker) provided some misinformation about the early payoff discount you were entitled to with your revenue-based financing. While we do have all of our customers go through a detailed funding call to ensure the terms are clear before releasing the funds, our team did agree to offer you a reduced balance to settle the account due to the misunderstanding. We have provided the zero-balance letter requested as well as sending you a **** gift card for the inconvenience. If you have any further questions or need any additional documentation, you can contact our Account Servicing team directly, or give us a call at ************ Monday through Friday 9AM - 6 PM EST.

  
  Best,
  Forward Financing
  

  
  

  Customer response

  04/21/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 
  
  Regards,
  
  **** - Owner *****************

• Initial Complaint

  04/01/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This is a Cash Advance Merchant and I have been out of work, their daily force of ACH transactions had my account to go into the negative amounts. I had to put a stop payment due to the excessive fees (you can't take money from a zero balance, then the bank charges you for overdraft fees). They charged a $2,500 penalty due to me stopping the overdrafting of the account. Then threatened to file the *** complaint. I have NEVER in my life dealt with loan sharks such as this company. My job begins soon and I will have enough to pay them completely off by the end of the month, but that isn't good enough. They are truly the worst.

  

  Business response

  04/21/2022

  Hi ******,

  
  Thank you for sharing your feedback. Our Senior Director of Renewals and Account Servicing has tried to contact you a few times to resolve the situation, but has not been able to reach you. With our revenue-based financing, you are entitled to payment relief whenever you need it, but you must contact our Account Servicing team to arrange the payment adjustments. We are here to help, but can only do so if you stay in touch with us about your situation. The $2,500 fee is only applied when a customer stops their payment with the bank, which is a violation of our contract. Our team has implemented a reduced payment plan for you, and once the account has cleared 30+ days of payments, they will work with you to remove the stopped payment fee from your balance. If you need any further assistance with your payments, please be sure to reach out to our Account Servicing team directly and they would be happy to adjust your payments further as needed. 

  
  All the best,
  Forward Financing
  

  
  

• Initial Complaint

  03/28/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I received a letter from ******************* dated 10/27/21 saying that when I was laid off due to covid id 2020. That I had to send over $1700 as a result of an overpayment. When I contacted Principal they admit that according to their records the Third Party Administrator for Forward Financing submitted paperwork for all laid-off employees' 401-Ks to fully vest to 100% but 2 weeks after the distributions were made the *** withdrew the paperwork. I made it clear to Principal that this money never touched my pocket and I did a direct to *** rollover. After this initial call, I was assured that since the issue was not my fault that I had no liability for this. However, since then I've received two more letters from Principal one dated 12/14/21 claiming that I never responded to their letter but when I called they said they had record that this case was closed. However, now today 3/24/22 I received another letter claiming that Principal never received and response from me and that if they didn't hear from me by 3/25/22 they would send this to a collection agency although I've already spoken to multiple people at Principal as well as the ********** of ***** and was told I had no liability for this.

  

  Business response

  04/04/2022

  Hi ******,

  Thank you for bringing this to our attention. We have confirmed that you are entitled to the funds and do not owe any money to Principal. Our 401k management team, *************************, has contacted Principal to note this in your account and ensure that Principal will stop sending collection notices going forward. The team at *************** will also be reaching out to you with additional information on a resolution for this. Please reach out to us directly at ******************************************* with any additional questions.

  Customer response

  04/04/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 
  
  Regards,
  
  *****************************

• Initial Complaint

  01/03/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Company was not clear in their lending practices, I was loaned an initial amount of $9,000 about one month later I wanted to prepay my balance (8 months early before maturity date). They want me to pay $11,900 (and I have already paid them $1,800 to date. That brings a total of $13,700 for 1 month of a $9,000 initial amount loan. Which translates to $4,000 in additional monies to be paid back on top of the initial funded amount. The only prepayment they offered me was $900 off. This company failed to inform me that I would be paying back the interest charge darn near in full no matter if it was one day, or the full term of the agreement.The best they offered me was $900 off and it fails to display this on their contract.Predatory Lending

  

  Business response

  01/28/2022

  Dear BBB,

  We understand that the customer was displeased with the amount of the early payment discount. We have explained to the customer multiple times that the early payment discounts were clearly disclosed in the funding contract, which the customers confirmed two times that he read during the funding call. Upon contacting the account executive a month and a half later about an early payoff, the owner was displeased with the amount of the early payment discount. He refused to engage during initial resolution communications. In a final attempt, we offered to double the early payment discount (a measure rarely offered) and the owner rejected the offer.

   

  Thank you,

  Forward Financing

• Initial Complaint

  12/08/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  We agreed to settle a account for a amount weeks ago. Last Friday my account was frozen in we agreed to settle for a amount weeks before for $3000 as stated in the email. They froze my account in now saying it will take a long time to unfreeze it I can get in trouble for the checks I wrote before this happened in we agreed to settle for a amount. They arent unfreezing my account in have a agreement in place. They are saying its the lawyers but I dont know it doesnt take this long to unfreeze a account.

  

  Business response

  01/28/2022

  Dear BBB,

  The Account Servicing team had been working with the customer to reach a resolution. We were informed on January 10th that the customer wanted to remove the ******************** complaint because all concerns have been resolved.

  Thank you,

  Forward Financing

  Customer response

  01/28/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 
  
  Regards,
  
  ***********************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩