ComplaintsforForward Financing, LLC

• 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,
  
  ***********************

• Initial Complaint

  10/01/2021

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  on 9/8 I agreed to a deal with FF, and all I was waiting on was the signed contract. I did not receive the contract signed until 9/30, which was not notarized nor electronically verified, so I believe that the owner signed it and backdated it. On 9/9/21 FF deposited $ to my account, which I was not expecting as I did not receive the verified signed contract. Now, even if I had received a signed contract, the terms were explicit that they would debit my account in 7 days for payment #1. They took the first payment on 9/15, which was only 6 days. So they didn't even follow the contract anyway. On 9/16 I informed FF of this and offered to cancel the contract and pay them the exact amount they sent. They refused and wanted 80% more then they gave me. 80% in one week is an interest rate of over 4000%!! I then offered payment in full WITH interest, but a more reasonable amount. They refused so I sent a letter revoking authorization to debit my account, and they TOOK ANOTHER PAYMENT

  

  Business response

  10/07/2021

  Hi ******,
  
  Thank you for your feedback. At Forward Financing, we strive to be transparent, honest, and clear about our funding process. Pursuant to the contract, payments were to be debited every seven (7) days, beginning 7 days after the date the Purchase Price is paid . We confirmed in our records that the funding was paid on 9/8. Therefore, your first payment was pulled on the correct date on 9/15. We have not taken any other payments since your first payment.
  
  Our product is sales-based financing, meaning that it is not a loan and we do not charge interest. Our customers pay a set dollar amount for the financing, no matter how long the payment period may last.  When you reached out to our team on 9/16 making an offer of resolution, you did so involving interest, which again has no relevance to our product.
  
  
  We want to cooperatively find a resolution that will work for you and your business. Though your payment amount from 9/15 was appropriately taken pursuant to the contract, we are more than willing to return it to help ****** discussions towards resolution in this matter.
  
  The Director of Account Servicing, *********************, has reached out to you several times the past couple of weeks and you have not tried to work with him. Please call Gabe at **************, or email him at ***************************************** so that we can help you get your payment amount returned and your business back in good standing.
  
  Thank you,
  Forward Financing

  Customer response

  10/15/2021

  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. 

  [You must provide details of why you are not satisfied with this resolution.  If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
  
  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,

  ******

   

   Thank you for your response.  I am not satisfied because since you have responded to this, Forward Financing has filed a lawsuit against me.  You claim that I was funded on 9/8 and payment was taken on 9/15 to the public on BBB, but behind closed doors, that is not what you are saying.  You admit to funding on 9/9 and admit that 9/15 is only 6 days, but refuse to acknowledge that the contract clearly calls for 7 days.  You are stealing money from every customer of yours by taking payments 15% earlier than you agreed to.  Responding to the BBB the correct way just proves my point that you are clearly not concerned for your customers, and actually steal money from them and then steal more when they call you out on it, then file a lawsuit when someone fights back even more.  I am thinking of fighting this all the way through litigation now, even though ***** was beginning to work with me rationally.    

  

  Business response

  11/16/2021

  Hi ******,
  
  
  Thank you for sharing your concerns. Our customers are our top priority and we want to help your business succeed. We have upheld everything that we said that we would do in our contract and have tried to find a mutually beneficial solution. Multiple levels of our team, including our Senior Director of Account Servicing and several Managers of Account Servicing, have tried to start a dialogue with you, but you have not been willing to work cooperatively with us or commit to reaching a realistic solution. We want to work with you and our Account Servicing team is available to support you at ************ Monday to Friday from 9am-6pm EST.
  
  
  Thank you,
  Forward Financing

  Customer response

  11/18/2021

  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. 

  [You must provide details of why you are not satisfied with this resolution.  If you do not enter a reason for your rejection, your complaint will be closed as Answered.]

   

  I do not accept the businesses response.  They are correct that they have reached out numerous times.  **********************, ****, ***** and **** have all reached out numerous times every day.  Illegally reaching out per debt collection laws, but constantly bombarding me with calls, texts and emails.  They filed arbitration against me claiming that I breached contract.  To the BBB they claim the account was funded on the 8th, and debited on the 15th, which is what I agreed to.  Payments being pulled in 7 days.  They actually funded me on the 9th.  I have evidence of this, as well as emails from ********************** and **** that they agree the payment was paid on the 9th.  When I requested to refund ALL MONIES, they ALL REFUSED, instead wanting me to pay ALMOST DOUBLE what they funded!!  6 days later!!  Instead of taking their money back and moving on, they FILED ARBITRATION AND ARE NOW ASKING ME TO PAY THEIR ARBITRATION COSTS TOO!!!!!!!  The agreement was breached before Forward Financing performed their obligation, but now Forward Financing believes I should still fulfill my obligation, and not only that pay their legal fees!!!!!  Oh, and their legal fees are an employee of the company that they would be paying either way, so I'm nearly certain that their "legal" fee is charged to numerous companies, even though ***** only gets paid once.  They have no intention to make this right, their only intention is to force me into numerous costs and fees due to their own negligence.  I am now out money to file an answer with the arbitrator, bounced fees from my bank, and the retainer for the lawsuit that I need to file for injunctive relief.  Its going to cost me the entire amount they gave me just to defend myself.  They should have just taken their money back.  They don't want their money back, they want double, and me to pay their lawyers salary as well.
  
  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,

  ******

   

   

*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. ↩