• Report: #244373

Complaint Review: Business Financial Services

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  • Submitted: Mon, April 16, 2007
  • Updated: Tue, June 17, 2008

  • Reported By:Spring Texas
Business Financial Services
3111 N University Dr., Suite 800 Coral Springs, Florida U.S.A.
  • Phone: 877-411-6691
  • Web:
  • Category: Loans

Business Financial Services - Koch Recovery Crooks Preying on Small Business Owners, Thieves That Rob You Blind, Dishonesty to the Fullest Extent ripoff Coral Springs Florida

*Consumer Comment: This company helped me

*UPDATE Employee: Default

*Author of original report: Positive Update

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I am a small business owner. I confided in Business Financial Services (BFS) in accepting a small business loan that they were just itching to give me. BFS connected to my bank account and took a percentage of each credit card transaction from my business. This is how the loan would get paid back.

Last month I switched bank accounts, a choice that was long overdue. Upon switching I immediately notified BFS by phone. I submitted a facsimile following the phone call with a Bank Change form with a copy of a voided check to my new bank accoun attached. After faxing, I received the confirmation report that the fax did indeed go through.

Well, just last week I began to receive harassing phone calls from BFS and their peon, Koch Recovery. They harassed my employees over the phone. They were of the utmost unprofessional. It got to a point were the harassing turned into threats. Because of this I was forced to contact the police in which a report was filed against this company.

BFS continued with the harassment. They told me that if I did not submit the full amount of the loan within 48 hours (nearly $13000) that they would be by business and repo everything. They wished me good luck and told me that it would be in my best interest to seek new employment! Can you believe the nerve??

I could not understand why BFS was acting in this hostile and juvenile manner. I contacted BFS & Koch Recovey and they explained that they never received notification that I changed my bank account information and because of it, they explained that I forfeited my contract. I explained to them that I phoned them as well as sent correspondence via facsimile upon changing my bank accounts. I even faxed over to them the original fax along with the confirmation report.

BFS told me that they did not care and that it was no longer their problem. It did not matter to them that I properly notified them of such changes, and it did not matter that I did not "truly" breach contract. What mattered to them was the present and them getting their hands on MY money within two (2) days!

BFS failed to take responsibility and failed to take fault in this situation. Even after immediate and proper notification of account changes, BFS still holds that I breached contract even though I absolutely did not. They fail to see fault on their end.

In fact, they do not care. This is what they do. They can dream up a "breach of contract" regardless if it is truly a breach of contract. They harass you and tell you that they will repo your business. They threaten you and torment you that your business will cease to exist and that they will force you to close the doors.

This company should not have the right to be in business. They are crooks! Crooks that should be behind bars! Why should we allow them to continue to prey on small businesses? We need to put an end to them now and forever!

Who is to say that they do this to handful of accounts? That they make up a "breach of contract" so that they can recover their funds within two (2) days as opposed to two (2) years or longer? If they did it to me, they will certainly do it to you!

Andrea
Spring, Texas
U.S.A.

This report was posted on Ripoff Report on 04/16/2007 10:29 PM and is a permanent record located here: http://www.ripoffreport.com/r/Business-Financial-Services/Coral-Springs-Florida-33065/Business-Financial-Services-Koch-Recovery-Crooks-Preying-on-Small-Business-Owners-Thiev-244373. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

This company helped me

AUTHOR: Jeremy - (U.S.A.)

I dont know where people get off attacking this company on this website. I was on the verge of losing my business and they advanced me cash and kept me afloat. This story sounds to me like an exaggerated story made up by an individual that is upset because they didnt get their way. Its funny how people are hurting and begging for something but then when someone is there to help them out they expect it to be on their own terms. Grow up and act like a responsible adult and maybe things like this wouldnt happen.
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#2 UPDATE Employee

Default

AUTHOR: Beverly - (U.S.A.)

In rebuttal to the complaint against Business Financial Services

As per the signed Accounts Receivable Purchase Agreement the merchant agrees to process all Visa/Mastercard transactions through the agreed upon merchant account processor. If, at any time, before the balance of the account if more than 0 merchant switches processors they are in default of the agreement and the full balance is due and payable. After review of this specific merchant that is the case. On or about April 2007 merchant told the collection department that they had switched processors. This is an instant default and therefore any outstanding balance is due and payable.
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#3 Author of original report

Positive Update

AUTHOR: Andrea - (U.S.A.)

Since the posting of this report, Business Financial Services along with Koch Recovery have been willing to come to a satisfying agreement to alleviate the problems that were experienced previously.

We will work together now and in the future to prevent another problematic issue from arising again. As long as the lines of communication remain open, further business will positively transpire.
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