To own a small business is hard enough with proper equipment in the spa industry. I opened before market crash. Not relizing the extent of economic damage.
It began with simple updates to warnout equipment and was told they are a financial lein company and do not accept equipment back or relace it!
Then what is a lease?
As time went on it was ghost town during war and presidential time frames changing as well. People were holding onto money. I was forced to call this company to let them know in advance that I was not able to meet the requirements or maintain insurance on the equipment.
An honest warning of closure of business was given. Customer service said they cannot release me from the equipment even at the end of 60 months! I said it was never in my paperwork that this was effective in case of closure.
They said their apologies. I them after some thought called and told them to pick up the equipment and will pay the difference of late fees and payments so they can lease it to another person.Customer Service proceded to urge for payments to catch me up so that they can assist me further and talk to management.
I prepared equipment for pick up, cleaned and wrapped in plastic! They "No showed" me. I called them and they said it was not worth the money to send for pick up. Could I sell it and give them the money because they are never letting me out of the contract. I also was told I owe it to them. I thought that was fair at fair market value and started trying to off load the equipment. Craigslist and Ebay and Facebook; to no avail.
I did the research on companies that sell these particular products. They are revised and updated constantly and they do not sell used equipment and I was given my best guess for their worth.
I then called them to offer a possible buyout. I couldnt do any better than $15,000.00 They would take less that 25,000.00 so this went on and on. Then when I finally got my husband involved they tried the same ploy with him, that they finally agreed to pick it up. In no time thereafter an attorney was initiated on there behalf for the full amount 25000.00 was now 45000.00.
To make it worse the attorney worked with me slyly! He said Timepayment would accept $18,000.00 and were really wanting 33,000.00 but he would call them and get back to me. This story goes on and on.
We requested a formal agreement for a byout to get us out of an indefinite lease...any lease that says 60 months with a then variable amount to buyout at there estimates of what it is worth is until death. It is you and your money they want not the broken down equipment!
I sent there representative $11,000.00 I had to get against my home to show my good faith toward the 18,000.00 and was taking the rest from our next three personal income on paydays!
That attorney in Dallas then went around me to my husbands email and stated because we didnt send the full 18,000.00 all at once Timepayment refuses to honor that amount and now had made the nother offer of 22,000.00.
I am sure they wrote us off as a loss and carry insurance on people whose businesses do not make it thru the first 4 years.
The attorney I went to said do not give them another dime. He will never agree in a new contract formally about a buyout and they already have 11,000.00. Until this attorney does what you have asked he is only init for pure profit and as much as they can bleed off of you.
Being a liar is not good business ethics. No wonder they only wanted person information on me and my husband. They would not have done the loan through our company name.
They are designed to aquire information on private home inofrmation to and have a little rider on my tax info with the house.
Since our request for a contract for the actual buyout which we tried to goto the office in Dallas with the remainder to sign so it could not be an issue on property taxes or credit the attorney on their behalf got really quiet. Now, yesterday we received a summons again, now for $10,000.00 in attorney fees and $33,000.00.
So, here we go again and are still paying the 11,000.00 that means nothing!
The initiallizing capitol raised to do financing and regualar payments they did get and the 11,000.00 was close to what they paid so, the extra $7,000.00 we were going to hand them would have still given them a profit. It would have been a small profit but due to difficulty trying to be greedy has created courts to be involved and less in their hands.
I will tell the world to not deal with companies that say they are lease and still want money at the end. That in itself should have been a red flag. When good at your field of work you do not think about wars in the world effecting you and your company and you do not check national markets. If you do, well, great but at super small level of business you do not think apple's price per share is relavent. Or that the markets and banks are not buying. Even near the crash no one was privy to know how bad it was.
I tried being ethical. Honest and kept line of open communication with Timepayment and their attorney. It is on credit now and we are out of alot of money and the equipment is not reselling.
When you advise a company of on coming plan to conclude business. You would think they would devise a productive plan instead of lying and wrecking lives. Timepayment Corp.could have gotten a recommendation" Instead chose to play with someone that knows alot of people in this industry.