ED Magedson – Founder
RETRIEVER - NECOURT FINANCIAL - LEASE FINANCE GROUP233 N. Michigan Ave; Suite 1800 Chicago, Illinois United States of America
On February 15, 2005, a sales rep from Retriever based in Houston, TX named Cliff Torrence came to my newly started dental office. With him was another sales person who was a long time member of Grenada First Baptist Church Choir and former patient of my clinic. They were selling credit card processing services and the equipment needed. As we could not afford the equipment, they offered a "non-cancellable" lease for $69.95 per month for 36 months. The choir girl told us we would then own the processing equipment and after payoff would need only pay whenever updated and any repair that might be necessary. Further she assured us that the credit services could be cancelled at any time. After a few months of using this system, I found that on average, my charges were amounting to 14% of processed amounts. Further the charge was not 69.95 per month but had fine print in the contract that allowed Lease Finance Group LLC to kite the lease charges to $80.90 per month. Phone calls to the sales rep were via his answering machine and referred me to my "new" rep named Tim Johnson at 601-770-6465. Now is where it gets nasty.....the Retriever company in Houston TX referred me to Lease Finance Group LLC in Chicago. Someone with name of Ms Angel lectured me on the legal contract we had signed and said we had to pay for 48 months not 36. To my dismay, my employee had signed a 48 month lease AND another 36 month lease for processing services.
Cancellation procedures were buried in a 35 page agreement printed in 6-pt type that amounted to equivalent of more than 100 pages of regular typing. Only a fool would sign such a contract unless they were mislead and lied to as we were. Every contact with LFG and Retriever was hostile in demanding money. We waited the 48 months and then got told by LFG that we did not own the equipment at all. I sent them a certified mail bill for all my money back because the entire contract was misleading and had details BURIED in legalese of more than 100 pages.
Then we learned that another company called NPC had the lease for "processing services" and it was only for 36 months. Both leases had wording that made them automatically renew for ever unless you pay "specified fees and penalities and give specific written notices within a narrow window of time before expiration."
This is nothing more than a Madoff type fraudlent scam with more than 5 parties involved two of which are now calling my office and sending demand letters that they are going to sue. I disconnected their machines months ago and billed them for $4125.90 which I had paid.
The Mississippi Attorney General's Office has placed this scam with their Consumer Protection Division to mediate on my behalf. These Madoff scam companies are all in cahoots with each other and have already made three business friends in my town pay their outrageous penalities to keep from being sued. Another whose husband died was harassed for months as they tried to collect for the dead store owner! She finally died herself so one is left to sue.
I am fighting back and ask everyone who reads this to contact me through this website. We are suckers unless we can join up and get a class action suit which will take people willing to fight as I and the lady from Kentucky are now doing.
This report was posted on Ripoff Report on 09/02/2009 10:22 AM and is a permanent record located here: http://www.ripoffreport.com/reports/retriever-necourt-financial-lease-finance-group/chicago-illinois-60601-5802/retriever-necourt-financial-lease-finance-group-credit-card-processimg-equipment-and-r-488785. 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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