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Report: #421564

Complaint Review: TransCentral - BURBANK California

  • Submitted:
  • Updated:
  • Reported By: BURBANK California
  • Author Confirmed What's this?
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  • TransCentral BURBANK, California U.S.A.

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We have a small fleet of trucks and started using TransCentral at the peak season of 2008. We had told Trancentral that AT THE TIME we are averaging about 150,000 when fuel prices were about $4 per gallon. We were given a rate of 2.95 % for a 60 day advance. Since fuel prices dropped naturally we averaged a little less. Trancentral raised our rates twice and both times we were only notified of this change after they received our invoices. They left us no choice but to pay 4.5% factoring rate. ++++fees + fees + fees and more fees.

I have not factored with them for the last month and I have only a few invoices left with them that have not been yet paid by our customers. We are trying to pay on behalf of our clients to close out any balance with Trancentral so we would be able to get paid direct from our customers. The only way to do that is to get a release letter by our factoring company.

I AM ON THE PHONE WITH TRANCENTRAL EVERYDAY TRYING TO PAY OFF ANY OUTSTANDING INVOICES AND GET A RELEASE LETTER. I WAS TOLD THAT IT WILL TAKE ATLEAST 30 DAYS TO GET A RELEASE LETTER.

Because of their scams we might be closing our doors for a while.

A TRUCKING COMPANY
BURBANK, California
U.S.A.

This report was posted on Ripoff Report on 02/08/2009 12:58 AM and is a permanent record located here: https://www.ripoffreport.com/reports/transcentral/burbank-california-91500/trancentral-scams-burbank-california-421564. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
5Consumer
0Employee/Owner

#5 Consumer Suggestion

Hmmmm When a company has an employee to moniter a rip off report site. . . .

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

POSTED: Monday, April 20, 2009

When a company has an employee to moniter a rip off report site it doesn't speak well for the company. Why would Transcentral be monitering and replying to reports on this site unless they know they are cheating people and are expecting reports to be files?

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#4 UPDATE Employee

TranCentral response

AUTHOR: G Herrig - (U.S.A.)

POSTED: Monday, April 20, 2009

TranCentral, Inc is a premium provider of Factoring services to Truck Fleets. We buy Account Receivables and advance money to our clients before the accounts collect. Due to the risk involved, Clients enter into a security agreement at the beginning of our relationships.

When TranCentral factors an invoice, we advance money to our clients for work performed transporting freight. The customer sends us their invoice(s) and Trancentral collects directly for the shipper or broker (debtor), taking the burden of credit and collections off our customer's hands. If repayment is in jeopardy, Trancentral works with our client and debtor to get our carriers paid. Trancentral believes carriers should be paid for the hard work they do.

If the client is in breach of their agreement, TranCentral has the right to protect the agreement. TranCentral has the right to collect payments to recover our advances. Our agreement does not allow clients to be paid twice for the same invoices or sell invoices that are uncollectable. Any reasonable businessperson understands this.

TranCentral policy is; the client agreement must be satisfied before our security interest is released.

Trancentral as a policy does not disclose client's private financial information. North American Express has completed a buyout of their security agreement with TranCentral.

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#3 UPDATE Employee

TranCentral response

AUTHOR: G Herrig - (U.S.A.)

POSTED: Monday, April 20, 2009

TranCentral, Inc is a premium provider of Factoring services to Truck Fleets. We buy Account Receivables and advance money to our clients before the accounts collect. Due to the risk involved, Clients enter into a security agreement at the beginning of our relationships.

When TranCentral factors an invoice, we advance money to our clients for work performed transporting freight. The customer sends us their invoice(s) and Trancentral collects directly for the shipper or broker (debtor), taking the burden of credit and collections off our customer's hands. If repayment is in jeopardy, Trancentral works with our client and debtor to get our carriers paid. Trancentral believes carriers should be paid for the hard work they do.

If the client is in breach of their agreement, TranCentral has the right to protect the agreement. TranCentral has the right to collect payments to recover our advances. Our agreement does not allow clients to be paid twice for the same invoices or sell invoices that are uncollectable. Any reasonable businessperson understands this.

TranCentral policy is; the client agreement must be satisfied before our security interest is released.

Trancentral as a policy does not disclose client's private financial information. North American Express has completed a buyout of their security agreement with TranCentral.

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#2 UPDATE Employee

TranCentral response

AUTHOR: G Herrig - (U.S.A.)

POSTED: Monday, April 20, 2009

TranCentral, Inc is a premium provider of Factoring services to Truck Fleets. We buy Account Receivables and advance money to our clients before the accounts collect. Due to the risk involved, Clients enter into a security agreement at the beginning of our relationships.

When TranCentral factors an invoice, we advance money to our clients for work performed transporting freight. The customer sends us their invoice(s) and Trancentral collects directly for the shipper or broker (debtor), taking the burden of credit and collections off our customer's hands. If repayment is in jeopardy, Trancentral works with our client and debtor to get our carriers paid. Trancentral believes carriers should be paid for the hard work they do.

If the client is in breach of their agreement, TranCentral has the right to protect the agreement. TranCentral has the right to collect payments to recover our advances. Our agreement does not allow clients to be paid twice for the same invoices or sell invoices that are uncollectable. Any reasonable businessperson understands this.

TranCentral policy is; the client agreement must be satisfied before our security interest is released.

Trancentral as a policy does not disclose client's private financial information. North American Express has completed a buyout of their security agreement with TranCentral.

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#1 UPDATE Employee

TranCentral response

AUTHOR: G Herrig - (U.S.A.)

POSTED: Monday, April 20, 2009

TranCentral, Inc is a premium provider of Factoring services to Truck Fleets. We buy Account Receivables and advance money to our clients before the accounts collect. Due to the risk involved, Clients enter into a security agreement at the beginning of our relationships.

When TranCentral factors an invoice, we advance money to our clients for work performed transporting freight. The customer sends us their invoice(s) and Trancentral collects directly for the shipper or broker (debtor), taking the burden of credit and collections off our customer's hands. If repayment is in jeopardy, Trancentral works with our client and debtor to get our carriers paid. Trancentral believes carriers should be paid for the hard work they do.

If the client is in breach of their agreement, TranCentral has the right to protect the agreement. TranCentral has the right to collect payments to recover our advances. Our agreement does not allow clients to be paid twice for the same invoices or sell invoices that are uncollectable. Any reasonable businessperson understands this.

TranCentral policy is; the client agreement must be satisfied before our security interest is released.

Trancentral as a policy does not disclose client's private financial information. North American Express has completed a buyout of their security agreement with TranCentral.

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