Dealing with Kabbage

[Jaffo1596]

What is the name of your state (only U.S. law)? WI, Currently I own a LLC treated as a S corp in the state of WI. The company was dealing with a company called Kabbage, they give loans based on factors from Amazon, ebay, papal etc. There are several loans taken and have been doing business with them for 1 year with no issues till the beginning of January when the company suspended from amazon and sales dropped by over 65% and have not recovered. to make this short, I started to try and work out a payment plan for all the loans combined but they would not deal with me because I was not in default, so at the end of January I was in default as the monthly payment was missed.

Now I have them calling but trying to collect the debt personally as it was a personal guaranteed loan, which is fine and I knew that, but they will not accept any repayment plans from me. They even had a attorney call me and he said that he would get a payment plan but that was a lie also, so after many phone calls they have accepted my agreed payment plan, but here is the kicker, they want me to send the payment to them through my bank account. I will not do that as it will give them access and I do not trust the company, then they wanted a credit card payment. I asked for written agreement that if I made the payment that they would accept the payment plan, he then said that he could not and I had to make the payment first then they would look at those options.

With out a agreement in place I feel the payment will just be deducted and then the calls will start again, so here is my question, should I get a lawyer to negotiate with them or wait till it gets further along and see if they will accept the terms. I do wish to pay the debt but I really just do not trust the people I am speaking too. Any advice would be most helpful. i am basing my payments on currant sales and what I can pay with the company.

Balance 38k
Offered 2k per month paid by money order and shipped overnight mail with signature needed, would not accept.

Need to get the late fee's to stop and am trying to get this settled before they pile up, thank you for any advice on this matter.

 

[tranquility]

If you are not in compliance with the loan contract, they are in the driver's seat. They do not have to deal with you other than to accept timely payments in the manner contracted. You can certainly try any technique, including getting an attorney, to get them to listen.

 

[LdiJ]

What is the name of your state (only U.S. law)? WI, Currently I own a LLC treated as a S corp in the state of WI. The company was dealing with a company called Kabbage, they give loans based on factors from Amazon, ebay, papal etc. There are several loans taken and have been doing business with them for 1 year with no issues till the beginning of January when the company suspended from amazon and sales dropped by over 65% and have not recovered. to make this short, I started to try and work out a payment plan for all the loans combined but they would not deal with me because I was not in default, so at the end of January I was in default as the monthly payment was missed.

Now I have them calling but trying to collect the debt personally as it was a personal guaranteed loan, which is fine and I knew that, but they will not accept any repayment plans from me. They even had a attorney call me and he said that he would get a payment plan but that was a lie also, so after many phone calls they have accepted my agreed payment plan, but here is the kicker, they want me to send the payment to them through my bank account. I will not do that as it will give them access and I do not trust the company, then they wanted a credit card payment. I asked for written agreement that if I made the payment that they would accept the payment plan, he then said that he could not and I had to make the payment first then they would look at those options.

With out a agreement in place I feel the payment will just be deducted and then the calls will start again, so here is my question, should I get a lawyer to negotiate with them or wait till it gets further along and see if they will accept the terms. I do wish to pay the debt but I really just do not trust the people I am speaking too. Any advice would be most helpful. i am basing my payments on currant sales and what I can pay with the company.

Balance 38k
Offered 2k per month paid by money order and shipped overnight mail with signature needed, would not accept.

Need to get the late fee's to stop and am trying to get this settled before they pile up, thank you for any advice on this matter.

Just send them a certified check. Keep doing it. Don't send it certified, send it delivery acknowledgment (that is when the postman sends back a card saying he/she delivered it.

 

[OHRoadwarrior]

As long as you are making 2k per month payments, the likelihood of them suing you is much lower than you trying to hold out on making any payments in an attempt to get them to accept an arrangement. It appears you have dragged this out about a month do I would make the first payment $4k.

 

[FlyingRon]

Don't send it certified, send it delivery acknowledgment (that is when the postman sends back a card saying he/she delivered it.

There's no such service. If you use a return receipt, the mailman will try to get a signature. Electronic delivery confirmation will return when it's put in the recipients mailbox (or otherwise delivered).

 

[Jaffo1596]

Just send them a certified check. Keep doing it. Don't send it certified, send it delivery acknowledgment (that is when the postman sends back a card saying he/she delivered it.

The problem with doing this, and I did actually send a payment, is that the late fee's do not stop and will not stop unless there is a plan in place. So even though i send them the money, $100 per day late fee's will continue and this will just get out of control. At this time I will look at options and see what I can do to fix this, short of bankrupting the company and myself. As for being late, I am actually only 15 days late on the payment, was currant up until then, I was just trying to rework the loan before it was late. Business is slow and has not recovered. Thanks for the replies, will most likely just talk with an attorney and explore options.

 

[Jzs2112]

What is the name of your state (only U.S. law)? WI, Currently I own a LLC treated as a S corp in the state of WI. The company was dealing with a company called Kabbage, they give loans based on factors from Amazon, ebay, papal etc. There are several loans taken and have been doing business with them for 1 year with no issues till the beginning of January when the company suspended from amazon and sales dropped by over 65% and have not recovered. to make this short, I started to try and work out a payment plan for all the loans combined but they would not deal with me because I was not in default, so at the end of January I was in default as the monthly payment was missed.

Now I have them calling but trying to collect the debt personally as it was a personal guaranteed loan, which is fine and I knew that, but they will not accept any repayment plans from me. They even had a attorney call me and he said that he would get a payment plan but that was a lie also, so after many phone calls they have accepted my agreed payment plan, but here is the kicker, they want me to send the payment to them through my bank account. I will not do that as it will give them access and I do not trust the company, then they wanted a credit card payment. I asked for written agreement that if I made the payment that they would accept the payment plan, he then said that he could not and I had to make the payment first then they would look at those options.

With out a agreement in place I feel the payment will just be deducted and then the calls will start again, so here is my question, should I get a lawyer to negotiate with them or wait till it gets further along and see if they will accept the terms. I do wish to pay the debt but I really just do not trust the people I am speaking too. Any advice would be most helpful. i am basing my payments on currant sales and what I can pay with the company.

Balance 38k
Offered 2k per month paid by money order and shipped overnight mail with signature needed, would not accept.

Need to get the late fee's to stop and am trying to get this settled before they pile up, thank you for any advice on this matter.

Hey OP,

I hope you read this or get notified of my reply. (Super frustrating, I found your question here tonight. I started to reply to ask you a question. I got to rambling and explained in great detail my situation and did so realizing you may never even read this or for sure reply if you did...at any rate, I spent like an hour typing up this huge reply to your original post going into great detail with my current situation. I don’t have the wherewithall to do that again, at least not tonight, so will make this simple. (After typing my first reply my phone got all jacked up and lost the whole thing before I could post it)

So at any rate, Iam currently in a very similar situation (as the where you were with Kabbage at the time of your post). Are businesses are different but some of the circumstances and the dollar amount owed are very similar. If you get this and reply I will happily share more details. But my question is, very much like you I have got in over my head to Kabbage. My business hit some major bumps this year, long story short, I got in bed with Kabbage and a series of “draws” have been made and I am buried with them right now. I am honorable, I pay my debts, I currently have excellent credit but probably not for long because of the Kabbage fiasco. While I have solid credit I don’t currently have the capacity to likely secure a favorable loan to get myself out of this mess. Therefore, I am stuck trying to work something out with Kabbage. I have found nothing but horror stories saying they are the most difficult and unreasonable company to work with EVER if you find yourself in a bad way with them. Their business practices did a lot to put me here but that is another story. I am an adult and should have been smarter. At any rate, my question is how did things turn out for you? Did they ever agree to a payment plan and if so did they abide by their agreement. Like you, I could swing a more reasonable payment of a few thousand a month to get them paid and I want to do that. I am not out to screw them but I have made some bad decisions made in desperate times to put me in a bad way. I can’t afford the huge payments they want over the next 6-9 months but if they would be reasonable with late charges and give me 24 months or something I want to pay them and resolve this matter without having to close my doors and possibly file bankruptcy. They don’t know I am in trouble yet, in fact they just emailed me they increased my credit line today. Funny, just about the time my payment is due I am offered an increased line. That’s kind of the type of practices that have got me in such a bind. But can you tell me how things worked out or are working out for you?? Are the horror stories true or exaggerated? I am going to have to contact them soon to make arrangements or attempt to and any input you could give me would be greatly appreciated. Thanks so much.

 

[quincy]

Hey OP,

I hope you read this or get notified of my reply. (Super frustrating, I found your question here tonight. I started to reply to ask you a question. I got to rambling and explained in great detail my situation and did so realizing you may never even read this or for sure reply if you did...at any rate, I spent like an hour typing up this huge reply to your original post going into great detail with my current situation. I don’t have the wherewithall to do that again, at least not tonight, so will make this simple. (After typing my first reply my phone got all jacked up and lost the whole thing before I could post it)

So at any rate, Iam currently in a very similar situation (as the where you were with Kabbage at the time of your post). Are businesses are different but some of the circumstances and the dollar amount owed are very similar. If you get this and reply I will happily share more details. But my question is, very much like you I have got in over my head to Kabbage. My business hit some major bumps this year, long story short, I got in bed with Kabbage and a series of “draws” have been made and I am buried with them right now. I am honorable, I pay my debts, I currently have excellent credit but probably not for long because of the Kabbage fiasco. While I have solid credit I don’t currently have the capacity to likely secure a favorable loan to get myself out of this mess. Therefore, I am stuck trying to work something out with Kabbage. I have found nothing but horror stories saying they are the most difficult and unreasonable company to work with EVER if you find yourself in a bad way with them. Their business practices did a lot to put me here but that is another story. I am an adult and should have been smarter. At any rate, my question is how did things turn out for you? Did they ever agree to a payment plan and if so did they abide by their agreement. Like you, I could swing a more reasonable payment of a few thousand a month to get them paid and I want to do that. I am not out to screw them but I have made some bad decisions made in desperate times to put me in a bad way. I can’t afford the huge payments they want over the next 6-9 months but if they would be reasonable with late charges and give me 24 months or something I want to pay them and resolve this matter without having to close my doors and possibly file bankruptcy. They don’t know I am in trouble yet, in fact they just emailed me they increased my credit line today. Funny, just about the time my payment is due I am offered an increased line. That’s kind of the type of practices that have got me in such a bind. But can you tell me how things worked out or are working out for you?? Are the horror stories true or exaggerated? I am going to have to contact them soon to make arrangements or attempt to and any input you could give me would be greatly appreciated. Thanks so much.

You can send Jaffo a private message to see if he is still checking the forum after this amount of time. It does not appear that Jaffo has returned since February 2016.

If you have a legal question, however, you should start your own thread. Reviving old threads is frowned upon on this forum.

Thanks.

 

[Jzs2112]

What is the name of your state (only U.S. law)? WI, Currently I own a LLC treated as a S corp in the state of WI. The company was dealing with a company called Kabbage, they give loans based on factors from Amazon, ebay, papal etc. There are several loans taken and have been doing business with them for 1 year with no issues till the beginning of January when the company suspended from amazon and sales dropped by over 65% and have not recovered. to make this short, I started to try and work out a payment plan for all the loans combined but they would not deal with me because I was not in default, so at the end of January I was in default as the monthly payment was missed.

Now I have them calling but trying to collect the debt personally as it was a personal guaranteed loan, which is fine and I knew that, but they will not accept any repayment plans from me. They even had a attorney call me and he said that he would get a payment plan but that was a lie also, so after many phone calls they have accepted my agreed payment plan, but here is the kicker, they want me to send the payment to them through my bank account. I will not do that as it will give them access and I do not trust the company, then they wanted a credit card payment. I asked for written agreement that if I made the payment that they would accept the payment plan, he then said that he could not and I had to make the payment first then they would look at those options.

With out a agreement in place I feel the payment will just be deducted and then the calls will start again, so here is my question, should I get a lawyer to negotiate with them or wait till it gets further along and see if they will accept the terms. I do wish to pay the debt but I really just do not trust the people I am speaking too. Any advice would be most helpful. i am basing my payments on currant sales and what I can pay with the company.

Balance 38k
Offered 2k per month paid by money order and shipped overnight mail with signature needed, would not accept.

Need to get the late fee's to stop and am trying to get this settled before they pile up, thank you for any advice on this matter.

Test

Test

You can send Jaffo a private message to see if he is still checking the forum after this amount of time. It does not appear that Jaffo has returned since February 2016.

If you have a legal question, however, you should start your

You can send Jaffo a private message to see if he is still checking the forum after this amount of time. It does not appear that Jaffo has returned since February 2016.

If you have a legal question, however, you should start your own thread. Reviving old threads is frowned upon on this forum.

Thanks.[/QUOTE

Thank you Quincy for your reply. I am not trying to violate the terms of service here. I just happened upon the original posters question and attempted to make contact with him. I just registered for this site tonight and am still learning to navigate and use it. I probably will have some legal questions but for the moment was just more interested in how things worked out for this poster. I will attempt to figure out how to send poster a private message and will post my future questions in a proper thread. This looks like a very useful site and I appreciate their are professionals on here willing to answer some questions for free. Very noble of those legal pros volunteering their time here to answer questions. Thanks for your input and have a good evening.

own thread. Reviving old threads is frowned upon on this forum.

Thanks.

You can send Jaffo a private message to see if he is still checking the forum after this amount of time. It does not appear that Jaffo has returned since February 2016.

If you have a legal question, however, you should start your own thread. Reviving old threads is frowned upon on this forum.

Thanks.

 

[quincy]

It can take awhile to figure out how the forum works.

To send Jaffo a private message, click on his name. There will be a box that says "start conversation." Click on the box, write your message, and send. If Jaffo is still checking the forum (and I wouldn't count on it), he will respond.

You will need to start your own thread if/when you have questions for forum members to address. This thread is reserved for Jaffo.

Thanks.


Edit to add: Jaffo does not have the private message feature activated so it appears you will just have to wait and see if he stops by.