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Lease Finance Group [LFG] / received a hardship settlement letter after 10 years.

1 Canada Review updated:

Hello,

i had a business back in 2004 and i had signed up for the debit credit machine with LFG my business closed within 6 months but this company was still charging me about $50 every month because they told me there is a contract, now after 10 years yesterday i received a letter that i owe $1548.42. i tried to call them but their voice mail is full and cannot receive any more voice mail, there is no email where i can contact them. i think i will file a small court claim against this company.

please advice.

thanks

At
May 4, 2018
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Comments

  • Ma
      7th of May, 2018
    0 Votes

    I have a small business in North Texas that in 2014 I upgraded my merchant services to a local company that specialized in processing credit cards for my type of business. They set me up with POS equipment for the retail end of my business where we could swipe customers credit cards in person. The equipment was costing me $130.00 per month for 4 years thru Lease Finance Group or $1550.00 per year for 4 years ($6, 200.00) for equipment that can be purchased for less than $500.00. 29 months into the 48 month lease technology changed significantly with chip cards which our existing equipment did not do. The merchant processing company told me they would update the equipment but it would cancel the old lease agreement and renew it with a new 48 month agreement at $200 per month. They would send me a chip reader to attach to my existing equipment for the additional $9600.00.
    I did some shopping around and found a merchant processing company that charged less fees, with no extra hidden fees, would provide me with new updated POS equipment for $59 per month and a 12 month payout.
    I contacted LFG and told them that the equipment was obsolete and outdated and not up to the current security standards. They said "too bad, so sad" all they did was finance the equipment for me to call the merchant services company. I told them I already had and what they could do about the issue. LFG said sorry we don't have anything to do with that.

    I cancelled the existing MSA and went with the new company, received the new POS equipment, sent the old outdated equipment back to the MSA. However, LFG said I was still obligated to pay the remaining $2500 on the equipment and the MSA is still charging me monthly fees until 2019 for their services that I no longer use or need.

    I stopped payment on all LFG charges and then the harrassing phone calls started, threatening me with law suits,
    judgments on my credit score for 20 years and increased the amount to over $3500.00. I tried to settle with them but they want the entire amount upfront. I have been told that there is a Class Action Lawsuit pending in the State of New York in the Attorney Generals Office at www.ag.ny.gov/NLFAQ.com and by calling 1-800-771-7755.

  • Vi
      29th of Nov, 2018
    0 Votes

    @Marilyn M Carter Hello Marilyn I am going same issues with these people I would like to talk to you about it if you can guide me please email me at [email protected]
    Thanks

  • Mu
      11th of Oct, 2018
    0 Votes

    Hello Marilyn, I am going through similar issues. Would love to speak with you. Please email me at [email protected] Thank you!

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