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Medchoice Financial - Medchoice Credit Corpdeducts loan payments does ot pay merchant

On July 2011; we obtained financing with Medchoice to secure a loan for our daughter's boarding school; a behaviorial center in MO. We were referred to Medchoice by Clark Behaviorial Center.

We secured a 50K+ loan at 72 months with 12.99% even though we had perfect credit. Medchoice began deducting our checking account via ACH debit immediately. Flash forward to Nov 2011; we have been notified by the school facility that no payments have been received on the loan from Medchoice

11-11-2011- I called Bill on his cell phone and discussed the situation and he has reassured me that the loan can be cancelled and that monies paid on the account will be refunded next week.

11-11-2011: I have been informed by a source that Medchoice began doing business with Clark on January 2011. Starting in April of this year; Clark was notified that Medchoice was not making payments on any of the 90 said applications they refferrred to Medchoice.

11-11-2011: Bill tells me that the fault is on Clark because they took their referral fees out too soon and that Medchoice has a pending lawsuit with Clark. My problem is that whether or not Clark took fees is irrevelant because they supplied documents to Clark showing abundant funds...fees should leave them broke and inable to pay loans.

When Clark financial approached Medchoice (Bill personally) that no payments are happening, Clark was assured everything would be processed and resolved

So as of April, even though both Clark and Medchoice knew of default payments - both facilities continued to broker/refer/accept applications for additional loans

This is something very scary. I welcome the opportunity to discuss this with other potential victims
This report was posted on [redacted] on 11/11/2011 8:21:12 PM and is a permanent record located here: /link removed/

[redacted] has an exclusive license to this report. It may not be copied without the written permission of Ripoff Repo

Responses

  • Kr
    krav Aug 03, 2012

    Sounds like a lawyer is needed to file a class action lawsuit against them.

    0 Votes
  • Me
    medchoicegonewild Nov 29, 2011

    I too find myself in an almost identical situation with the aforementioned parties. I have paid monthly as agreed to in our contract but Medchoice did not produce the funds it agreed to provide and in turn are not returning the funds that i have given them even though they agreed to do so. I would like to speak with others going through the same thing but really do not know how to make direct contact within the realm of this website...ideas?

    0 Votes

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