eCapital Freight Factoring
View company profile →
I had a non contractual factoring…
I had a non contractual factoring agreement with Instapay flexible from 2016 until recently when they were acquired by eCapital. Nobody bothered to notify me about the acquisition and after I discovered it on my own, I asked eCapital for a copy of the contract for my review. After reviewing eCapital’s contract, I decided not to do business with them and I did NOT sign their contract. I notified eCapital that I had no intention of doing business with them but they had already filed a UCC against my company! Once the aging reports from my customers were paid to eCapital/Instapay, I asked both companies to send me a general release and to remove the UCC filing, after several failed attempts to get released from eCapital (which I have no business relationship with), I filed a complaint with the better business bureau. As of today, December 25 2021, eCapital has still not released my company from their factoring and UCC filing. Instead, they sent me a document of which they want me to sign and have notorized, the document states that I would release eCapital from the damages that they have caused to my business and that I would not file legal action them against eCapital. The document also states that I would not file complaints with BBB or any other platforms. Obviously, I refused to sign their release document since eCapital has caused undue financial hardship for my company to which I intend to pursue legal action. ***Update: As eCapital’s (below) response indicates, they want me to sign a waiver that releases them from the damage that they have caused to my business before they will terminate their UCC-1 filing against my company. They are also preventing me from working with my customers since they refuse to provide a letter of release unless I agree to waive my rights to persue legal action against them. ECapital has also submitted notice of assignment to my customers by way of using power of attorney and creating a letterhead with my own company name on it. ECapital does not have a contract with my company. ECapital does not have power of attorney over my company. ECapital has blocked me from my customers by issuing NOA’s to my customers when I am not in contract with eCapital.