Comments for The Factor Guru

Comment on The Sixth C: Common Sense by Jordan Roswell

Jordan Roswell — Tue, 11 Sep 2012 17:08:43 +0000

It seemed true that the sixth C is common sense. I think that common sense plays an important role for your business to succeed. I know that everyone would very happy to make use of their own common sense for their success.

Comment on Federal Receivable Offsets Increasing, a guest blog by Jason Peckham by Haily Barrington

Haily Barrington — Wed, 22 Aug 2012 11:33:07 +0000

I think that its important to understand federal receivable offsets increasing situation. I know that there are a lot of things to consider about this situation. I know that the government has a lot of plan for many businesses to succeed.

Comment on Federal Receivable Offsets Increasing, a guest blog by Jason Peckham by Sandra

Sandra — Fri, 04 May 2012 20:55:31 +0000

Your friend is either misinformed or is making stuff up. You can’t find any information on any government site for good reason it does not exist!The IRS has never had the authority to offset tax refunds (the return is what you file with the IRS) for private debts. The ONLY debts that can be satisfied via offset of your federal income tax refund are taxes owed to the IRS, non-tax debts to other federal agencies, state income taxes (but no other state taxes or debts), unpaid child support, and federally guaranteed or direct student loans in default.The CFPB has nothing to do with the collection of debts on behalf of ANY creditor. They are a consumer protection agency not a debt collection agency. CFPB stands for Consumer (not credit) Financial Protection Bureau. Their job is to protect consumers from predatory lending, investment, and banking practices. The agency is headed up by a noted life-long consumer advocate and is very much the junkyard dog on the side of consumers, not collection agents.

Comment on What do you mean everything on the Internet is not real? by Sofia

Sofia — Fri, 24 Feb 2012 17:16:39 +0000

We have had a couple of similar instances, we recently turned one down because the financials, agings, backup, etc. were too good to be true. Just for kicks and to verify that my gut feel was correct, we kept going through the process to the verification stage, where the client offered to help us with the verifications, so I obliged, again just to see what kind of [bull] he would bring to the table. What do you know, faxes that looked very similar to one another verified the entire balance. Once we told he we would be calling these august institutions ourselves, he ran off like a whooped goat. Oh and by the way, he was in a huge hurry, which makes us want to slow down even more. I love this business and it is fun, but if you bought into that deal you would be hurtin’ for certain.

Comment on The Sixth C: Common Sense by DB Squared

DB Squared — Fri, 09 Sep 2011 00:19:47 +0000

I can relate to red flag number three. Non-verbal signs are often more telling that the verbal. I wasn’t in attendance to hear the FBI agents talk, but have been to a similar discussions. One of my favorites was by Jan Hargrave, who wrote Judge the Jury. She talks about involuntary mannerisms and innate behaviors that are manifested when someone is not telling the truth. This is the first article of your that I have read, but thus far I am enjoying the read. Next stop, How to small a rat.

Comment on The Sixth C: Common Sense by Brian Center

Brian Center — Sun, 17 Jul 2011 13:45:24 +0000

Sound words of wisdom. A form of double talk can be the “complicated” talk which can be equally dangerous. If most of us are honest, at some point we have felt intimidated or just plain stupid when discussing a prospect’s business. You know… the business is highly technical and there are so many “moving parts” to the business and its process and how it all relates to generating revenue. Even the billing process is very intricate and complicated, etc, ect, etc. It easy to think.. “Wow, these folks (prospect) are so smart and this is so above my head… I don’t want to appear stupid and ask dumb questions….” Or you don’t want your peers or boss to think – “Man, he just does not get it…” Well a good fraudster is counting on all of us having that normal human reaction…. we all seek approval, acceptance and all want to be considered brilliant… Don’t listen to that voice… embrace your “stupidity”. Get comfortable with your uneasiness about being judged… who cares? So I am stupid and just don’t get it….. If it does not make sense, then it just does not make sense. If you can’t get your head around it and can’t understand, then be open about it… give someone – the prospect, peers, etc. a chance to explain. But after further explanations, if it does not click in your head… you’re out of there…. If it’s not spot on… time to move on….

Who knows… the stupidest person in the room just may be the smartest.

Comment on FAQs: Advance Rates, Dilution and Chargebacks by Darla

Darla — Thu, 02 Jun 2011 18:02:49 +0000

Well said Gen – I would like to add that there seems to be a growing trend amongst “good” recourse factors who instead of charging back an invoice simply because it has aged past a recourse period – or is otherwise short paid – will keep the invoice open as a way to track the performance of the invoice. If they simply charge it back it is possible that the diluted invoice becomes out of sight, out of mind. I like this trend as it brings a conservative approach to managing the factoring relationship.

Comment on FAQs: Advance Rates, Dilution and Chargebacks by Scott Smith

Scott Smith — Thu, 02 Jun 2011 14:13:10 +0000

Great article. My verification form mentions setoffs but not offsets. I added offset just to be safe. Here’s an article on the subject:

http://raymondpward.typepad.com/newlegalwriter/2006/08/it_is_setoff_or.html

Comment on Case Law Updates, a guest blog by Scot Pierce by Rebecca

Rebecca — Mon, 23 May 2011 09:45:27 +0000

Awesome piece, interesting stuff! I hadn’t even heard about this case before I read your article, but now I’ve been inspired to do some research of my own!

Comment on Case Law Updates, a guest blog by Scot Pierce by Cole Harmonson

Cole Harmonson — Sun, 22 May 2011 02:53:39 +0000

Great article, how much money was at stake for Yale? Didn’t the Yale guy die? Very interesting stuff !