Landshark

[greg334]

Sounds like what we have here is another type shark. Factoring Shark. The concept behind factoring is to sell your receivable invoices to the factoring agent for less than the dollar value and be done with it. It should be up to factoring agent to collect or eat the debt. What am I missing here?

It isn't as simple as the factoring companies make it out as - many of the articles and information out on the net is written by the people who are in the business and tells not much of anything. I had a link to a great article from a lawyer/DBA breaking down the details with examples of a typical contract (which no one seems to read) for the different types of factoring involved BUT ... here is another link that explains it better than I could.

Recourse vs. Non-Recourse Freight Factoring Company Expense Comparability

 

[DannyD]

Not sure if this is good or bad, but I'm thinking like Moot. Even had the "Factoring Shark" term in my thought process when I read the post a few above.

As for the original issue, I can feel for you. I've been paid extremely late by a company. I was told 30 days, not 4 months. It's never fun wondering where your $$ is. It's easy for someone to say how they would have done something different. It's almost like they're blaming ya for trusting someone to live up to their word.

I only wish I had a solution for your problem besides the "take em to court" type comment. It's good that you brought it up so others will know what they're getting into if they deal with these people. For that I commend ya.

I wish you well in recovering what you're owed.

Sounds like what we have here is another type shark. Factoring Shark. The concept behind factoring is to sell your receivable invoices to the factoring agent for less than the dollar value and be done with it. It should be up to factoring agent to collect or eat the debt. What am I missing here?

 

[Jefferson3000]

Sounds like what we have here is another type shark. Factoring Shark. The concept behind factoring is to sell your receivable invoices to the factoring agent for less than the dollar value and be done with it. It should be up to factoring agent to collect or eat the debt. What am I missing here?

You would think so, huh? But as Greg said, there are different types of factoring, recourse and non-recourse. Companies that practice non-recourse will not come back on the carrier for a load factored, but are generally very restrictive as to whom they will factor. In the grand scheme of trucking, these smaller expedite brokerages do not present to a non-recourse company the solvency they sometimes desire.

Recourse companies are way less restrictive, but reserve the right within the contract to come back to the carrier if the broker defaults. Most times though, if the carrier listens to the factoring agent when they warn that someone's score has fallen drastically, then the carrier generally will not have to deal with recourse on a load.

A good recourse company that is confident of their ability to litigate, will never need to come back to the carrier. Part of this depends on what kind of rate they are giving for the 30 and 31-60 day payers. Some up the percentage, because their initial offering is lower that average, due to volume and/or ease of accounting for a particular carrier.

 

[idtrans]

well so far i got about 60% of my money from them they are short $1350 and said check is in the mail LMAO we will see I hope it is at home when I get there. BTW they fired me LMAO first time in my life I say this thanks for firing me LOSERS LOL.

So they fired a contractor LOL hey morons you mean you terminated my contract.

If they do not pay me at that point I will just have to start a complaint on gps network and send a note to all companies on gps that landshark doesnt pay their bills in the long run that will hurt allot. but I think they are not that stupid. we will just have to see what turns out of all of this !

I know for a fact a few other GPS members are very upset with them as well so I am not the only one mad at them. And from all the pms on this subject looks like many current and past landshark drivers are furious also !

 

[Moot]

Thank you Jeff for the concise explanation. Much easier to read and comprehend than the earlier linked article. Although I did experience a few chuckles reading August Hull's article. And he fancies himself an internet author!
Recourse vs. Non-Recourse Freight Factoring Company Expense Comparability

 

[RoadKing06]

well so far i got about 60% of my money from them they are short $1350 and said check is in the mail LMAO we will see I hope it is at home when I get there.

Don't you just love the fact that "the post office that we use has messed things up again. We mail the checks out every Friday. Others are complaining also that they didn't get their check also. I will check into it and see how our post office that we use messed up and get the checks out to you right away. Let me research it." This is the line we are told when we question things. But when they are asked to over night something and they agree to it, some how the post office works properly.

Amazing to me how the US Post Office is always at fault. And it only the branch that they use. Always an excuse never an admission of fault.

 

[idtrans]

I am talking overnight LOL 4 to 6 day overnight service LMAO yes they love blaiming the post office always. I called their local post office and they said they never talked to someone from their that they know of. so who is telling truth postdated items 5 days after fact or post office who knows, just get me my money.

well so far i got about 60% of my money from them they are short $1350 and said check is in the mail LMAO we will see I hope it is at home when I get there.

Don't you just love the fact that "the post office that we use has messed things up again. We mail the checks out every Friday. Others are complaining also that they didn't get their check also. I will check into it and see how our post office that we use messed up and get the checks out to you right away. Let me research it." This is the line we are told when we question things. But when they are asked to over night something and they agree to it, some how the post office works properly.

Amazing to me how the US Post Office is always at fault. And it only the branch that they use. Always an excuse never an admission of fault.

 

[idtrans]

Well they paid me off. My divorce from Landshark is final LOL I am paid in full. My advice to those of you that are still owed stand up for your self. DO not let any company ever owe you money.

God bless and Merry christmas to all.