Millennium Funding considered my companies application for invoice factoring. After review and some negotiation, they decided not to do business with us. A few months later, we found another funder who is very willing to do business with us. During the standard business search, the new funder discovered that Millennium Funding has placed a UCC against our company. Thinking that this was a simple mistake, I called them on this matter.
It was at that time that I was informed that Millenium Funding has assessed a Due Dilligence Fee of $480 against us. There was no mention of any application fee or other fees outside of the interest charged on advanced monies. (This can be verified by going to their web site.) No documentation was ever sent to us or signed by us relative to any such fees.
Perhaps even more troubling than fees themselves is the fact that there was no notification of the fee afterward. We were not ever called, e-mailed, invoiced or otherwise made aware of alleged debt. No effort has ever been made to collect this money. It seems to have been assessed solely for the purpose of warding off other funders who might be interested in doing business with us. That is, in fact, the only reason that we are aware of the fee now. We are a small business and we rely on this kind of funding to continue in business.
Efforts to resolve this matter have been ignored. Any legal help and/or advice in this matter will be appreciated.
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