I bought a small store in Jan. I took over the credit card machine and service from owner after we passed papers. We did a sub-lease agreement with LFG LLC and was told that I am only sub-leasing and original owner is responsible for payment if I default. The lease was 44 months at i. 99 plus taxes and fees. I also signed up with Merchant Lynx services for credit card procesing. It has been 14 months and I sold business but new owner has his own machine and service. I call LFG to ask what to do and they say I need to pay $2350 and send machine back or $2760 and keep machine. I tell them what was told to me about previous owner responsibilty and they say I am fully responsible per contract. I re-read contract and it looks like they are correct. I now realize I have made a big mistake.
I tell them that I sold business at a loss and won't have that kind of money and would they settle for less. No way they say and will file lawsuit.
I then call Merchant Lynx to cancel service. They send me a form that says I owe $350 plus other fees. I look at my contract for Merchant Lynx and don't find any of that wording. I call them and they say it is written on page 3. I only have page 1-2. I looks at bottom of form and it says page 1 of 8. I am missing 6 pages? I don't throw naything away. I also have a copy they sent me which also has only page 1-2. I tell customer service rep to fax me missing forms because I'm sure I would have initialed those pages. I'm still waiting for fax.
I think I will cancel my bank account to stop charges but I am concerned with credit reports as I have personally signed for this stuff. I do believe I was duped but am willing to pay off some sort of "stupid" tax to get rid of this.
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