We have a small fleet of trucks and started using TransCentral at the peak season of 2008. We had told Trancentral that AT THE TIME we are averaging about 150,000 when fuel prices were about $4 per gallon. We were given a rate of 2.95 % for a 60 day advance. Since fuel prices dropped naturally we averaged a little less. Trancentral raised our rates twice and both times we were only notified of this change after they received our invoices. They left us no choice but to pay 4.5% factoring rate. Fees fees fees and more fees.
I have not factored with them for the last month and I have only a few invoices left with them that have not been yet paid by our customers. We are trying to pay on behalf of our clients to close out any balance with Trancentral so we would be able to get paid direct from our customers. The only way to do that is to get a release letter by our factoring company.
I am on the phone with trancentral everyday trying to pay off any outstanding invoices and get a release letter. I was told that it will take atleast 30 days to get a release letter.
Because of their scams we might be closing our doors for a while.
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