Ladco Leasing charges $39 plus taxes (comes out over $47) monthly for a credit card processing machine. I opened a small business and used the equipment approximately 5 times before I realized my business was not going to succeed. I tried to cancel what Ladco says is a 48-month contract. They would not discuss any settlement and hung up on me twice. I had originally authorized an automatic debit from my checking account, which they did for about 10 months. I sent them written cancellation of that authorization and finally closed the bank account when they continued to debit the amount. HOWEVER, what they did next is absolutely criminal. They contacted Experian Credit Bureau on 5/14/08 to obtain a report on me. On 5/23/08, they charged their fee on a Sears mastercard that I didn't even know I had. I had a Sears credit card years ago, and apparently at some point it converted to a mastercard. The card had shown no activity since 2000 (8 yrs. Ago). I disputed the charge, closed the Sears account & have filed with the Federal Trade Commission, but who knows what they might do next with sensitive credit information that they can apparently obtain.
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