My name is Mildred Porter and I own a small trucking company with three trucks. I have been in business for about five years.
On April 8, I signed with a factoring company called TransCentral, which is located in Burnsville, Minnesota. The agreement was that they would buy my invoices for the loads that I shipped for 4.02 % of the invoice price and Fed Ex charges for the mailing of my paperwork. How this worked was I would send them a invoice when I shipped a load; the company that I shipped for would pay them; they would put 90% in my T-Check account; with the remaining 10%, they would deduct their 4.02% and the cost of mailing the paperwork by Fed Ex and place the remainder in what was called my reserve account.
The last week of December I contacted TransCentral to close my account and was told that it would be turned over to the closing department. I have been on the phone and e-mailing them for four months now and still cannot get anywhere with them. During this time I have money is what they call the reserve account, but I cannot get a specific answer from them on how much is in it. Every time that I talk to someone, I get a different answer. I have asked for paperwork showing their figures because nothing they have told me over the phone or by e-mail is anywhere close to the figures that I have. None of the paperwork that they have sent me has had the same figures.in other words, none of their figures matches each other. They all have different totals. On February 27, they sent me a release to sign, but would not send me any totals with it. The last time that I requested a final total, I was told there were extra expenses but no one would tell me what they were for.
I have talked to an attorney in my area, but was told that to take them to court that I would need to do so in Minnesota. I cannot afford to do this, as I have not been able to tag and insure my trucks so far this year because of this company. I found out that this company has been doing many small trucking businesses this way. I have talked to a couple of other companies that have been put out of business by TransCentral. There is a Web site called usacomplaints.com that has reports on this company. I have talked to two owners already that have posted on the site. One that I talked to told me to contact the Better Business Bureau. He had filed a complaint with you but had to retract his complaint because TransCentral had his equipment tied up so that he could not work. If he would sign the release, he could get his equipment freed. They also owed him $60,000. This man finally had to shut down his business after working for himself for 16 years and try to find a job elsewhere.
It is a shame that a company like this can get by with something like this. They owe me money and that is all that I am asking for. Just a straight answer on how much and to be treated fairly. I understand that they want to charge a fee for breaking the contract with them, but the numbers still do not add up. I have paperwork to prove these figures, but cannot get anyone at TransCentral to discuss getting the rest of my money from them. Either no one will answer my calls, or I get nowhere with them when I do get through to them. I know that I am not the only company that TransCentral has done this to, and I probably will not be the last. I have already had a man call me to ask about doing business with this company. I just told him what had happened to me and to go on-line and do some research for himself. After researching it, he decided not to go with them.
I hope that this helps anyone that is thinking about working with this company.
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