Time Payment Corp Lease Ripoff. They attach business lease to your personal credit!!!!! Burlington, Massachusetts
I recently entered a lease for $17000 worth of equipment through a broker for TimePayment corp. During the entire process I explained that this must be a business lease and not a personal one. They requested a personal guarantee and I reiterated the fact that I did not want this on my personal credit. They said no problem. After my second payment, a $36000 debt showed up on my credit report. I called TimePayment and it was basically take it or leave it. Pay us the $32000 buyout or go to hell. Nonetheless they screwed up my debt to income ratio while I'm in the process of a refinance. This is not the first complaint like this against this fraudulent company. The lease payment was for $776 but on their second automatic debit they withdrew $868 with no explanation. They have not sent any invoices to show any balances. I strongly advise that you refrain from doing any business with this company!!!!
1 Updates & Rebuttals
Anonymous
USA,New York,
USA
Latour and Johnson dont understand being customer oriented
#2Consumer Comment
Tue, October 02, 2012
I am a separate customer from the person who wrote this article and I also, would suggest anyone who comes across Time Payment to avoid them as much as possible. I sought a lease agreement for a business equipment and the sales rep approved us for a loan. After the papers were signed I was handed another set of documents at the last minute
when I couldnt do anything. Therefore being forced into this contract.
This business that I did not own has contracted tremendously due to the recession and moved to another space. Therefore owner wants to renogotiate the contract to reduce the monthly payments or settle on an amount. Every other vendor had no problem doing this except Time Payment. Currently the company is at break even with the loan. Meaning that they have been paid back the original amount. We have asked that the HVAC unit be taken back to reduce the amount that is owed and they have been slow in doing so. It has been over two months and they have
yet to arrange for an appointment. I have called Chris Burrows for 4 days in a row about setting up a date but it has been over a week and I have yet to receive a call. In the mean time their collections department is calling me twice a day for payment and reporting negative information to my credit report although we are trying to come to an
amicable resolution. It is not as if I have not take their calls or avoided them. If they had better professionalism they would know that the steps they are taken are hard line. Not to mention that there are at least 77 claims made against them with the BBB.
http://www.bbb.org/boston/Business-Reviews/leasing-service/timepayment-corp-in-burlington-ma-117288
Whether they are right or wrong, they fact that the claims are there tells you how they do business. I have currently written Richard Latour, Beverly Johnson, and Steven LaCreta who are either the principal or an executive of the company to reach an amicable solution and have yet to receive a response. But continue to harass me for payment although we are looking for a resolution.
The manner in which the staff responds is directly related to how Latour and Johnson do business which is drastically different then how a regular bank would be.