- Report: #67058
Complaint Review: NADN - Las Vegas Nevada
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Author Not Confirmed
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NADN
4330 So. Valley View Blvd. Ste 114 Las Vegas, 89103 Nevada, Angola
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NADN - Oryan ripoff I wasn't told about the additional $2500 or the 6% interest. Las Vegas Nevada
Well after making a deposit to NADN, I recieved the contract in the mail. I was totally misrepresented on the phone by nadn. I wasn't told about the additional $2500 or the 6% interest on the note. After calling Oryan, the rep tried to tell me that they were not charging interest. Except it's in the contract. Right... no interest. They didn't mention that Oryan only maintains the website for one year either. Do not do this! Know how I can get my deposit back?
Thomas
CA, California
U.S.A.
Thomas
CA, California
U.S.A.
4 Updates & Rebuttals
Steve
Ca,California,
U.S.A.
Contracts?
#2Consumer Suggestion
Mon, October 06, 2003
t, Ok, even if they did charge interest at 6%, what would that mean? Not much, it is still a conditional sale. The maxium commission they can take from generated sales is $2500 + 6% over 8 years. As for me, I am not an ex-employee of NADN. I left Oryan to join the military, after 9/11. NADN sells their own products such as tax prep, and audit defense. NADN also sells Oryan products such as mallforall, but so do many other resellers.
T
Campo,Colorado,
U.S.A.
A spade is a spade
#3Consumer Comment
Sat, October 04, 2003
That's great steve. Thanks for the "inside info". That doesn't change the fact that NADN did not properly represent the written contract from the get go. Furthermore, you and I both know that the written contract prevails. I don't care what their not doing, it's what they CAN do. When someone tells me "well we don't charge interest" then take it out of the contract. The whole thing smells funny. If it stinks it's rotten. By the way...why are you an ex-employee of NADN?
Steve
Rialto,California,
U.S.A.
Read your documents again!!!!
#4UPDATE EX-employee responds
Fri, October 03, 2003
I am an ex-employee of oryan and a current mall owner. I know this program and the documents better than anyone. The $2500 is not an amount you will owe. Nowhere in the document does it state that you are liable for that amount. The document called "contract for sale" is a conditional sale. You take ownership of the mall on the basis that you agree that Oryan Management will take 10% of your earned commission from sales, not to exceed $2500 over the term of 8 years. The contract does state 6% per annum, but this is not reflected anywhere on your accounting statement for your website(backoffice). Oryan does maintain the website for one year, but if read the "Management Agreement" it states that the website is renewed automatically on an annual basis, for $15 dollars. The "Promissory Note" is paid by the generated income from the website within the term of eight years. 20% of the earned commission from sales is applied to the "Promissory Note". Currently, 100% of Showcase banner hits($2 per click) are applied to promissory note's balance(interest before principal). With that being said, 30% total is taken from commissions(sales) and applied to site, you get the remaining commission on a quarterly basis. The mall will even credit you commission for purchases you make. Not to mention, the other people who will buy from the mall. Take the time to read your doumnets again, everything I have talked about will check out.
MR.
Henderson,California,
U.S.A.
Make sure you read the documents!!!
#5UPDATE EX-employee responds
Fri, October 03, 2003
I am an current mall owner and I know the contract better than anyone. The contract for sale is not a demand for payment, only a conditional sale. You agree for oryan to take ten percent of earned commission, from sales, not to exceed $2500 over eight years. By this agreement you take conditional ownership of the website. It does state 6% per annum, but this not reflected in your accounting statement of your website. Nowhere in the document does it state that you be liable for the $2500 at the end of eight years. Read you docments slowly next time, or maybe have someone read them for you.
