Small Business Loans
K ServicingInformation and Alerts
Alert Details
This business has 2 alerts.
Pattern of Complaints
BBB files indicate K-Servicing has a pattern of complaint concerning service issues.
Specifically, complaints allege K-Servicing is not processing PPP loan forgiveness applications on time. Since the due date for these application submissions is time-sensitive, many consumers filed complaints with BBB due to lack of response from the business. K Servicing has acknowledged the complaints by indicating they are making changes to their loan forgiveness application and that they are partnering with Biz2Credit on a "forgiveness platform"; however, the business has not processed the PPP forgiveness loans, and consumers continue to report failure of the business to move forward with resolving their concerns.
BBB contacted K Servicing on January 29, 2021 to seek their voluntary cooperation in eliminating the pattern of complaint. The company provided BBB with steps they implemented to address it; however, the pattern continues.
As of July 19, 2021, K Servicing has not eliminated the identified Pattern of Complaint.
Bankruptcy
On 10/04/2022, the business filed for reorganization under Chapter 11 of the federal Bankruptcy Act, case# 22-10951. This permits the business to continue to operate with court supervision while developing a plan of reorganization. Those with monetary claims against the business are advised to obtain a Proof of Claim form by writing to United States Bankruptcy Court District of Delaware 824 Market St 3rd Floor Wilmington DE 19801 for resubmission to that court.
The case number should be entered on the form. Claims must be submitted by 10/04/2022
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