Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:10/23/2024

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Formal Complaint Against Banleaco for Unfair Treatment and Breach of Settlement Agreement Dear Better Business Bureau,I am filing this complaint against Banleaco regarding their unfair and unprofessional handling of my debt settlement attempts. Over the past year, I have made consistent efforts to resolve my outstanding loan with Banleaco. The original loan amount was $98,352.20 (secured by a $200,000 piece of equipment) of which I have paid more than half within less than two years.Nearly a year ago, Banleaco offered a settlement agreement in writing, allowing me to resolve the debt for $70,000. Relying on their commitment, I continued making monthly payments to reduce the balance further. However, despite my good faith efforts, Banleaco is now refusing to honor their written offer and has issued threats of collections, including only offering $10,000 for the $200,000 worth of equipment secured by the note.These latest threats would leave me with a remaining balance of approximately $60,000 while depriving me of the equipment necessary to generate the income needed to continue making payments. During my most recent call with them, I was treated rudely and even hung up on by a representative who accused me of being unwilling to cooperate, which could not be further from the truth, as I have been very highly communicative with the company.Banleaco's refusal to honor their previous settlement offer, coupled with their unreasonable and coercive tactics, has caused me significant distress and jeopardized my financial stability. I am seeking the Better Business Bureau's assistance in holding Banleaco accountable for their actions and urging them to honor the original settlement agreement, taking into account the payments that have been made.Thank you for your attention to this matter.Sincerely,******* **********

  

  Business Response

  Date: 10/23/2024

  we are in receipt of *** *********** complaint regarding the Equipment Finance Agreement regarding the perceived unfair treatment of the customer.  Here are the facts from our point of view:  *** ********* entered into an Equipment Finance Agreement (EFA) with Banleaco Equipment Finance on or around September 22, 2022 in order to acquire a medical device for her business.  The terms of that EFA called for 60 payments of $2,232.80 per month, with the first payment being due on October 10, 2022.  The terms of our EFA state that the agreement is non-cancellable, and that we make no warranties on the merchantability or fitness of the equipment for the purposes the customer is requiring of the equipment.  We are the finance company that agreed to finance the equipment for the customer.  On February 13, 2023, approximately 4 months after commencing the agreement with Banleaco, the customer began requesting a payoff of the agreement.  Another request for payoff from *** ********** was received on May 18, 2023, and responded to with the most current amount due to satisfy the EFA.   Those payoff requests were provided timely by our **************** team.  

  On June 7, 2023, our customer service team was asked to provide a payment history, which was sent to *** ********** via e-mail.  Again on 9/5/2023, a payoff was requested and provided to *** *********** and yet again on 11/2/2023.  Our next correspondence from *** ********** was on Saturday 12/9/2023 with a request to settle the account for a significantly reduced balance based upon incorrect assumptions of the accrued and yet to be paid Interest amounts due to Banleaco.  Language used in the e-mail suggested that it was in Banleaco's best interest to accept the settlement as opposed to continuing to work with the *** as her financial situation was being strained by the terms of our agreement.  On 12/11/2023, our customer service representative advised the *** via e-mail that we were not able to accept this offer at this time and would expect the terms of our contract to continue.  on 12/12/2023, messages were exchanged advising that the payments made to date were applied to both principal and interest, so the assumptions that were made for the settlement offer were not economically feasible for Banleaco to accept.  We were contacted again on12/19/2023, again on 01/08/2024 with offers from the ***, 1 to pay the agreement in full and keep the equipment, and 1 to pay a settlement and return the equipment. 

  We were contacted again on 5/1/2024 with another settlement offer that was significantly less than what Banleaco would need to satisfy the obligation, so we responded that we again would not accept the offer.  On 9/17/2024, *** ********** again contacted us and was provided with a payoff on the agreement and offered approximately 15% lower than the previous offer received in May.  This offer was again refused due to a significant difference in what the customer still contractually owed.

  The customer stopped payment on their October 10, 2024 due date payment, and payment was returned by the bank on October 15th.  At that time, our collections group began attempting contact with the customer.  Our system notes indicate that the customer finally responded to our efforts on 10/23/2024, where our team was informed that we had consistently been unhelpful to the customer despite our repeated explanations that we provided what was necessary each time the customer asked for the information.  We agreed to offer a discounted payoff of $70,762.57 that was originally quoted in September in good faith that we might come to a resolution.  It is then that we were informed that a complaint was made to the BBB.  

  We believe that Banleaco is acting in good faith as the finance company and living up to the terms and conditions of our agreement.  I would be happy to discuss this matter further should additional calls to defend our sound business practices is warranted.