TAFS, Inc TAFS fabricated Buy Out Fee. Kansas City Missouri
I started factoring with TAFS in October 2017. I properly notified them that I wanted to terminate my agreement at the end of the term. TAFS acknowledged that they received my notification and confirmed the date I was eligible to terminate.
When I tried to payoff the balance of the advanced receivables, they added a “Buy Out Fee” of $8,500. No where in their agreement is a reference to any sort of a buy out fee or is it specifically defined. They have breached their agreement.
Of course, I am at their mercy to either remain under their security agreement or pay the fee. This is a terrible practice and only hurts them with any future business. I am warning people who are considering working with TAFS.