This company preys on small businesses. A sales rep came to my business claiming he could cut my credit card processing costs by 75%. He portrayed it as a low risk agreement. Several local companies signed up for this service. One year later my business went under. I notified LADCO Leasing immediately (7/5/12) and asked how to return the equipment and end the agreement. I was informed by the CS Rep that this was a long term "legal" agreement and that it would cost $850 to terminate the agreement. I didn't have that amount. I informed the Rep that the business went under, that I was looking at bankruptcy and asked whether there were alternatives. The Rep said he was not aware of any situation in which the penalties had been forgiven. Since I did not have $850, I asked about payment plans. I was advised that I should just let the agreement run out since it would cost about the same.

The monthly fee was an auto-withdrawal from the business account. There were no credit card transactions, no income and therefore no funds in the account. LADCO continued to post monthly charges to the account, sometimes attempting withdrawals several times a day causing over massive draft fees. I put several stop payments on these transactions. The bank eventually closed this account to put an end to this cycle.

I was contacted by LADCO several times asking for payment. I did not have the funds to pay them. I have not declared bankruptcy yet hoping to repay my legitimate debts. Most recently I was contacted by CCA. The representative informed me that $2,762.25 was now due. I could pay now or LADCO would sue me. Also the current owner of the business who had nothing to do with this agreement. I asked about payment options and was told I should have jumped on the deal when the offer was $850.

Predators like this need to be stopped.