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Originally Posted by Rodrigo-Ibill
Can I help you sir? I am here to please.
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Maybe you can help me with this question Rodrigo.
Each month, IBILL takes 10% from me as hold back or reserve. This money is due me after 7 months. But as of today, IBILL still owe me the reserve they took on March (due October), April (due september), May (due on December) , June (due November), and July (due Feb.) As you can see, the reserve owed me for October is almost 12 month old. All together, IM owed about $5000. Where is this money???
Each time I call IBILL to ask about my reserves, they say the bank has it and not them. Today, I found out its true. The bank does have my reserves, and now I know why they are holding it. Its because IBILL took out a loan on December, and they used our reserve as a collateral for this loan. Read below and you will see. This is the final screw-up that will have you and everyone working for IBILL either looking for a job or sitting in jail.
Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant
Effective December 5, 2005 Internet Billing Company, LLC, the Company?s wholly owned subsidiary (?iBill?), executed an amended and restated promissory note in favor of IIG Capital, LLC, as agent for IIG Trade Opportunities Fund NV (the ?Lender?). The amended note increases the Company?s line of credit with the Lender from $2.1 million to $6 million.
The ability to borrow is formula based, based upon an amount of eligible accounts receivable plus a percentage of the portion of the amounts being held in reserve by credit card clearing companies that relate to iBill?s fee for credit and processing services to iBill?s Internet merchant customers. |
