September 8, 2017 at 12:30 pm #147323
***ALERT – PLEASE READ IT COULD SAVE YOU FROM GETTING SCREWED – DO NOT DO BUSINESS WITH DAVID EARL COLVIN OR JENNIFER HUDDLER OF COLKOL, LLC IN CLEVELAND OH***
Good Morning Everyone – A couple of days ago I was approached by a David Earl Colvin from Cleveland, OH about selling some files for him. He claimed to be the owner of a company called ColKol, LLC. He is currently or was attempting to take contingent placements from a reputable long time client of mine so I felt comfortable in representing him as a broker. He also sent me a copy of his drivers license and I was not able to find anything negative (or positive) on him in conducting due diligence.
He (DavidColvin) sent me a 2012 cash central file to sell, the history of the file checked out and the price was right so I marketed the file for him. I found two buyers, drafted two separate contracts each for half of the debt – he agreed it was fine to segment it in two separate sales.
Money was wired from my escrow account yesterday morning to an account titled Col Kol, LLC. In Cleveland, OH. Funds reached his account almost immediately and he did not contact me until late yesterday afternoon claiming he would send the file in an hour. After another 3-4 hours of calling and texting with no response I sent an email demanding the file be in my inbox by morning and explained because it was our first deal I was rather uncomfortable with his lack of follow through.
This morning I woke up to an email from him claiming “he was told to be Leary of brokers” and that he wanted me to close and fund the second portion of the deal before he would send anything. These deals were separate and independent of each other. I advised him I would not send any further funds until the first deal was satisfied and the file and chain was sent over.
In the meantime I found that he is also using very shady tactics with the contingent placement he received yesterday from a good friend and client of mine.
DO NOT DO BUSINESS WITH DAVID EARL COLVIN OF CLEVELAND, OH. HE HAS A BUSINESS PARTNER OR SPOUSE BY THE NAME OF JENNIFER HUDDLER. HIS COMPANY NAME IS COLKOL, LLC. DO NOT BUY A CASH CENTRAL FILE WITH APPROXIMATELY 8,200 ACCOUNTS & A FACE VALUE JUST UNDER $4MIL.
Some may think this all is a bit premature but as the chips fell on this deal I see more and more that isn’t quite lining up and I do not want to see anyone else get scammed by these individuals. I will now be refunding both my buyers out of my own pocket but I will be filing a complaint with the FTC, I will be contacting law enforcement and my bank and filing a report against him for wire fraud and I will be posting this in each group I am a part of as well as accounts recovery.net. Be careful everyone, there are so many shady characters in this industry. Know who your dealing with!October 31, 2017 at 9:25 pm #147654
How is this different then claiming the exact same thing about every port you have for sale? i’m selling this for a reputable seller, shelved for a year. I bet you advertised this file the same way to your buyers. and you didn’t know anything about file or seller
i’m willing to bet a 20k port..you didn’t say….i’ve never done a deal with this guy, so i’m not sure how reliable he is…I BET YOU DID NOT SAY THAT to your client before hand. am i right, id like to hear from your buyers…after you refunded them. To see what words were used by you to market this file ….
Be wary of people who say anything to sell a port< <<< I have seen accounts that i sold for 2 bps…listed with you 3 months later for 60bps…with you claiming SHELVED FOR A YEAR 2 AGENCY…..YOU HAD NO IDEA WHERE IT CAME FROM THEN…. YOU SAY THAT ABOUT EVERY PORT YOU SELL ON THIS SITE. i say beware of you you’ll sell anything and claim you know all about it
I ain’t saying this other clown didn’t rip you off….but your just as bad with your carnival barker bull
usually DD means check with other buyers, sellers, agencies, clients that may know the “seller” not a copy of his fake id?
your last sentence …know who your dealing with….take your own advice don’t send your client money to some guy in Cleveland YOU DON’T KNOW…know who “your” dealing with and you’ll never get your clients robbed againOctober 31, 2017 at 9:50 pm #147656
If you would like I can invite the buyer over to this thread and he can tell you exactly what I stated….
please trust that in all respectfulness you will look awfully judgmental and salty. This would be one of those classic “inserts foot in mouth threads”. He was advised I’ve never done a deal with the guy, but I have done business with people who have dealt with him and they have did not have anything negative to say about him. A client of mine in NY was currently in a business venture with him based on outsourcing and had done business with him before. His chain of title also checked out so he bought the file/aquired it legitimately…in the end he just chose not to produce the file after he was wired the funds. My buyer is a long time client of mine and specifically keeps coming back because I am open and honest and transparent with things – the general consensus among 850+ clients we have dealt with will tell you that – however you can’t win them all so I am sure there are a couple unhappy people out there. Based on the DD I did, the seller did seem to be reputable. He did have a chain…the chain did check out. The buyer was okay with what info I did have and felt comfortable enough to buy the file –
when the file was not produced after wires were issued I refunded my buyer from my own pocket…something most brokers do not do nor is a true broker legally required to – especially with the way our contracts are written. There are two types of brokers in this industry. Those who flip files and play everything with the buyers money – and those who are a true middle man, disclose both buyer and seller names in contract and list yourself as a broker and make an honest 10 (sometimes as high as 15% on a deal based on seller’s comfortability level). We do not “flip files” and then refer to ourselves as brokering them. We do not try and be someone or claim to be someone we are not.
If a file does not have chain and history, we do not claim it does. End all be all it turns out the gentlemen we dealt with was not who he said he was, rather he was an ex business partner of that person. He was using the ID of the real individual and even faxed that id in to us as we often ask for this when choosing to take on new clients without numerous references out there.
I am sure what you wanted was a back and forth tough guy social media brawl but we don’t engage in those. Our reputation speaks for ourselves. Ill be at RMA this year. We are a bronze level sponsor and will be holding and hosting a suite in the upcoming suite crawl. I would love to speak with you.
What happened in this situation would be akin to me obtaining the id of another reputable party in this industry and contacting you and telling you via email and phone that I am that person…then faxing in an id at your request to prove it…only for you to find at the end of the day your dealing with a thief who fully assumed the identity of someone reputable. That really cannot be avoided and I know two other reputable brokers who have both been duped by this guy – one of which I am sure is a friend of yours.
what is most important about the whole equation is how the buyer was taken care of when things went wrong. we did not have to do that – we chose to and stood behind our mistake.October 31, 2017 at 10:31 pm #147657
Also I forgot to address –
It is any sellers right to ask what they feel they want for a file…there is nothing wrong in that. Again we are a broker, we represent the seller in terms of marketing the file at what they are asking for it – prices are almost always negotiated. It may not be ethical for a seller to buy a file at 2bps and sell it for 55 bps but we don’t always get to see the price they originally bought it for. I don’t know of anyone who shows complete contracts from past purchases so its virtually impossible and its not a question we ask…
Just because an asking price is 60 bps doesn’t mean it will sell at 60 or they will get 60 for it…the way your post almost sounded it seems as though you are saying I should have been Leary that whatever file you speak of came from you and it wasn’t legitimate because you were in the chain?
I wasn’t aware that files that came from you should be watched or handled with scrutiny…I always thought you were a decent guy and I believe you have sent me files to market from time to time. Ive never actually closed a sale for you because the prices were too high or the files were far too large and mixed with too many issuers or types of debt and people didn’t typically believe it was shelved for so long nor did they believe it had a short chain.
if you were in the chain most times you mention the chain is short you have had the files forever etc…if you sold the file to someone for 2 bps and they bought it and didn’t work it and claimed it was a two agency that history was probably originally obtained by them from you. Again, I never questioned your integrity but if I am missing something and I should start then please let me know because Now I’m rather confused. I would be upset if I sold a file for 2 bps and someone else bought it for 60 from another broker a couple months later so if thats the issue let it be the issue.
I will ask who’s fault would that be that a file someone once paid 2 bps for is now being marketed for 60? The questionnaire we have sellers fill out on each file asks for their lowest asking price. we set the price based on what they want for the file…we don’t dictate what they get for the file because it doesn’t belong to us. if the price is too high and it doesn’t sell it doesn’t sell.
I would also have to ask if everyone first in the chain early out on most major payday loan companies that pick paper up for 4% and sell it for 6-8+ or more are guilty as well? Is everyone who attempts to sell debt for more than they originally bought it for a scam artist in this industry?
The industry is a dirty place these days. Those who are here doing legit business need to look out for each other and stick together. Those who do dirty business should be exposed. We didn’t broker to over 850 companies since 2013 and move $884 mil in paper this year to date and $874mil last year alone by scamming people.
I would appreciate you refraining from trying to paint my company in a negative light over something you did not have all the facts on to begin with. I have no issues with you and never had and I don’t see a need for there to be any. We are all adults here and we are all in this industry to make money – some of this for the long haul and some for the quick buck. You and I have both been around for quite some time, you probably longer based on some stories I’ve read. I can guarantee that you never have nor will you ever hear me mutter any slander your way because that isn’t our style so I would appreciate you did the same.October 31, 2017 at 10:40 pm #147658
WhateverOctober 31, 2017 at 10:42 pm #147659
im talking about you sendign your clients money to eomeone you dont know, misrepresenting the file…then telling others KNOW WHO YOUR DEALING WITH. gET IT…STOP GOING AROUND TALKING FILES YOU KNOW NOTHING ABOUT
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