ComplaintsforImperial PFS

• Initial Complaint

  03/22/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I had to cancel my insurance back in 11/2022 and ********** has admitted to not having the right cancellation dates down, and haven't yet sent IPFS the remainder of their funds. I have the email correspondence from the ********** rep that admitted that they didn't have the correct dates recorded, and yet they still haven't did what they need to do to correct things on their end to get IPFS their remaining money. If this continues I will be forced to call the **** ** ********* to get them involved to get this handled. I have sent several emails to them within the last week and no response back. IPFS have contacted IPFS for help with this situation and I haven't received any help from their end just letters of harassment and threats.

  Business response

  03/26/2024

  RE:         
  
  Via BBB website
  
  
  To Whom it May Concern:
  
  The Complaint filed on March 22, 2024 and assigned ID Number ******** was forwarded to our office for review.  It is important to note that IPFS Corporation (“IPFS”) is a licensed premium finance company and provides insurance premium financing for borrowers/insureds.  IPFS is not an insurance company, does not provide insurance coverage of any sort, does not process insured requested cancellations, and does not calculate or process return premiums due as a result of any insured requested cancellation.  
  
  We are unable to locate an account with the information provided in the complaint in order to properly research the facts of this particular case.  However, based on the information provided, we are able to ascertain that the Insured is not satisfied with the service they are receiving from the insurance agent. 
  
  As mentioned prior, IPFS only finances insurance premiums.   Any insurance premium financed by IPFS results in a contractual obligation with monthly installment payments due until such time the balance is paid in full.  All loans are secured by the unearned insurance premium, and in the event of a policy cancellation, the return premium is sent to IPFS by the agency, and would be applied to any outstanding balance, which in many cases, is sufficient to pay the balance in full.  Any questions that the Insured may have regarding the cancellation of the financed policy(ies) or the calculation of the returned premiums should be directed to the insurance agent of record.
  
  It is unfortunate that the Insured is having issues with **********, but we are not able to assist with the cancellation dates or the calculation of the returned premium as we only provided the financing.   If you or the Insured have further questions about the cancellation or policies, we suggest contacting Coverwhale. 
  
  Kind Regards,
  ***** ****
  Compliance Administrator
  IPFS Corporation
  ************ ************************

• Initial Complaint

  12/28/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  On 17 Aug 2022, we initiated a financing contract with Imperial PFS. Finance contact started 1 Sept 2022. We cancelled the contact 22 Sept 2022 because we added an additional tractor trailer to our inventory and imperial quoted an extra $20,000 to add this vehicle to the existing contract which which cost prohibitive. Though we paid a $1100 down payment for the financing package we had to cancel. Because imperial did not receive all the refunds back from the money that they sent out until 1 November 2022, Imperial is charging us all of the $1100 deposit, plus late fees, and 18.5% interest as if we had executed the entire contract and are stating stating that we owe them an additional $325. We do not agree that we owe them any additional money, especially since they kept the initial down payment. Imperial PFS is executing predatory lending practices.

  Business response

  12/30/2022

  We are writing in response to the complaint filed with the BBB of Greater Kansas City, and upon review of the concerns included in the complaint by *** *********, there appears to be some confusion about the role of Imperial PFS in the referenced transaction.  It is important to note that IPFS Corporation (“IPFS”) is a licensed premium finance company and provides insurance premium financing for borrowers/insureds.  IPFS is not an insurance company, does not provide insurance coverage of any sort, and does not calculate or process return premiums due as a result of any cancellation.  
  
  *** ********* indicated that IPFS quoted an additional $20,000 to add a vehicle to their contract.  She also indicated that IPFS kept the initial down payment.  IPFS does not quote insurance premium costs, and any down payment made to purchase an insurance product is sent by the insurance agent to the Insurance Carrier for the policy premium.
  
  On August 17, 2022, IPFS received a Premium Financing Agreement (“PFA”) to finance an auto liability insurance policy from *** ******* ********* ***** *** signed by insured. The premiums of the policy totaled $7,070.93 with a down payment of $1,060.64, resulting in an amount financed of $6,010.29 with ten payments in the amount of $475.01 to begin October 1, 2022.  Upon receipt of the completed PFA, IPFS sent the loan funding ($6,010.29) to the General Agent.  The insured would have given the down payment to their agent to forward to the General Agent.  The $6,010.29 was the amount of the loan IPFS funded for the insured to pay the remaining amount of the premium pursuant to the terms and conditions of the PFA.  A Notice of Acceptance and Assignment was sent to the insured on August 18, 2022 explaining the payment terms of the loan.  The PFA discloses to the borrower the terms of the transaction to include late fee provisions and any finance charge adjustments in the event of an early pay off, but the loan continues to accrue interest until the loan if paid in full. The cancellation of an insurance policy does not cancel the obligations of the borrower on the terms of the loan until such loan is paid in full.
  
  IPFS sent a Notice of Cancellation to the General Agent upon nonpayment of the first installment.  It was at this time that the General Agent advised that the insured had cancelled the policy and the return premium was forthcoming.  The return premiums were received on November 3rd ($2,122.02), 29th ($3,307.84) and November 30th ($714.85).  While this covered the amount financed on the loan, pursuant to the PFA finance charges would accrue on the outstanding balance from the time of the loan on August 18th until paid in full.   As the insured is located in North Carolina, premium finance statutes require that IPFS adjust the finance charges in accordance with the Rule of 78s in the event of an early pay off.
  Even though the terms and conditions of the PFA have not been satisfied, as a courtesy to the insured, IPFS will waive the remaining balance owed and resolve this issue.
  We trust this information satisfactorily addresses the notices the insured has received and resolves her concerns.

  Customer response

  12/30/2022

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  Regards,
  
  ***** *********

• Initial Complaint

  12/15/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On 12-6-22 I emailed **************** and asked for help with regard to what I believe to be over billing. With zero response from them until today 12-15-22 I received a cancellation of my policy. Ever since I signed up it seems as though I keep getting charged fees on top of what I was quoted. I paid my invoice with the additional fees so there was no lapse in coverage but I still want to get help with the billing so we can straighten this out.

  Business response

  12/20/2022

  IPFS has reached out to the complainant notifying that the late fees have been waived.  Please see attached for more details.  ***** ****  Compliance Administrator   IPFS Corporation

  It is important to note that IPFS Corporation (“IPFS”) is a licensed premium finance company and provides
  insurance premium financing for borrowers/insureds. IPFS is not an insurance company and does not provide
  insurance coverage of any sort.
  On October 10, 2022, IPFS received a Premium Financing Agreement (“PFA”) for general liability coverage from
  ******* ******** *** signed by insured. The premiums of the policy totaled $1,375.00 with a down payment of
  $125.26, resulting in an amount financed of $1,249.74 with eleven payments in the amount of $125.26 to begin
  October 16, 2022. Upon receipt of the completed PFA, IPFS sent the loan funding ($1,124.48) to the agent to be
  forwarded with the down payment to the Company to the terms and conditions of the PFA (attached) retaining
  the first installment of $125.26. A Notice of Acceptance and Assignment was sent to the insured on November 4,
  2022.
  The next loan installment was due on November 16 th
  . When we had not received this payment, we sent a Notice
  of Intent to Cancel on November 21st followed by the Notice of Cancellation on December 12 th as referred to in
  *** ********* statement. Upon receipt of the payment on December 15 th , we requested the company reinstate
  the loan.
  Understanding that *** ******* had some questions related to his policy, we have notified him that we have
  waved the $10 fees assessed for the late payment. Questions would best be directed to the agent, ******* ********. If there are further questions, *** ******* can contact IPFS at *************
  Kind Regards,
  ***** ****
  Compliance Administrator
  IPFS Corporation
  ************
  ************************

• Initial Complaint

  07/08/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  IPFS is the lending agency that finances our loan for our insurance portfolio with our carrier. We made our finance payment online via their portal on June 14th, 2022 at 4:30pm EST. By their policy, late fees are applied after 5pm on the 14th and not by the normal standards of the next business day. The payment was processed and did not reflect a late fee. When making our July payment are being force to pay a late fee when our previous payment was not late in the amount of $141.86. We contact the company to review and discuss. They mentioned they waived a previous payment, which was not a fault of our company but a payment discrepency with our carrier and IPFS, which IPFS waived the late fee because our payment was sent into the carrier as instructed. This is not a fair business practice due the state of the economy after being impacted by the COVID pandemic. Out of good faith, we have already made our Jul 2022 payment to include the late fee.

  Business response

  07/28/2022

  Dear Ms. *****:
  
  We are unable to locate the original request from the Better Business Bureau, so we apologize for the delay in our response.  It is important to note that IPFS Corporation (“IPFS”) is a licensed premium finance company and provides insurance premium financing for borrowers/insureds.  IPFS is not an insurance company or carrier, does not provide insurance coverage of any sort, and does not calculate or process return premiums due as a result of any cancellation.   As a premium finance company, IPFS can only request cancellation of a policy for non-payment of the premium finance loan. IPFS does not have any authority to cancel an insurance policy for any other reason, and a request to cancel to obtain coverage elsewhere would have to be directed to the Insurance Carrier.
  
  IPFS understands the insured’s concern regarding a late fee assessed on their June payment.  Our records indicate the payment was electronically received on June 15th which generated the late fee in accordance with the premium finance agreement.  However, since customer satisfaction is very important to us, we will waive this fee for the insured.  We would suggest that the insured consider setting up a recurring ACH so the payment is automatically withdrawn on the due date to prevent further late fees.  We have uploaded the form as well.
  
  We trust this adequately resolves the insured concerns. 
  
  Kind Regards,
  
  ***** **** ********** ************* **** *********** ************ ************************

• Initial Complaint

  07/26/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  The Problem occurred since Mar 17, 2021 when I asked ****** **** ******** ***** to provide me a refund or transfer the credits left on a property that I sold on March 16, 2021; the property location is *** ***** ***** ******* ******* ** ******  I was informed by several Resolution Representative that I did not have any coverage on said property. *** ***** ***** ****** was covered for one year, policy * ********* from March 25, 2019 to March 25, 2020. Then I added transfer credits from a property sold on May 2020; sold *** ******* ****** **** ** ******* ** *****. I bought Vintage on Janaury 29, 2018 in the amount of $1,750. A CHW rep informed me that I now have credits from February 18, 2018 to February 18, 2025 for *** ***** *****. When I addressed this to CHW, I was informed by the Resolution Dept that I had no more credits since May 2020. THIS IS NOT TRUE. I made a claim for plumbing issue at *** ***** ***** ** *** *** ****. One Good Plumber was assigned and paid $45 Ser

  Business response

  08/10/2021

  We apologize for the delayed response.  IPFS Corporation (IPFS) is a licensed premium finance company and provides insurance premium financing for borrows/insureds. IPFS is not an insurance company and does not provide insurance coverage of any sort. IPFS has no connection to Choice Home Warranty or their Resolution Department.  We would suggest contacting Choice Home Warranty for any questions related to a policy with them. 
  
  If you have any further questions, please let us know.
  
  
  ***** ******** ********** ************* **** *********** **** ******** ***** **** ***** ****** ***** ** ***** ****** ************ ************************ ************
  

*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. ↩