Home / Business and Economy / Loan Company Collects Debt for Undelivered Goods
Loan Company Collects Debt for Undelivered Goods
26 Jun
Summary
- Customers finance purchases through Momnt but don't receive goods.
- Momnt pursues debt collection even after merchants fail to deliver.
- Consumer rights advocates warn of significant risks in this system.
A Georgia-based company called Momnt is enabling consumers to finance purchases for goods like windows and dentures, with funds disbursed directly to merchants. However, some customers are reporting that they never received their ordered items, despite Momnt continuing to demand payment. In one instance, Shundri Morgan financed $25,000 for home windows that were never installed by the merchant, Atlanta Window Pros, yet Momnt continued billing her. Momnt itself filed a lawsuit against GutterGard South, noting that over 50% of its customers who used GutterGard experienced issues, yet collections persisted.
Another consumer, Shane Campbell, financed thousands of dollars for siding and gutters from CG Consulting and Design through Momnt. The company allegedly pocketed the funds, and the FBI is investigating CG Consulting for non-delivery. Despite these issues, Momnt pursued Campbell for the debt, which reportedly damaged his credit. Consumer adviser Clark Howard cautions that Momnt's role as a middleman facilitates these scams, leaving consumers vulnerable. Momnt has reportedly offered refunds to some customers but continues to pursue others, even after acknowledging widespread complaints.
