Per the agreement between Atlas Financial and CDLU, CDLU is contractually obligated to forward all payments received by WIOA to Atlas. He never paid Atlas and per our last conversation, it is not allowed to sell WIOA accounts. CDLU did not disclose that it was barred from factoring WIOA vouchers.
Below is the body of the demand letter we sent to CDL univeristy LLC.
Darin Miller
CDL University LLC - OKC, OK
During our 1:00 pm conversation on January 30, 2019, you stated that you received all
the funds listed in the attached aging report. Funds that Atlas factored and you were
contractual bound to forward to Atlas upon your receipt.
Instead, you stated that you used the funds for CDLU company expenses. You also stated that you were arranging a loan to refinance the entire Atlas debt. That process was to occur after your bookkeeper finished preparing the necessary company documents. Lastly, you closed the conversation by
promising to pay Atlas good faith payments of $10,000 per month until your new bank
financing was in place and Atlas paid.
I have repeatedly attempted to communicate with you and even offered, via email, to accept CDLU current assets, in the form of tuition installment agreements, in lieu of cash. However, I have not received a single response. Additionally, Atlas has received only $5,000 on March 19th for all your promised monthly payments ($65,000 currently due).
Atlas now has no choice but to take all actions necessary to collect this debt if a repayment plan cannot be reached by August 15, 2019. Per the Factoring and Security Agreement between Atlas Financial Group and CDL University LLC, dated 7/12/2018, the following amounts are due as of 7/30/2019:
CDL University, LLC. Reviews
Per the agreement between Atlas Financial and CDLU, CDLU is contractually obligated to forward all payments received by WIOA to Atlas. He never paid Atlas and per our last conversation, it is not allowed to sell WIOA accounts. CDLU did not disclose that it was barred from factoring WIOA vouchers.
Below is the body of the demand letter we sent to CDL univeristy LLC.
Darin Miller
CDL University LLC - OKC, OK
During our 1:00 pm conversation on January 30, 2019, you stated that you received all
the funds listed in the attached aging report. Funds that Atlas factored and you were
contractual bound to forward to Atlas upon your receipt.
Instead, you stated that you used the funds for CDLU company expenses. You also stated that you were arranging a loan to refinance the entire Atlas debt. That process was to occur after your bookkeeper finished preparing the necessary company documents. Lastly, you closed the conversation by
promising to pay Atlas good faith payments of $10,000 per month until your new bank
financing was in place and Atlas paid.
I have repeatedly attempted to communicate with you and even offered, via email, to accept CDLU current assets, in the form of tuition installment agreements, in lieu of cash. However, I have not received a single response. Additionally, Atlas has received only $5,000 on March 19th for all your promised monthly payments ($65,000 currently due).
Atlas now has no choice but to take all actions necessary to collect this debt if a repayment plan cannot be reached by August 15, 2019. Per the Factoring and Security Agreement between Atlas Financial Group and CDL University LLC, dated 7/12/2018, the following amounts are due as of 7/30/2019:
Advances $109,395.00
Discounts $36,361.62
Late Fees (Sections 1.20, 1.21) $25,454.20
Misdirected Payment Fee (Section 1.25) $44,925.79
Total $216,136.61
Daily Accrual from 7/31/2019 $273.49