I was on the internet looking for loans and filled out a few applications with no luck. I was contacted by a Christine Moore from Ameritrust Lending who said she got my information from a search I did on the internet and was pleased to inform me that I qualified for a $5000 loan for 3 years. She faxed me a loan agreement form and told me not to sign anything until I called her so she could explain the terms and conditions to me and make sure I understood them. I followed her instructions. The agreement was that I would send in $911.64 which would be the equivalent of 6 monthly payments.
Since I did not have any collateral, this would be required. This payment of $911.64 would also come off the prinicipal of the loan and payments would not begin for 6 months. I MoneyGramed $900.00, which they said they would "eat" the $11.64 because the MoneyGram cost $14.16. THe MoneyGram was sent to Kathy McDonald in Red Deer, Alberta, Canada, as she works for their accounts receivables.
I called Christine Moore back with the reference number and she said my loan would be in my account the next business day before 5 P.M. And congratulated me. She told me that I would be refunded the fee for the money gram in my loan. She also said I would receive a packet in the mail in two weeks outlining my repayment plan. I was elated thinking I was going to get my debts paid off and only have one monthly payment and not be nickeled and dimed every month.
Then the next day I was contacted by Paul Myers who is the customer service manager. He siad after the lender reviewed my credit file they found a discrepency and would have to pay another 6 months in order to get my loan. This would act as an "insurance policy" and then my payments would not begin for one year. I had to borrow the money to get this done. Once again, I MoneyGrammed Kathy McDonald in Red Deer, Alberta Canada. Now I was out $1828.32. But I could still get out of debt. I figured I would just start making payments as soon as possible to pay it off quicker. This transaction took place on a Friday and he said he would get this processed as quick as possible. The funds were to be wired directly to my bank account. Well, my bank does not process wires on Saturdays.
So Monday after work I stopped by my bank. No activity. I called Paul Myers to confirm that my loan had been processed. He said he had left me a message half hour before I called him, but there was no message on either my home phone or my cell phone. He informed my that my lender had backed out. It was a busy time of year and funds were hard to get. He also said he had no idea why the lender had backed out since all my requirements had been met. Paul Myers informed me that he had his legal team working on it. He did inform me however that he did have one other loan available for $10,000 for 6 years, but the lender would want a full 24 months in advance. There was no way I could come up with another $1800. He said he was working overtime on my case trying to find me another lender and to check back with him in the morning.
I called him back an hour later and said I wanted out of my agreement. He said he would refund my $1828.32 via direct deposit but it would not process until November 30. I asked why it would take another two weeks to be refunded and he stated his legal team had to get the money back from the lender. I asked him to fax me in writing a statement that this would take place as per our verbal agreement. He said he would have his secretary do so in the morning. We will see.
I started to search the internet for complaints against this company and found this website and several complaints not only here but on other websites as well. I am hoping someone will see this posting and notify me on how to ensure I am fully refunded. I do not make much money and do not want to live on the street because of this. I used my rent money plus borrowed money to pay my "downpayment" or "insurance policy" or whatever you may choose to call it.
Just to get out of debt, I may now face eviction because I sent my rent money to these people. Please contact me whether you are an attorney reading this or the media. I would like to share my story to help others from making the same mistake.
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