I answered a mail flyer for a consolidation loan from Conseco, and spoke with an agent who told me I had to refinance my home with them to qualify for the loan. Since I had been turned down twice already by other loan institutions for being spread-out financially, I accepted.
This new mortage would be at a higher rate, which I declined, but the agent, Michael Deck, assured me that would be temporary; I would refinance once again at a lower rate in three months, since my credit scores would improve once I paid off my credit cards from the consolidation loan.
I refused again because something in me told me this wasn't a good idea. The agent, Michael Deck, was persistent, and assured me this would be a good deal for me, and assured me I'd finance at a lower rate in three months. I agreed, and in a few weeks he called and told me he was able to loan me an additional four thousand from the mortage loan. I said okay, go ahead. Something didn't feel right though, and again I called him and told him to forget it, that I changed my mind. This guy was really pushy, and called my wife at home, asking her to try to convince me to continue with the loan.
He later called me at work, and convinced me that after the first mortage financing, we'd refinance in three months at a lower rate. So on the morning of the signing, I asked him for the umpteenth time about financing in three months.in front of my wife he told me he wasn't going anywhere, that he had a girlfriend in Austin, car payments, and he'd be here for me. So we signed.
Three months later I tried to get in touch with him, and kept getting excuses from him that he was busy, the servers at work were down, or that being the end of the month he'd be unavailable because of other signings... Yeah right. After two weeks of getting the run-around, I found his cell phone number he had given me, and finally spoke with him. He then said that because I borrowed four thousand from the mortage, that Texas law prevents me from refinancing until 12 months. Now I'm stuck at a higher rate, no escrow account, and a high rate consolidation loan.
These guys NEVER told me about this Texas law. I called his manager, and his excuse was that I must have 'forgotten' that I was told that. That was a BIG LIE. If I had known about it, I would never had signed anything before me. I urge anyone to avoid this company. Only after this happened did I start researching them online, and I've found numerous complaints about this company. I urge anyone to avoid Conseco Finance at all costs.
David
Austin, Texas
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