I have a history of very bad credit. I'm a single mother and if one bill doesn't get paid, another bill does, and I get charged late/finance fees. I have old hospital bills I am still trying to recover from and two credit cards with a max of $400. I got tired of living this life with a poor credit score.
I applied for several personal loans; I was desperate. I got denied by all, except one - Royal Advantage Group. I got a call from Ray Walker of Royal Advantage Group. I got approved for $5,000, with an APR of 8.5% for 36 months, $157 a month. I felt like my prayers were answered. I can finally take care of my financial situation and be above water with my bills. They faxed me an agreement with all the terms. I waived the $1k/$2k insurance fee [this is supposed to protect the lender, in case the borrower defaults]. I signed and faxed that form along with my bank account information and a copy of my drivers license.
Ray Walker said that since I am a high risk borrower [horrible credit history], that I would have to pre-pay 5 months of my loan ($787.50 and a $48 fee to wire via MoneyGram). He said I could not use the loan to make this 'pre-payment'; I stated I was looking for a loan because I'm broke, and if I had money to pre-pay ANYTHING, I would be using it for my bills. He said that the money would be wired into my account within 3 hours after they receive the prepayment. I would not be responsible for paying anything for the first 5 months.
I was extremely desperate and asked my mother to help me. She went out of her way to wire the 5 month prepayment. The information they gave my mother was to someone in Canada, supposed 'Victor Morton' the insurance for this private lender. They were unable to disclose the name of the lender until AFTER my application was completed and they received ALL the money.
I tried to call Ray Walker after the wire, and only got his voicemail. I left him a vmail and received a call from his associate, Frank Polengo [sp.? ]. Frank said Ray misinformed me and I will not receive the wire because the prepayment is for 10 months; not 5.
To make a long story short, I was desperate and did it again. Wired another $785 including $48 for MoneyGram.
No, I did not see a cent of this supposed personal 'loan'. I got scammed. I spoke to one last person and they asked for another $1000 for the insurance fee. The insurance was 'enforced' because they are just protecting the lender. The last person I spoke to was very irate because I was going hysterical. They said we can get off the phone with me either deciding to pay another $1000 or get my refund. I went back and forth, and this man was only agitated that I could not make a decision. I finally said I wanted a refund. He said I will get my check in 7 days, close my file and hung up on me.
I am back where I started only $1668 short, and all my personal information is out there with these people who can do anything and everything with my social security number, my identification, my bank account information.
I just want the refund for my mother and forget this ever happened.
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