I searched the internet and applied to a couple different places for a loan to help pay of another loan that my husband took out of his profit sharing. We were originally trying to refinance our home but due to the fact that the profit sharing loan was being repayed weekly directly out of his paychecks, mortgage lenders would not refinance us because "we didn't have the means to pay our normal bills because his checks were consideribly smaller." This always confused me because if we refinanced our home we would have more money available for other bills since our mortgage is at 10%.
Emerson Financial Group as they called themselves contacted me after I had applied online. A man by the name of Stan Cassidy claimed to be a loan representative for Emerson Financial Group. Stan told me he found a lender that had approved a loan for me for $25,000. He had then stated the loan would be a ten year loan at 6%. Much better than the 9.25% we had with the profit sharing loan. Then he asked if I had access to a fax machine and when I said no, he told me to get a fax number from an officemax or another business like it and he could fax me the contract and all other information there.
The contract was received and my husband and I thought it looked good so I went ahead and signed it and faxed it back. There was a security or collateral payment asked in order to get this loan. They stated in the commitment letter that the total sum of collateral payments will be applied directly to the principal of the loan and will not act as a fee in any way, with accordance to the laws of New York.
I went ahead and sent the collateral payment of $2760.00 via money gram through wal-mart like they had advised me to. They charged a fee of 55 and some change and said they would credit the sending fee to me once the loan was finalized. I sent the money to a lady by the name of Stephanie Rivers who was supposed to be affiliated with some lending company in Canada. I was only given the city of Moncton, NB in Canada for the address.
Once the transfer was done I called Emerson Financial and gave Mr. WEALTHY Stan Cassidy the reference number as I was advised that in doing so would guarantee the loan to be in my account by 5P.M. On Friday, June 13th. On the 13th, I received a phone call from David Madden, customer service representative or manager of some sort, whatever the case he was supposively Stan Cassidy's boss. He regretted to inform me that after a final review of the loan the lender required another 10 months of payments as collateral. Again telling me that it would count towards the payments and that our first payment wouldn't have to be made until May. I told him I would try to get the money.
Here is where I start to get skeptical but desperate because I have already put my mortgage payment down as collateral for this loan and now have no way to pay mortgage let alone any other bills. I borrowed money from my sister, kids accounts, and took every last bit of whatever kind of savings or change we had laying around. My husband went and took out a payday loan for the rest and with that we did the process all over again. Sending the money through wal-mart's money gram system to the same Stephanie Rivers in Moncton, NB, Canada. Called David Madden at Emerson with the reference number and was guaranteed by word of mouth that the money would be in my account no later than Mon. June 16th by 5P.M.
When Monday morning came I kept checking my account only to keep finding it empty. I called David Madden which I thought was odd that he kept answering the line when I dialed 0 for customer service. I didn't get through but left a message and he did call back (from a private number or blocked number) to inform me that the lender had backed out of the agreement and that I could either have my money refunded on July 1st or go with a different lender that they found that would give me a loan for twice as much as the first however I would have to come up with $5,520.00.in the mean time he told me that they had a civil lawsuit against this lender for me and once they found out what the arangements were, they would have someone contact me for my statements and that when they won this case I would be compensated with what would even pay off the loan that I would be getting from this other lender.
I cried begged and pleaded with David Madden saying that now I have no one else to beg and borrow from and I need the money back NOW so I don't lose my house. He said he understood my situation and that he was sorry there wasn't anything he could do. I said I thought your businesses motto was to do everything you can to make sure your customers are financially satisfied. He said try to get the money and the loan will be in your account tomorrow by 5P.M. If you can't come up with the entire 5,520, let me know how much you are short and I may be able to help you out with the rest.
I called him back the next day and said no I am not going to be able to come up with any more money and that he should start the refund papers right away. David Madden said I will take care of that right away for you. Please let me call you right back I have a short meeting I need to attend. I said O.K. Only to find out that would be the last time I would speak to him as the phone number now when you call it says Thank you Good bye and disconnects you. There web page is still up at this moment but my guess is that soon that will disappear soon also.
I hope to a higher authority that Karma will give these theives what they deserve. Hell is to nice of a place for them because currently that is where me and my entire family are due to the fact we are now filing for chapter 7 and owe tons of people money for being kind and trustworthy of us. Customer Satisfaction will only happen when these internet stalking, smooth talking, son of a gun, con artists are behind bars and their victims are repayed with compensation for not only the losses incured by all this but also mental anguish indured!
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