Our experience is the same as others, this is obviously a well choreographed scam.in spite of initial demonstration of insurance coverage, a collateral policy was put in place and added to monthly charges. Personal visits to the bank, faxes, phone calls and mailed correspondance from the insurance company and local agent were ineffective in stopping the charges for months.
Clearly this activity could not be successfully carried out with eager cooperation by the banks, in this case Wells Fargo. One wonders how much kick back accrues to the lending institution from these machinations, and whether such arrangements are even legal.in the absence of a lapse in coverage, it appears the lender makes routine changes in their headquarters address so the previously filed certifications become invalid as they list the incorrect address.
We have been unable to get a complete accounting of our dealings from Balboa, so we are unsure of exactly how much they were paid and for what services and coverages. This is not unexpected as Balboa was cited and fined
by the California Dept. Of Insurance in 2002 for, among other things, violation of Calif Code of Regs. Section 2695.4; failure to clearly explain or document all benefits, coverages or time limits.
While we believe that there has been some restitution, we are unable to get clear, unambiguous answers from either the bank or Balboa, and definately nothing in writing. A lawsuit of any variety would go a long way towards protecting other Californians who have been abandoned or overlooked by the CDI. Without dishonoring the great senile former governor of this state, this is an area which needs additional legislative regulation so this industry can start over, thinking up new and inventive means to steal from the citizens.
We will help in any way we can.
0 comments