My husband and I were trying to get a loan to pay for our taxes and a new roof for $5,000.00. We were contacted by a Mr. Patrick Wells from Colonial Lending group, that they could help us get our loan. I called Mr. Wells, and he said he could get us the loan for $5,000.00. We filled out paper work, emailed to Mr. Wells. He got back to me stating that they could give us a loan for $156.38 per month, 8% interest for 36 months, but, that we would have to pay $938.28 for our first 6 months then the money would be deposited into our bank account. I spoke to my husband and we both agreed that we could use our partial mortgage payment (then we would get that back with our loan to pay). I called Mr. Wells back and said we had the money, that I would send a check or they could deduct that amount from our bank. He told me they could not do that, it would have to be a wire or we could use a product call money pak, whereby you put the dollar amount on the money pre card (costs is $4.99), then call him back with the #’s on the back of the card. So that is what we did, 2 money pak cards, they would refund the costs of the cards on our next statement, total cost is $950.00. I called Mr. Wells back, signed the loan papers (see attached) emailed loan papers back to him and gave him the money pak numbers. I did check out the website before hand and it really did seem legitimate to me. Mr. Wells said customer service would call me within 24 hours to let me know that the transfer was done. This all happened on 7/27. I received a call from a Mr. Price, customer service manager, the next day stating that they reassessed the loan and because there were discrepancies that we had to pay an additional $900.00 for this loan to go thru. Well, I was so upset, I told him we had no more money to give at all, that Mr. Wells said all was fine. He then asked me if we could borrow the money from someone and I said no way was I going to do that was so upset and distraught. I demanded my money back; he said no he could not do that until the next payment schedule date of 8/12. I still demanded my money back and he said per the terms of the agreement, next pay out cycle. I hung up the phone. I emailed Mr. Wells on how furious I was and what we had to go thru to get this money in the first place. He emailed me back and said if he had known this, he would not have wasted his time on me nor my time. I was so frustrated.
I wrote email after email to Mr. Wells and Mr. Price, asking for my money back. 8/12 came and went no refund. I called Mr. Price and there customer service department several times and left messages a when we would receive our refund. No response. I tried email and it was undeliverable. I tried calling the phone and it was disconnected. I faxed a letter to them. No response and no payment have been made.
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