I received a call from Shawn Ray on 12/1 telling me that I have been approved for a $5,000. I was skeptical because I have very bad credit, but I was curious and called back anyway to get the details. He told me that I had been approved for the $5000 at an interest rate of 8.5% interest for 3 years, reasonable payments, but I would need to pay the first 5 payments up front. At first, I thought no way, but after I thought more about it over the next couple of days, I figured it could help me have Christmas for my 3 kids and get caught up on my bills that I had fallen behind on when I was off work for a surgery a few months prior. I used my rent money to pay the first five months payments which was $885 since I was told I would have the money deposited into my account within 24 hours. I went to Walmart and bought a green dot money pack on 12/9. Then when the money was not in my account after the 24 hours, I called to talk to Shawn Ray. I was unable to reach him. I eventually received a call back from Mike Roberts and was told that he would now be handling my account without any explanation as to why, and I didn't ask because he preceded to tell me that the lender was requiring that the loan be insured for $1000. I was understandably upset by this new information. Mike also told me that I could not cancel the loan. I borrowed the money and again bought a green dot money pack on 12/13. Mike told me the money would be in my account within 3-5 hours. When it wasn't, I called and was informed that the lender was requiring the full insurance which was another $1000. When I became upset, I was told at that point that I could have a refund if I wished and it would take 7-10 days to process and be mailed to me. With Christmas being only 10 days away, I reluctantly decided that I would go through with the loan. I was given a guarantee in writing from the CEO, Burt Samuels, that this was all that would be required of me to obtain this loan and it would be available in my account in 3-5 hrs after they received the payment. I was also granted an increase in the loan amount to $8000 so I could pay back what I had borrowed and still have enough money for what I intended the loan for. It had also been explained to me that at the end of the term, the insurance would be refunded to me as long as I did not use it. I again bought another green dot money pack on 12/14. Again, no funds were deposited into my account. Again, I called Mike. Again, I learned that more money would be needed. He told me that because it was taking them so long to close this deal, the lender was charging a lenders fee of $895 that Lakepoint agreed to pay, but their system would only allow money to be given to the clients and not the lenders so I was being asked to cover it and it would be reimbersed with the loan. They even offered to give me an extra $100 and an extra 2 months before any payments were due for my troubles. It took a while longer, but I again borrowed money and bought another green dot money pack on 12/21 and sent them $900. Mike assured me yet again that the funds would be in my account in 3-5 hours. Of course they weren't and when I talked to Mike, he told me that since my loan amount went up, my down payment also increased and I was required to put another $850 down before the lender would agree to release the funds to me. I asked to have the loan cancelled. Not an option. I asked to have the loan reduced. Not an option. I asked to begin making payments right away. Not an option. I asked Mike to talk to the lender and see what can be done and he came back to me with the adjusted down payment of $750. I asked to have my application resubmitted to another lender. Not an option. I asked if this was a reputable lender and was assured it was. I asked for their name and was told it was a private lender and they did not take phone calls from clients. My children's Christmas hinged on this loan. There will be very little under our tree. As a result of this, my rent and insurance checks have bounced. I have completely drained my boyfriend to the point that his children won't have a very good Christmas either. So, after all is said and done, Lake Point Loan Service has not been the place where all my financial problems come to an end like the greeting states when you call.instead, I have more problems and am further behind now than before. I just went today and pawned all my jewelry. This has caused me such tremendous stress that I am physically sick and my boyfriend is worried about his health as well. It's disgusting that some people will prey on those that need help the most, and especially at the time of year when we are to be spreading cheer and good-will. I look forward to the day that Karma pays these people a visit and I hope it;s as cruel to them as they have been to their victims. Merry Christmas!
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