I am writing my report in regards to a ripoff that I feel legal action needs to take place. I was contacted by Cedarview Lending Group from an individual by the name of Mark Owen, who told me that I was approved for a 5,000 loan. In order for me to recieve the loan, they need collateral to secure the loan. I was to send an 800dollar deposit, and was to recieve my loan in 1 business day. The next day arrived, and I was then told that my file had been sent to the manager due to a problem. The manager contacts me stating that the lender who agreed to the loan for me back out, they had breach their contract. They told me that the CEO worked up another package with the lender he deals with and this package was for a loan of 10,000 at a 6% interest rate with payments being 117.00 a month. I agreed and was told that due to the last lender breaching their contract, that this lender was willing for Cedarview lending group to re issue the 1,600 that I had already sent. All that I need to do was send in a additional 800 because the loan was a high risk loan, my collertal needed to equal up to at least 2 yrs of a down payment. They had already agreed to wait for the refund from cedarview, and my 800, and also cedarview would be giving them a extra credit 0f 800 because of the situation that was caused. Again I was told that once I sent the 800, I would have my money the next business day after they purchased the insurance for the loan. Next day, no money in my account, It was told to me that the lender didn't back out the insurance holder wouldn't except the credit from cedarview that they wanted the cash. At this point, I'm pissed off because I had already sent them 1,600 with no problem. Tim Phillips, the manger that had been dealing with my file the whole time, states that their going to get the credit back, and he would talk to his account manager about sending them the cash, an I would have the loan in a week's time. I never talked to a head person over Mr. Phillips, at this point I have been robbed and jipped out of 1,600. I need help desperately, not only did I send them this cash, but I put myself in bond hoping to recieve my loan in a day.
Anonymous
Glen Allen, Virginia
U.S.A.