• Report: #8337

Complaint Review: PRIMERICA / TRAVELERS Mortgage Ctr.

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  • Submitted: Thu, November 29, 2001
  • Updated: Mon, December 17, 2001

  • Reported By:Montgomery AL
PRIMERICA / TRAVELERS Mortgage Ctr.
7467 New Ridge Rd. Suite 200 Hanover, Maryland U.S.A.

Primerica Nightmare ripoff *REBUTTALS ...more drivel *UPDATE ..Primerica proven to be sub-prime garbage.
*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!

*0: Some people would b***h and complain if they were hung with a new rope.

*0: The FNA lies to get to the kitchen table...

*0: I just sat here and had one of the best laughs ever after reading the post on here...

*0: The loans at Primerica have been proven to be sub-prime garbage. rip-off designed to pay up through the big pyramid at PFS.

*0: Do a little research before listening to false stories ....more Primerica drivel

*0:

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It has been 3 years now and I was approached by a Primerica Rep. trying to get me involved with the company as a Rep. However, I couldn't afford the training but instead I refinance my home with this company. My refinancing with Primerica was for $78,000.00.

My orginial interest with my mortgage company was 6.25% and they were supposed to beat the interest rate. However, after I signed my paper work it turned out to be 13.25%. This was the beginning of the worst nightmare of my entire life.

As I stated in my first e-mail ."Whoever reported Primerica I could give them the biggest hug ever. I am living the worst nightmare of my life for refinancing my home with Primerica.

As I stated for 3 years now my loan was for $78,000.00 but as of now my balance is $86,000.00. For 3 years I been paying this loan and the balance NEVER go down, however it continue to get HIGHER. I can't get another company to refinance my home. My payments is $878.82 which takes my entire check for house payment. I'm afraid they might take my home if they find out. The address below is for the pay-off division. That is all I had with me at work. Thanks!!!!!!!!!!!!!!!!!!!!!

I can't find any relief anywhere, PLEASE HELP!!!!!!!!!!!!
If this is not a RIP_OFF, I want to know what you call it.!!!!!

This report was posted on Ripoff Report on 11/29/2001 12:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/PRIMERICA-TRAVELERS-Mortgage-Ctr/Hanover-Maryland-21076/Primerica-Nightmare-ripoff-REBUTTALS-more-drivel-UPDATE-Primerica-proven-to-be-su-8337. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 0

Some people would b***h and complain if they were hung with a new rope.

AUTHOR: - ()

They filed the following rebuttal to the above Rip-Off Report:



Their email: dons4rd@gbronline.com

Their name: William Howell



Their relationship to the company: Owner



Rebuttal:

This guy couldn't have much in the way of brains, if he didn't like the interest rate,why did he agree to sign the papers?And maybe he never made any payments to get the balance that high $83,000. These complainers against Primerica are usually those who failed at the business! The Primerica rep always goes over the carryback FNA and gives the client ample opportunity to consumate the deal or cancel. There are NO arm-twisting deals!



Some people would b***h and complain if they were hung with a new rope.
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#2 0

The FNA lies to get to the kitchen table...

AUTHOR: - ()

They filed the following rebuttal to the above REBUTTAL:

Their email: haha@hotmail.com
Their name: C.D.

Their relationship to the company: Owner

Rebuttal:
The FNA lies to get to the kitchen table, and that is sleazy enough! Then they gain so much trust in the client that the client believes that "rolling the closing costs into the loan" essentially makes them disappear. Yes, caveat emptor! The last thing PFS wants you to do!
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#3 0

I just sat here and had one of the best laughs ever after reading the post on here...

AUTHOR: - ()

They filed the following rebuttal to the above Rip-Off Report:



Their email: mortgagewizz@aol.com

Their name: Ray



Their relationship to the company: Owner



Rebuttal:

I just sat here and had one of the best laughs ever after reading the post on here. First of all i'd like to know when you took out the original loan at 6.25%. Just doesn't wash. You see you said that you've had the loan with Primerica for 3 years. I'm taking it that you had the orginal loan before refinancing for at least 2 years ( probably more). I'd love to hear where you had your loan at 6.25%, you see there is no where you could

have gotten a loan at that rate back then. Also, I'de like to know, why on God's green eath did you refinance and go from a payment of somewhere around $500 a month to $878, your credit must really be bad for the new rate to go to 13.25%. One last thing, if you had been making ALL and i repeat ALL your payments,there is no way that your balance could go up. I

ran the numbers and your balance would be around $77,000 not $86,000. If your going to MAKE-UP stories in here at least make them some what believeable.
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#4 0

The loans at Primerica have been proven to be sub-prime garbage. rip-off designed to pay up through the big pyramid at PFS.

AUTHOR: - ()

They filed the following rebuttal to the above REBUTTAL:



Their email: hereinstlouis@yahoo.com

Their name: C.D.



Their relationship to the company: Owner



Rebuttal:

What a load of Primerica DRIVEL!



The loans at Primerica have been proven to be sub-prime garbage. They use the "simple interest" (a misnomer) to deceive the public into thinking they're getting some great deal.



Really the "simple interest" (interest is computed on an average daily balance instead of being fully scheduled) will only save the consumer about 100 bucks over the life of a $100,000 loan. Then, they throw in a bi-weekly payment schedule (paying 13 monthly payments a year instead of 12), which is a tool that consumers CAN DO BY THEMSELVES IF THEY WANT.



They claim some magical $100,000 savings over the life of the loan, when in reality, the consumer does not need to refinance to achieve this type of early payoff. All you are doing is paying NOW to avoid paying LATER, and Travelers via Primerica is charging you DEARLY in the form of extremely high closing costs, a ridiculously high monthly payment due to usurious interest rates, and followed up by enormous prepayment penalties

should the consumer wise up and want to go with a reputable lender.



And the point about a lawyer being present is absolute hogwash. PFS does not ensure a lawyer is present, and while the prepayment penalties are stated in a contract, they are in no way stated or implied on the good faith estimate provided by Travelers.



Primerica loans are a rip-off designed to pay up through the big pyramid at PFS.
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#5 0

Do a little research before listening to false stories ....more Primerica drivel

AUTHOR: - ()

They filed the following rebuttal to the above Rip-Off Report:



Their email: PJZvonek@msn.com

Their name: P. Zvonek



Their relationship to the company: Supporter



Rebuttal:



I have been wittness to 12 mortgage closings with Primerica in the last 18 months. When closing occurs a lawyer handles the closing paperwork and explains to the client, IN DETAIL, the exact term of the mortgage i.e. note rate, APR, "equity builder program options, etc. It appears to me you must have been day dreaming during closing. Secondly. If you are working, that would be making money, there is no reason why you would be

able to submit a new loan app to obtain better terms if what you are saying is correct. Anyone viewing this persons report titled "Primerica Nightmare ripoff" beware of him. The mortgages through Travelers are designed to free people of debt. I challenge any of you to find a mortgage company that can provide a better solution for debt elimination...how many mort. co.'s compute simple interest??? Do a little research before listening to false stories such as this persons.
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#6 0

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