I'm sure like most people during this time of financial distress.
I really needed a loan to combine my bills, so for the 1st time every, and the last time I searched out Loan through the Internet.
On 8/27/08 I was contacted by Wendy Alexandra a so call registered Consultant for Atlantic Capital Resource Center stating that I had been approved for a 5,000 loan. She also told me that they were a non traditional lender meaning there funds are aviabile through private lenders.
On 8/27/08 she faxed over the loan documents, since this would have been my 1st time dealing with a loan company via internet I really didn't trust that this company was solid.
So I did a search on the company with BBB, and the internet. As of 8/27/2008 there were no reports on the internet or with BBB about this company, I thought it was a little strange that the company website was recent created.
So I did more researched and found its parent company First Acceptance Funding It had been opening longer and I could not find anything on the internet that this company was scam.
So read the Loan papers and everything looked ok to me. Even the Loan Term Loan Plan Agreement Which stated that I had 2 options to secured the loan one was to paid 6-months of my loan payments up front the about of $740.82, or to buy a Assurance Coverage for $1,172.00 which was suppose to protect me and the private lender.
I didn't really have the money but I thought this made sense to me, and the bills I wasn't going to paid in order to attain this loan would be paid in a week.
So I faxed all the information back to Wendy at 1-917-720-9869 and sent a Money gram to Martin h*o'Sang in Dallas Texas in the amount of $740.82.
On 08/28/2008 I called Wendy and confirmed that the Martin h*o'Sang received the payment and that my funds will be released on 8/29/2008.
My funds were never released but I thought it was because of he Holiday weekend, so waiting and was able to get in contact with Wendy on 9/8/2008. She then state my funds were not released because the private lender preferred that I went the Assurance Coverage.
And I could send more money for the Assurance Coverage or she would send me refund. I asked Wendy to make sure I truly been approved and that I didn't want to send this money if they were going to come back and say they could not do it or they needed more money.
Wendy assured me that there will be no more money requested from me and that my funds will be released by 9/9/08.
On 9/08/08 I sent another $540.00 to Martin h*o'Sang in Dallas TX, again I call Wendy to confirmed by my funds have been received and Wendy stated my funds were to be released on 9/09/08.
My Funds were never released from 9/10/08 to 9/11/08 I call, call and email the company finally on 9/11/08 a Helen Winston emailed me be below response:
Ms. Yvonne Shaw,
I apologize for the delayed reply. Currently your loan representative, Ms. Wendy Alexander no longer has access to your information. Your file has been transferred over to the customer service department for completion, I am solely responsible for your file from here on. In reviewing the notes within the system, it has been brought to my attention that a hold has been placed on your file due to unpaid accumulated fees. Here is a breakdown of the fees listed on your file in an outstanding status. The system will not allow us to authorize the release your loan or reimbursement until all accumulated fees are paid in full. Please place your respond to my attention as this matter is of a time sensitive nature. Thank you.
Administration Fee ...... $155.00
Asset Holding Fee ...... $175.00
Disbursement Fee ........ $75.00
Total .......... $405.00
9/11/08 I told Helen that when I spoke to Wendy that she assured me that there would be no more so call fees and asked for a full refund of my money.
Helen sent the below email back to me
Ms. Yvonne Shaw,
Unfortunately the system will not allow such a payment to be made in that fashion. The loan proceeds that are on file for you, is not our money, it is that of your lender. Therefore, the fees can not take from the $5,000.00.
This is not a scam. However, you are entitled to believe what you like, but it won't change the reality of your situation; nor will it magically wipe out the balance on your account here. You can't deem something as a scam because you don't want to assume your responsibility. I'd say that is quite negligent of you.
As cited previously, the system will not allow us to authorize the release your loan or reimbursement until all accumulated fees amounting to $405.00 are paid in full. Please let me know when you will be able to arrange to pay this balance. Thank you.
On 9/11/08 I did another search online for Atlantic Capital Resource Center and found 6 reports of promise of loans and no loans being released. I was so upset myself I thought I did all the research up front to ensure that this was not a scam.
I sent one more email back to Helen, I told her I would paid the fees if set could prove to me that this was an legal company and not a scam, I asked questions like the below
o The Name of my Private Lender
o Alternative Phone number to Atlantic Capital Resource Center
o The Name of CEO /President of Atlantic Capital Resource Center
o Atlantic Capital Resource Center Tax id
o The full name of Atlantic Capital Resource Center parent Company
As 9/28/08 she has not respond to my email.
This is the 1st of my legal actions against this so call company, lucky for me I kept all the emails from the company and Money gram information.