ED Magedson – Founder
Cohen Credit Solutions2 Shaws Cove Rd. New London, Connecticut USA
Cohen Credit Solutions ripped me off by telling me I was approved for a loan, then asking for advance "cash Collateral" payments, and an advance payment for an "insurance policy" on the loan. New London Connecticut
I was contacted by Cohen Credit Solutions after doing a Google search for debt consolidation loans for people with bad credit. After filling out an online application, I was told I was approved for a loan. Because of my credit, they said they would need the first 3 months payments upfront (a total of $900). They called this "cash collateral." After consulting with a friend who is a banker, I was told that "cash collateral" is a legitimate, albeit rarely used, banking tool. So, I submitted payment via Money Gram per their instruction, at which time I was told the loan funds would be deposited in my account in 2 hours. The deposit never happened.
The next day, I was informed by an Amanda Baxter that "the lender" had "reassessed" the loan and felt that with my credit, they needed another $900 upfront payment to release the loan. I borrowed and scraped and came up with the second $900 and sent it to them. The same 2 hour deposit promise was made. Still nothing.
Now, they are telling me that I need to purchase (from them of course) an insurance policy on the loan for $750. I have not paid that, nor will I. I did an extensive search (which I should have done beforehand) and found numerous BBB complaints against them. I filed on myself, as well as with the Fraud Division of the Texas Attorney General's Office.
This report was posted on Ripoff Report on 06/26/2013 08:09 PM and is a permanent record located here: http://www.ripoffreport.com/reports/cohen-credit-solutions/new-london-connecticut-06320/cohen-credit-solutions-ripped-me-off-by-telling-me-i-was-approved-for-a-loan-then-askin-1062410. 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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