PLC Financial Solutions Forrest Cote, Representative Scammed by whom I thought was a legitimate loan company, desperation and vulnerability make for an easy target Bangor, Maine

Just like most everyone else, I found myself in a severe financial crunch, having fallen behind on my bills, not being able to keep my head above water.  I decided to apply for a bunch of online loans, which  occupied my time for a few days, hoping that I would be approved for at least one, since a person must qualify for the lending company's criteria.

Some time went by, as I did not hear from any of these companies, and, then, on Wednesday, June 1, 2011, I got a call from Forrest Cote, a representative, who worked for PLC Financial Solutions, in Bangor, Maine.  He told me that I had been approved for a $5,000 loan, that all I had to do was send in three insurance payments, totaling $668.19.  Each insurace payment was $222.73.

Because I did not have the funds to pay all three insurance payments, Forrest told me that if I could pay two payments, totaling $445.46, he would check with their finance officer to see if PLC Financial could pay the remaining third payment.  He indicated that, sometimes, the company will pay the third payment, and that the company only helps make the last payment for the $5,000 loan amount, that the company is unable to pay the third insurance installment on the larger loan amounts.

I told Forrest I had a doctor appointment, and that I would call him back, after I got home, to find out if the decision had been made for PLC Financial to pay my third insurance payment.  When I called back, he told me the company approved the third payment, and that once I sent in two insurance payments, totaling $445.46, by Western Union, the $5,000 loan would be sent to my bank account within 6 - 8 hours.  

Forrest e-mailed me what looked to be a "legitimate contract," stating all of the details of this loan for which I had been approved.  I had to sign a settlement offer, send a copy of my driver's license, and provide my banking information, so that he knew where to wire the funds.  I faxed back all of this "required" documentation.  The "president" of this company, named on the contract, is Ralphy Regula.     

My plan was to send in the $445.46 when I received my check, on June 15, but because I had past due bills, my daughter said that she would give me the money, to send in, because she had just received her check that day.  My daughter had several bills that needed to be paid, as well, but because Forrest Cote told me, without hesitation, that the $5,000 would be in my checking account, within 6 - 8 hours, I was going to turn right around and pay my daughter back so that she could pay her bills.

My daughter wrote me a check, for $485.46, the cost of the two insurance fees, plus the $40 Western Union sending fee.  After I cashed the check, I went to my local Western Union agent, and sent $445.46.  The total was $487.34, the $445.46 (two insurance fees), $40 sending fee, plus $1.88 tax.  I sent the money by way of "Money in Minutes," so the funds would arrive within 15 minutes.  The money was wired to Elizabeth Anne Margaret Wilson, in Toronto, Ontario, Canada.  

On Friday, June 3, the $5,000 had still not been credited to my account.  Was it the time difference?  EST vs. Hawaii time?  I called and told Forrest that the money had not arrived yet.  I asked him for a wire number so my bank could help track down the money.  He told me he was with a client, that after he was done, he'd check with the right department, and I was to call him back in 45 minutes.  I called back, as I was asked to do, and the line was busy.  I left a message, asking Forrest to call me back, and I never received a phone call.  As I tried, a few more times, to call back, the line remained busy.

When I could not reach Forrest, again, my daughter, immediately, decided to do some online research and she discovred that PLC Financial Solutions, in Bangor, Maine, was on a LONG LIST of lenders that are know to scam consumers.  This list is known as Great Loans for Bad Credit.  All of these different lenders are tagged as fraud lenders, scam lenders, and scams.  This list is updated daily.  She googled PLC Financial, in Internet Explorer, and that's how she discovered this very long list.

At the end of this list, of scam lenders, is a word of warning.  It states, "According to the Federal Trade Commission, it's illegal for companies, doing business by phone, in the U.S., to promise you a loan and ask you to pay for it before they deliver."  On another website my daughter found, about scams, it states, "Legitimate loan companies do NOT request money up front, so if you're asked for an advance fee for processing, application, repayment, or insurance, you can BE SURE it's a SCAM."  It, also, says, "Legitimate loan companies should NEVER ask for you to send money, as soon as possible, by Western Union, MoneyGram, or simialr methods.   

Interestingly enough, the other lending company that said I qualified for a $7,500 loan was also on this list of scam lenders.  This company is known as Crossnine Financial Solutions.  I'll be writing a negative report about this company, too, so that anyone who wants to deal with Crossnine Financial Solutions will be on guard.

Please do NOT get a loan from PLC Financial Solutions or Crossnine Financial Solutions.  You will, DEFINITELY, lose your money...guaranteed!  Both companies say they get consumers' information from financial institutions who are unable to give loans due to low credit scores and bankruptcys.

My daughter had been scammed, by a few scam lenders, a few years ago, and she lost hundreds of thousands of dollars, so this situation sounded all too familiar.  She could have kicked herself for NOT seeing the warning signs.  Like me, she was just focused on getting our bills paid.  I had, previously, been scammed for thousands, too.  Never again will I be so stupid.   

Together, let's help each other by putting these scammers out of business.  These fraudulent lending companies are out to get as much money as they can before they are caught.  They do what they have to do to try NOT to get caught.  It's only going to be a matter of time before they get what's coming to them.