ED Magedson – Founder
Verizon Financial GroupOne Maritime Plaza, San Francisco, California United States of America
They contacted me and said I had been approved for a loan, but would need collateral. In this case since the lender was so far away it would have to be cash. This amount of "collateral" would be placed against your loan and you would not have to make payments for the months the amount was equaled to. For instance if your payment was going to be 100.00 a month and you paid 300.00 you would not make payments for 3 months. Then they ask you to Western Union this money to a person who is supposed to be a representative of the lender and they will pick up the money. But, then they spring on you they forgot the insurance policy to cover the loan in case something happens to the "lendee" and the policy is 1000.00. But they will tell you that since they sprung this on you so suddenly they are willing to pay half and again they want you to Western Union this amount to a representative of the lender. This by the way is supposed to save you money by sending it to an individual.
The next thing they spring on you is that since they have put you through so much trouble, the lender is willing to raise the amount of the loan. But, they want you to send more money to another individual by Western Union and as soon as the money is sent they will release the funds to your account. They advise you to give them 24-48 hours and the money will be in your account. They also tell you that a "care package" with new loan documents and other pertinent papers will be inside for you to sign and send back. They advise you they will include a "cashier's" check for the new loan amount in case of a computer malfunction and the funds are not wired into your account. When after waiting the allotted funds or the package does not arrive. IF YOU CAN GET THEM ON THE PHONE, it is totally new people and they advise you there is a problem and an additional sum of 500.00 is needed to complete the transaction. Needless to say they will continue to "bleed" you for money if you let them. They play upon a basic need of a person who really needs a loan.
This report was posted on Ripoff Report on 05/29/2010 03:51 AM and is a permanent record located here: http://www.ripoffreport.com/reports/verizon-financial-group/san-francisco-california-94111/verizon-financial-group-chris-matt-kurk-lakeland-arthur-will-ask-for-collateral-money-608367. 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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