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Report: #1485245

Complaint Review: Ascentium Capital - Kingwood Texas

  • Submitted:
  • Updated:
  • Reported By: Connie — DESTIN United States
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  • Ascentium Capital 23970 hwy 59 north Kingwood , Texas United States

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I borrowed $47,000 from ASCENTIUM CAPITAL to purchase an LED Road Sign. I authorized ASCENTIUM CAPITAL to pay the Vendor (Complete Signs, Dothan, Al) 1/2 of the amount of the loan. The agreement with the sign company is 1/2 down and 1/2 when the sign is installed.

Abruptly, without warning, ASCENTIUM CAPITAL disbursed the full amount of the loan proceeds to the SIGN company BEFORE the sign company began work. ASCENTIUM CAPITAL disbursed the full amount of the loan to make certain that the loan closed at the full $47,000. So I am left with owing $47,000 to Ascentium Capital, no money in my LOAN account and the Sign Company has been paid in FULL before the Sign Company even started work.

The vendor (Complete Signs, Dothan, Al.) took all the money ASCENTIUM CAPITAL paid and never preformed. To date, after over a year, the sign is still not installed. Because ASCENTIUM CAPITAL paid the Vendor ALL the money UP FRONT I have no leverage to induce the Sign company to deliver the sign. Short of litigation, that is. Because ASCENTIUM CAPITAL created the nightmare, I ask for their help, Ascentium Capital offered nothing.

I ask Ascentium Capital to replace the funds that they should not have removed, and Ascentium Capital offered nothing. They told me that if I miss a payment they will foreclose my loan , file a lawsuit against me and ruin my credit. So, for over a year I have been without $47,000, without my LED Sign and having to make monthly payments to ASCENTIUM CAPITAL of almost $1,100.

Plus ....Get this....ASCENTIUM CAPITAL required me to purchase insurance on the Loan. The insurance coverage does not begin until the sign is installed. I have been paying the MANDATORY insurance premiums for a year without any coverage. ASCENTIUM CAPITAL’s requirement for allowing the loan. Go figure. Allegedly, if ASCENTIUM CAPITAL is not the definition of crooked, bullying, unfair financial practices, predatory lending thieves, what is?

I am asking the public your opinion not accusing ASCENTIUM CAPITAL. BE CERTAIN THAT YOU UNDERSTAND ASCENTIUM CAPITAL HAS DISMISSED ME AS the POOR CUSTOMER THAT I AM. I have not yet found any support from the numerous government agencies I have contacted. No help from the Attorney General of Florida. I once believed in her credibility and her promise to help citizens, especially senior citizens Like me.

This report was posted on Ripoff Report on 09/19/2019 10:38 AM and is a permanent record located here: https://www.ripoffreport.com/report/ascentium-capital/kingwood-texas-loan-funds-1485245. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#3 Author of original report

Apology

AUTHOR: Connie - (United States)

POSTED: Saturday, October 05, 2019

 "I would like to retract my negative statements concerning Ascentium Capital.. Ascentium Capital has no control over the Vendor ( Complete Signs). Ascentium Capital did lend me the funds to finance the purchase of the LED Sign. I would like to apologize to Ascentium Capital and anyone else from Ascentium Capital that I may have offended”.

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#2 Author of original report

Thanks

AUTHOR: Connie - (United States)

POSTED: Sunday, September 22, 2019

Thanks for your advise.  

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#1 Consumer Comment

Don't Bother With Anyone - Just Get Your Lawyer On This

AUTHOR: Jim - (United States)

POSTED: Thursday, September 19, 2019

I have no leverage to induce the Sign company to deliver the sign. Short of litigation, that is.  Well, litigation is what you need to enter into.  If the bank disbursed the funds in a manner inconsistent with that listed in the agreement as you indicate, then litigation is your only (and I mean only) answer.  I don't really understand why you haven't involved a lawyer by now??  Seriously, do not ever depend on any governmental agency to intervene on your behalf.  They will do nothing, no matter who it is.

Your attorney will also go after the sign company and sue for specific performance, plus any damages the attorney believes are relevant.  If the sign company goes bankrupt, as I'm sure they will - I mean that probably why you haven't gotten your sign - and the owner of the sign company hasn't personally guaranteed his business, then your only action will be against the bank.  That's why you have to sue them both.

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