Beneficial Financial Services - Linda Lambert - Jody Stevens - Brian Kerr I was scammed by a predatory company that seeks out people in distress applying for a loan. They claim the lender requires an assurance payment up front because of bad credit score but the assurance payment will be credited for 4 months to your loan principal. ripoff Hartford Connecticut

After applying for a loan I was contacted by Linda Lambert of Beneficial Financial Services telling me I had been approved, but because my credit score was low the lender required an assurance payment.
An assurance payment is a payment made up front, similar to closing fees, of 3-4 months payments that assures the lender that you can pay the monthly loan payment. That payment is then applied to the loan.

I was faxed the whole loan package, which I read and signed and returned on March 30, 2006. I sent the assurance payment of $610.30 by Western Union on March 31, 2006 with the understanding that the loan proceeds of $5,000.00 would be direct deposited into my account with 48 hours as the loan disclosure statement said.
On Tuesday, April 4, 2006, after several phone calls of making sure that everything was going to go as planned, my phone call was returned by Jody Stevens, stating that she was the senior operating manager and that the lender was requiring insurance on the loan and the premium was going to be $550.00. I was told that after I paid the insurance premium that the loan would be released within 24 hours. I again (stupidly) sent the $550.00 by Western Union that day.

I have called this company and left voicemails with everyone (their phone extensions ask for your name before it will connect and they won't take my call obviously). I have written and faxed several letters requesting information on the status and/or to refund my money and forget the loan. Ten (10) days later, I am still without the loan proceeds, without a return phone call or any written response, and I'm out a total of $1,264.28 counting the Western Union transfer fees and I have received absolutely nothing in return except reaching their voicemail.

I have kept a copy of all the documents regarding this issue.

Regenia
Warrior, Alabama
U.S.A.