Borland Financial Borland Funding Source Ripped of for $3,000 Ripoff Washington District of Columbia

I was contacted by Borland Funding Source a/k/a Borlund Financial stating that I had been approved for a loan on or about August 13. I was told in the voicemail to contact Mr. Thomas Michelli with the terms of the loan. I telephoned Mr. Michelli and went over the terms with him and was then told that it was a secured loan in the amount of $8,000. I have been working with two of their agents - one is a Thomas Michelli and the other is a Bruno Minyioni). Mr. Michelli explained to me that I would have to secure the loan with a down payment of $1,500, which would prolong the repayment until May '08 in the amount of $252 per month to which I agreed. He then faxed the supporting documents to me, I signed and returned the agreement and was instructed to wire the downpayment. Per Mr. Michelli's instructions, on August 16 I sent via Money Gram $1,500 cash plus a fee of $70 to Ms. Phyllis Judy Morgan in East Peoria, Illinois (I was told that the transfer fee of $70 would be returned to me in the form of a check because I faxed the confirmation back to Mr. Michelli at an additional cost of $5.95). I contacted Mr. Michelli to confirm the transfer, at which time I was told that would be wired to my bank account in three hours. I checked my account every three hours, still no funds had been transferred. On Friday, August 17, I received a call from Bruno - Senior Account Representative explaining to me that there was a discrepancy in my file and that I was misinformed by Mr. Michelli of the terms of my agreement. I was then advised that I should no longer communicate with Mr. Michelli (his actions are currently "under investigation) and that Bruno would now be handling my account. Secondly, Bruno stated that as a courtesy, he would grant me a loan in the amount of $10,000 with the same terms if I were still interested in the loan or that they could refund me my original $1,570 plus the cost of the $5.95 fax confirmation. I was also told by Bruno that if I wanted to proceed with the loan, that I needed to send another $1,500 by Money Gram, which I reluctantly did - which also incurred an additional $30 fee to the attention of Sharon Gilberta in Ajax, Canada. After I wired the funds, I called Bruno and gave him the reference numbers for the transfer I spoke with Bruno at approximately 5:45 p.m. Friday the 17th and was informed that "there were two transfers ahead of mine". The weekend passed, Monday morning I checked my account, still no funds had been transferred. I called Bruno several times that day and when I finally got in touch with him, the call was sort of abrupt and disturbing. He then advised me that the insurance carrier was "kind enough to put up the $1,000 for me" which I clearly check the box stating that I did not want the insurance. At this point, Bruno's demeanor changed - and all of a sudden, there seemed to have been a very bad connection and Bruno was being very short with me, yelling into the phone "you don't have to be rude" to which I kept responding, excuse me, I can't hear you. He then told me that he had to go to a meeting and that I should call back in an hour and he abruptly hung up the phone on me. Today is now Friday, August 24th and I have not heard from anyone at this lender. I want these people caught and brought to justice. I told Bruno that it is absolutely ridiculous to have to secure $4,000+ on a $10,000 loan (most of which I had to borrow from others and was told by Bruno that they'd get their money back in about three hours after it was wired to me). I told him that I wanted out and wanted my oney back to which he simply replied you can't cancel the agreement. The contacts are again: Thomas Michelli is (800) 233-2614 x523 and Bruno is (800) 233-2614 x316. There has to be a way to see who is receiving these money transfers - I know that you just don't walk up to an agent without some sort of identification to claim the money.

Dee, Illinois

Dissapointed1
Chicago, Illinois
U.S.A.