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Tuesday, November 23, 2010

Primerica Financial Institute Company takes money to secure loans, will even have Pres. Send letter of guaranteed but said they made mistake and wanted more!! Ripoff

Primerica Financial Institute
4601 Silver Star Rd
Orlando Florida
Phone:  866-322-3914

A loan fraud operation is in effect across the country that poses a significant danger to your financial health. This operation is fraudulently using the Primerica name to mislead consumers into wiring money to a designated address. It is not affiliated in any way with Primerica Financial Services in Duluth, GA, or Citigroup.
Here's the activity to which you should be alert:
A series of advertisements printed in local newspapers falsely offer personal loans, debt consolidation loans and other loan related services by misrepresenting that Primerica IN Duluth, GA is offering the loans, which is totally false. Other ads may read “LOANS” or “Previous Bad Credit? No Problem!” and list only a 1-888 or 1-866 telephone number. When potential victims call the number, they are generally directed by a recorded message to leave their name and telephone number and advised that a representative will contact them shortly.

Typically, the loan application is taken over the phone and approved quickly. The victim is asked to wire a sum of money to supposedly purchase an “insurance policy” to repay the loan ‘in the event of default.” The money is wired via Western Union to an individual in Toronto, Canada. The telephone number is operational for only about 30 days. Once you send your money to these companies, you never get your promised loan and you cannot get your money back.

In most jurisdictions it is illegal for a company to request an upfront fee prior to obtaining a loan. The real Primerica never takes money for loan applications and all loan transactions require a face-to-face meeting with a Primerica representative. If you believe that you have been victimized by this false advance fee loan scam, that misuses the Primerica name please contact the Task Force investigating this matter by calling PhoneBusters at 1.888-495-8501, or sending email to

Please beware of the above company. My wife went to them to secure a $10,000 loan. She was working with a Mike Watson. He called her back on a wed and said that it had been arranged and that all she had to pay was an insurance fee to secure the loan of about $1300.00. Since this was a part of Citi group I did not worry too much about it so my wife sent her paycheck via western union and was told that the loan would be in her account within 12 - 24 hours. On Saturday morning when then money had not arrived she called only to be told that they needed the brokers fee first. They had never disclosed this but it did say that a broker's fee may be charged on the paperwork she signed. I spoke with them and still to this moment think that it is wrong to have her send money and then tell her later that she has to send more. (It appears the truth I leading dose not apply to them) Well the more was a $989.79 broker's fee.

Before she sent this I had them send her a letter signed by the president Ronald Tessmer that she would not have to pay another dime and that the $10,000 would be send after this fee was paid.

We received this letter and my wife released the funds to them via western union. They received the funds and per the letter were to deposit in my wife's account $10,000.00 within 6-12 hours. This was on the 5th of April 2007.

My wife received a call on the morning of the 6th from Mikes supervisor (Ms. McAlister) saying that they had made a mistake and that it was going to be for $15,000.00 and that my wife needed to send them another 700 plus dollars.

Now the letter we received did not have any wording for more fees the last paragraph on the letter from Mr. Tessmer is as follows:

"Upon receipt of payment for (MY WIFES NAME HERE) outstanding closing fee of $989.79, Primerica Financial Institute will transfer in the account of (MY WIFES NAME HERE), one fixed rate loan in the amount of $10,000.00. Funds will be made available within 6-12 hours. May this guarantee serve as verification that there will be no additional fees to be required of (MY WIFES NAME HERE) account beyond the outstanding closing fee of $989.79"

We have the Western Union numbers where they have received the above. Because of their mistake they will not honor this contract and we have been forced to contact the Attorney General of the State of Florida. We will not allow them to refund us any money (that takes 3 to 6 weeks) as we she needs the loan that was promised.

Please feel free to contact me before you do business with these people especially if they claim that this is false. I have all the paperwork and we are willing to show it to anybody at any time.

Ashburn, Virginia

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