Complaint information
  • 0
 (Votes #: 0)
07.22.2011

Reidmount Services

On June 15th I applied for a personal loan of $20,000 dollars through a establishment known as Riedmount Services. I was notified a day later by a woman known as Marlene, who had left message in my voice mail, with a number to call back (800) 945 – 5350. I called her back to discuss the terms of the loan, which were 6.5% interest over a 72-month term, with a payment of a little over 300 dollars per month. I was then told that I needed to make a $2,000 dollar down payment as collateral, and a contract was sent to me by e-mail. I replied to her at that time that I was interested in the loan, but it may be a few days before I could come up with the collateral. I was advised that would be fine course of action to take as, I would have to review the contract anyway and send it back to this Marlene person before any further actions would have to be taken. After some discussion with my spouse, we decided that we would go ahead with this loan, as we were in need of financial assistance at the time.
I reviewed the contract, which stated in plain English what the terms of the loan were which have afore been mentioned. It states that (Name) has been approved for ($XX,XXX) upon receipt of the $2,000 dollar down payment. In fact, it stated several times in this contract that upon receipt of this money, I was guaranteed a loan of $20,000. A copy of the contract that I had received is below. The highlighted areas are just a few that states a guarantee of this loan once the initial payment was made. The address highlighted because it has been confirmed by the USPS as a nonexistent address, and the telephone number is no longer in service. I collected all the monies for the collateral payment from the bank to send to them, as I was instructed to do by Marlene Marshall, and as outlined on the contract. I faxed the contract back to this Marlene, because I could not send it by e-mail for whatever reason. Every time I tried, it was returned back to me as undelivered mail. To fax this document coasted an additional $14 dollars.
Because of this Marlene’s instructions, I ended up having to send this money too them in two different wire transfers, one for $1200 dollars on June 17th , and one for $800 on June 20th, I was instructed to use Western Union to send both of these payments witch coasted me a total of $171 dollars in transfer fees. When I was instructed to send this money western union, I was instructed to send it as I was sending it to a person, so that they could avoid the business taxes. Therefore, when I sent the money out, I did as I was instructed, and sent it to a man in New York, New York named Delroy McLaughlin. Then I waited, because I was told that upon receipt of this money, that it would be a matter of hours before this loan would be deposited into my bank account.
After waiting for several hours and not receiving my money, I called the number back to talk to Marlene, she told me that everything on her end had been completed, and that I needed to talk to someone in customer service. I then talked to customer service who told me that “because of high risk clients, that I would be required to buy an insurance policy, or make another $2,000 dollar payment” I was going to drop this loan all together, so I told them that I wanted my money back. I was transferred to Andrew, who was the supposed manager of the customer service personnel at this company.
I talked to “Andrew” and told him that if I could not get the loan that I requested with the money that I had already sent to them, why couldn’t I cut the loan in half, then the money that I sent them would be more than enough to cover what they wanted me to cover. I was informed that I could not do that, that the only thing that I could do was to come up with the other $2,000dollars, or wait thirty days to get my money back.
I requested this loan because I had a bad vehicle and several bills I had to pay, not wanting to pay the payment on a car loan, as well as make the payments for everything else, I was trying to consolidate things, to make it easier on myself. I just sent this company almost all the money I had, and could not wait to get this money back. Next I did what I thought was the right thing to do and sent the $2000 dollars, which I was told by “Andrew” on a phone call that would guarantee my loan. It was to be $24,800 this time, with the same terms and conditions. He told me that upon receipt of the payment, that I would have my money in three hours. Moreover, that he was going to stay at the “office” that night until everything had gone through, in which he did, because I was in contact with him the whole time. However, I never received my money that night or any other.
I called the next day, talked to customer service, and initially got the answer of “everything is complete, and it shows on our side that your money was sent to you.” It took several hours that mourning to finally reach “Andrew” who told me that he was going to find out what happened, and would call me back in 1/2 hour. Six hours later, and after several phone calls trying to reach him, I finally heard from “Andrew” who told me that the bank that was issuing the loan, now wanted another $800 dollars for closing costs. He did not think that this was fair, so he cancelled the loan, and was issuing a full refund to me, that should be to me by the 18th of July, so that I would not have to wait 30 days to get it back.
Well upon the writing of this complaint, it is July 22nd 2011. I have received not one penny back. I was in contact with “Andrew” on Monday of this week, to ask why I had not received my check yet, and was informed that it had been mailed that previous Friday. However, now if you dial the number (800) 945-5350 all you get is a message stating that it has been temporarily disabled.
All I would really like is the money that I paid into collateral, the 4,000 dollars back, as well as the transfer fees, and the 14 dollars I spent faxing the fake contract to a probable fictitious person. That would make a total of $4,343 dollars.
A copy of the contract is below
Fax
To: Matthew From: Marlene Marshall Ext 43
Email: Pages: 6 (Including fax cover sheet)
FAX: Date: July 22, 2011

Re: Loan Documents Fax # 800-915-7437

¨ Urgent X For Review ¨ Please Comment X Please Reply ¨ Please Recycle
l Comments:
Please review and sign the documents enclosed, Make any corrections and contact your personal consultant.

170 Nicholasville Road, Lexington KY 40503
Tel# (800) 945-5350
Reidmount Services
170 Nicholasville Road
Lexington KY 40503
www.reidmountservices.com



Loan Agreement & Cost of Borrowing Disclosure Statement

We are pleased to inform you that your application for a fixed rate loan has been approved. This Statement sets out the amount of money we are lending you, the cost of borrowing it and the terms and conditions of the Loan. We are required to provide this information at the same time that you sign your Promissory Note. Please note that your loan is payable on the 30th of each month. However, until payment is made, we will permit you to make installment payments as set out below. Your signature on this Statement shows that you have received it. Your personal banker will request a signed copy of this Statement when you sign your Promissory Note.

Please keep a copy of this Statement to refer to later.

%%%%%%%%%%%%%%%

In this Statement, “we”, “us” and “our” means Reidmount Services; and “you” and ‘your” means the borrowers who sign this Statement and the guarantors and covenanters, if any, who sign this Statement; and “Loan” means the loan to be advanced pursuant to the Promissory Note you will sign together with this Statement.

Client’s Name Matthew


Principal amount borrowed
$20,000.00 this is the amount of your Loan.



Cost of borrowing $24,206.30 total amount payable with interest

Your cost of borrowing is the interest payable during the term, plus some of the fees charged by us.



Here is how we calculate the cost of borrowing:


$20,000.00 Interest over the term, based on the present interest rate of 6.5% per year, calculated monthly
Total cost of borrowing $24,206.30

Reidmount Services
170 Nicholasville Road
Lexington KY 40503
www.reidmountservices.com



Thank you for choosing Reidmount Services to act on your behalf in finding an appropriate solution for you and your family. At Reidmount Services we are committed to helping our thousands of customers achieve their financial goals since 1998. Our Vision is to “win customer loyalty through our excellent service and our knowledge oriented staff”.
This document verifies that Matthew will receive a Personal Loan of $20,000.00 once the 10% collateral payment of $2,000.00 to secure the loan of the 72-month term, which is a 6- year term. Once Matthew pays the 10% collateral payment of $2,000.00 of the 72-month term, the 10% will be applied to the total payback of $24,206.30 after 6 months of consecutive payments. Matthew will be responsible for the remaining $22,206.30all payments will be made to Reidmount Services.

Policy

Loan Term
Interest Rate
Total Amount Payable
Monthly Payment
Collateral Payment

72 months, 6 years
6.5%
$24,206.30
$336.20
$2,000.00
The final processing of your loan from this point will take approximately 2-4 business days results vary. In order to make this process as smooth and easy as possible please read the following choices and indicate your preference.
Your funds will be allocated to you in one of the following two ways.
•Fed-x, or via courier 24-48 hrs.
•Direct deposit into your account, 6 - 8 hours.
Via Courier, please fill out the following information (for accuracy please print clearly).
¬¬¬¬¬¬¬

Reidmount Services
170 Nicholasville Road
Lexington KY 40503
www.reidmountservices.com



Regular Loan Payment Amount


Monthly/ Semi
Monthly/ Bi-weekly
Weekly payment
Amount

Total payments









“Loan in default”










$336.20 monthly principal, interest and Loan Protector insurance cost per payment. This is your regular loan payment amount.


The total amount of all payments of principal and interest for the term, based on the interest rate is 6.5%. The total amount of all payments includes your total insurance cost for the term.

Payment Schedule

Monthly: every month on the 30th of each month.

If a payment is due on a Saturday, Sunday or other non-business day, your payment will be processed on the next following business day and interest will continue to accrue.

Calling the loan and charges

Where we have agreed to accept installment payments on your loan, the phrase “loan in default” includes when you are late making a regular Loan payment, when you do not make a scheduled payment, or if you fail to observe any of the terms or conditions of the Loan Contract. Where we have demanded repayment in full of the Loan, the term “loan in default” means that you have not repaid to us all amounts owing on demand.
If a regularly scheduled Loan payment is late over 150 days, or if we demand repayment of your Loan, you owe interest for each day you are late you pay interest on both the principal and the interest portion of the payment that is late (if date is set for payment on demand). When we receive a payment, we will deduct the interest owing on the principal amount first, before any part of the payment is applied to reducing the principal amount. We may also decide to apply the late payment to other amounts you may owe, however until demand is made you will pay monthly installments.



Reidmount Services
170 Nicholasville Road
Lexington KY 40503
www.reidmountservices.com





Charges





NSF payments




Prepayments





Transfers






If your Loan is in default for any reason, you will have to pay any or all of these amounts:
The missed Loan payment
Interest on the principal and interest amount of the missed Loan payment, as described in this section.
Any reasonable costs, including legal fees that we incur to collect or attempt to collect the amount owing.
Any amount charged to you according to the Loan Contract.
The fixed interest rate charged to you according to the Loan Contract.

If a financial institution returns the cheque or refuses the pre-authorized debit you used to make a Loan payment, we will charge you the amount of any fee imposed on us by that financial institution.

How loans can be paid off early

When we lend you money, we expect you to pay it back on demand, or, as long as we permit, according to the payment schedule in this Statement. You may however pay off all or part of your Loan early. If all Loan payments are up to date, you can pay off some or the entire principal amount owing at any time. When you make a prepayment on your Loan, all interest owing up to and including the date of prepayment must also be paid immediately.


Assignment

You cannot transfer your rights under this Statement to a third party. You acknowledge that we may transfer our
Rights in your promissory note to a third party. You agree that we may give any information relating to your Loan application, Promissory Note or this Statement, including your financial information to a proposed transferee.


Cancellation

We may withdraw this statement and refuse to lend you money if you do not meet the criteria set by Reidmount Services to borrow money.


Reidmount Services
170 Nicholasville Road
Lexington KY 40503
www.reidmountservices.com

Reidmount Services, loan coverage was introduced into the financial loan industry as a method to protect the lender(s) from the occurrence of default upon the loan agreement. This safeguard against loan default protects the lender in the event that the loan recipient forfeits on the Conditions of the Agreement. The loan recipient is protected from specified/uncertainties that may prohibit the appropriate payment of the loan as specified in the loan agreement. Has significantly altered the way loans can be granted and somewhat leveled the playing field in terms of following increased opportunities for individuals to compete effectively in today’s national and global economy. This information is to inform you that all funds are 100% guarantee once we receive signed documents along with collateral payment. Reidmount Services reserves the right to request an insurance policy at any time due to high-risk clients.

Guarantee
This document verifies that Matthew has been granted a loan through Reidmount Services of $20,000.00 for a 6 year term at a payment of $336.20USD per month, amortized at a fixed interest rate of 6.5%. The collateral Payment of $2,000.00 is deducted from your total payback of $24,206.30


On behalf of Reidmount Services, I would like to take this opportunity to welcome you as the newest client to the family. Our service consultants will be responsible for handling all aspects of your account with us once your loan requirements have been satisfied. Again thank you for your valued business.
I have read and understood the agreement with all the conditions pertaining to the terms and fees.

Date:
X%%%%%%%%%%__ X%%%%%%%%%__
Client’s Name Client’s Name
Borrower Co-Borrower
Date: July 22, 2011 Date:

X%%%%%%%%%% X%%%%%%%%%__
Borrower’s Signature Co-Borrower’s Signature
Date: %%%%%%%%_ Date: %%%%%%%__

(M/D/Y) (M/D/Y
Sincerely,


Mathew Lewis Rachael Elliott Samantha Lawrence
President Chief Executive Officer Sr. Financial Accounts Mng

*Please Retain This Document for Your Records*.

® Registered trademark of Reidmount Services.
™ Trademark of Reidmount Services.


Thank You for reading of this Complaint / Review.
Complaint author: Matthew

Country: USA
State: All USA

Category: Miscellaneous

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