Complaint Review: Primerica

Debbie,

Tell us exactly how you get paid for educating the client? Do you really? So you aren't commissioned? You don't have a built-in conflict of interest being a financial advisor who is also a commissioned salesperson? That's news to me!

You all use the same crap they teach at flopportunity meetings. NO, the situation you described is NOT a pyramid. Can those office workers go out and hire seventy-two other office workers? Can the janitors each hire eighty-six other janitors, who can also hire additional toilet scrubbers?

Until you understand the difference, you will continue to be duped by the misinformation spewed at Primerica.

CURITS, HAVE YOU PERSONA;;Y BEEN RIPPED OF BY PRIMERICA? IAM NOT TALKING ABOUT YOUR FRIENDS AND FAMILY THAT YOU HAVE CLAIMED TO BE RIPPED-OFF, IAM TALKING ABOUT YOU PERSONALLY? WHAT BUSINESS HAVE YOU DONE WITH THE COMPANY THAT HAS RIPPED YOU OFF?

IF YOU HAVEN'T EVEN DONE ANY BUSINESS WITH THE COMPANY THAN HOW CAN YOU CLAIM THAT YOU HAVE BEEN TAKEN ADVANTAGE OF AND EVEN THEN I WOULD QUESTION THE VALIDITY OF YOUR CLAIM.

DO BROKERS HIRE BROKERS? WELL GEE CURTIS, DO THEY?
I DON'T BELIEVE BROKERS HIRE BROKERS, I BELIEVE THEY HIRE AGENTS,(YOU SAID I WAS INCOHERENT)WHICH IN TURN THE BROKERS MAKE MONEY OFF THE AGENTS.

SAME AS A REAL ESTATE COMPANY, YOU HAVE YOUR REAL ESTATE BROKERS AND THEN YOU HAVE YOUR REAL ESTATE AGENTS AND THE BROKERS MAKE MONEY OFF THE AGENTS.

NO MATTER WHAT COMPANY YOU GO TO IT IS SET UP LIKE A PYRAMID REGARDLESS OF THE PAY STRUCTURE. A PYRAMID IS A PYRAMID, MLM IS MLM. CALL IT WHAT YOU WANT.

IS THAT HOW YOU MEASURE SUCCESS, BY HOW MUCH MONEY A PERSON MAKES? HOW DO YOU MEASURE A PERSON THAT IS RAISING 3 KIDS AND ON WELFARE, ALSO WORKING TRYING TO MAKE ENDS MEET AND AT THE SAME TIME NOT HAVING ENOUGH TIME TO SPEND TIME WITH THEIR KIDS?

CURTIS IF YOU SAID TO ME YOU MAKE OVER FIFTY THOUSAND DOLLARS, I WOULD DEFINITELY NOT JUMP FOR JOY. EVEN IF YOU SAID YOU MADE OVER 150,000+ I STILL WOULD NOT JUMP FOR JOY. NO AMOUNT OF MONEY YOU MAKE WOULD MAKE ME JUMP FOR JOY.

ALSO CURITS, THE PEOPLE THAT I HANG AROUND WITH ARE ALSO VERY POSITIVE. I REFUSE TO HANG AROUND PEOPLE THAT ARE NEGATIVE. DO YOU CURTIS HAVE ANY POSITIVE PEOPLE THAT ARE IN YOUR LIFE?

CURTIS I HAVE NEVER SAID ANYTHING DERROGATORY TO YOU. ALL I ASK IS THE SAME BACK. ALL I HAVE STATED IS SCENARIOS.

Debbie, I can only assume that you were refering to my comments. I may have gotten paid for being in the Air Force (hardly a lot I can assure you), but my salary wasn't based on how many people I could give bad financial advice to in the guise of trying to "help someone become financially independent". Maybe you actually believe you are helping someone, but of course you are brainwashed, so maybe I can't blame you too much.

Why are all you idiotic agents trying to refinance mortgages that have a 7.2 % rate into a mortgage with a 9.0% rate that includes outlandish closing costs? How is that beneficial? I'll tell you. It benefits you and only you, and your uplines of course. I'm really thankful that you are enjoying your Primerica time and not teaching anymore, because the youth of America is messed up enough without you adding to it. You obviously couldn't cut it.

Greetings All,

In starting this message, I do want to say that everyone has made a valid point of some nature in the above text(s). All opinions, less a few seemingly personal remarks, are helpful criticizm.
I've described myself as the "owner" of the business, because that is exactly what I consider myself, an INDEPENDENT associate.

I have only been with Primerica a short time and I will agree, it does start slowly and discouragement is a factor.

Positive mindsetting, however, has been the answer for me and "my clients".
I am not saying that I am one of these agents that make a 6 and 7 digit income, but, I feel, if they can do it... I can do it.

If I can do it... I can show someone else how to do it. You can call it taking advantage of the less forturnate if you like. That's fine. A lot of your bosses have been doing it to you for years, PLEASE BELIVE ME!!

I was once one of the "less fortunate" and I am, with confidence, slowly turning the tables. I don't feel I have been taken advantage of in any way. If all I get out of this program is a few dollars and some good information, then so be it... that's what I call PROGRESS, regardless of its form.
A pyramid scheme is the "corporate" world we live in. DEAL WITH IT!! For example, and please excuse me if I skip a level or two, including yours:
$
CEO
(P)RESIDENT
VICE (Y) PRESIDENT
I I I(his people)I I I
I I I I I I I I I I I I I
IIIII (R)EGIONAL MANAGERS IIIII
IIIIII DISTRICT M(A)NAGERS IIIIII
I I I I I SENIOR (M)ANAGERS I I I I I
I I I I I I I I MANAGERS I I I I I I I I
I I I IIIIII a*s(I)STANT MANAGERS IIIIII I I I
I I I I I IIIIII TEAM LEA(D)ERS IIIIII I I I I I
IIIIIIIIIIIIIIIIIII ASSOCIATES IIIIIIIIIIIIIIIIIII

...does this look familiar? Need I ask who makes the most money? The letters is ( ) spell out the game we've all played. The only real deciding factor in any of these scenerio's is which block do you want? I'd rather chance $199.00 for the opportunity to build my dream (pyramid) than to pass it up to work day in and day out during the most inconvenient hours, in the most inconvenient of workplaces, fighting a losing corportate battle for 40 years.
Primerica, Pre-Paid Legal, Excell, etc. give those that may not have the advanced knowledge or even those that have it and just not the "paperwork" to verify, an opportunity to learn some lifesaving information and help others and themselves to a piece of the pie and seconds if they wish. YOU JUST GOTTA BE HUNGRY... ARE YOU!!
Q: If you have a goal of making, say, $85K annually and the top paying position at your place of employment only pays 50K max. with incentives... how long do you plan on staying there? Then, by the time you reach that top salary, what will you do? Quit and start over somewhere else, at the bottom and hope you make it to 51K?
I guess I'm one of those few that says: "stop killing valuable brain-cells asking what if it DOESNT'work and ask yourself, what if it DOES?"

SEE YOU AT THE TOP!!

BLESSINGS HIGH RISERS AND CRITICIZERS

I was approached by a Primerica "rep" today. The lines were the same as other pyramid scams; the promises of financial freedom and independence. Upon further research, I find that yes indeed, theres the front end loading; $199.00 disguised as what, educational materials? Pblblblbl!!!!!

So then what, I get to be "honest" with people and sucker them into the scam that gets me a percentage off of what they make? Or sucker people into Mutual Funds and take a commision on top of the Mutual Fund loads?

Dont even try to tell me about a "no load" fund, you know theres a hidden fees. How about if I save my $199.00 for the $9.99 per trade I pay? How about if I put my money into index funds and pay no load and no commission? Yeah sure, talk smack about the indexes, they only out perform mutual funds. Okay, how about if I tell people about free financial advice like www.thestreet.com or www.fool.com?
Oh wait, its kinda hard to prey upon people who cant read.

WOAH!! Before I call this done, dont try to tell me how legitimate business is all an MLM. We know better, hell, we all know that there is probably only one person on this board defending Primerica.

I was approached by a Primerica "rep" today. The lines were the same as other pyramid scams; the promises of financial freedom and independence. Upon further research, I find that yes indeed, theres the front end loading; $199.00 disguised as what, educational materials? Pblblblbl!!!!!

So then what, I get to be "honest" with people and sucker them into the scam that gets me a percentage off of what they make? Or sucker people into Mutual Funds and take a commision on top of the Mutual Fund loads?

Dont even try to tell me about a "no load" fund, you know theres a hidden fees. How about if I save my $199.00 for the $9.99 per trade I pay? How about if I put my money into index funds and pay no load and no commission? Yeah sure, talk smack about the indexes, they only out perform mutual funds. Okay, how about if I tell people about free financial advice like www.thestreet.com or www.fool.com?
Oh wait, its kinda hard to prey upon people who cant read.

WOAH!! Before I call this done, dont try to tell me how legitimate business is all an MLM. We know better, hell, we all know that there is probably only one person on this board defending Primerica.

I was approached by a Primerica "rep" today. The lines were the same as other pyramid scams; the promises of financial freedom and independence. Upon further research, I find that yes indeed, theres the front end loading; $199.00 disguised as what, educational materials? Pblblblbl!!!!!

So then what, I get to be "honest" with people and sucker them into the scam that gets me a percentage off of what they make? Or sucker people into Mutual Funds and take a commision on top of the Mutual Fund loads?

Dont even try to tell me about a "no load" fund, you know theres a hidden fees. How about if I save my $199.00 for the $9.99 per trade I pay? How about if I put my money into index funds and pay no load and no commission? Yeah sure, talk smack about the indexes, they only out perform mutual funds. Okay, how about if I tell people about free financial advice like www.thestreet.com or www.fool.com?
Oh wait, its kinda hard to prey upon people who cant read.

WOAH!! Before I call this done, dont try to tell me how legitimate business is all an MLM. We know better, hell, we all know that there is probably only one person on this board defending Primerica.

I was approached by a Primerica "rep" today. The lines were the same as other pyramid scams; the promises of financial freedom and independence. Upon further research, I find that yes indeed, theres the front end loading; $199.00 disguised as what, educational materials? Pblblblbl!!!!!

So then what, I get to be "honest" with people and sucker them into the scam that gets me a percentage off of what they make? Or sucker people into Mutual Funds and take a commision on top of the Mutual Fund loads?

Dont even try to tell me about a "no load" fund, you know theres a hidden fees. How about if I save my $199.00 for the $9.99 per trade I pay? How about if I put my money into index funds and pay no load and no commission? Yeah sure, talk smack about the indexes, they only out perform mutual funds. Okay, how about if I tell people about free financial advice like www.thestreet.com or www.fool.com?
Oh wait, its kinda hard to prey upon people who cant read.

WOAH!! Before I call this done, dont try to tell me how legitimate business is all an MLM. We know better, hell, we all know that there is probably only one person on this board defending Primerica.

YOU PEOPLE THAT ARE SPOUTING OFF WITH NEGATIVE COMMENTS ABOUT A COMPANY HAVE SOME NERVE. THAT IS ALL I HAVE EVER SEEN YOU GUYS DO IS TALK NEGATIVE ABOUT THE COMPANY.

Because there is nothing good to say about it. I'm telling people that they can do great for themselves without a MLM salesperson manipulating the FNA in order to achieve a sale.

C.D., DO YOU EVEN WORK?

Oh yes. And C.D. makes more money in a month than you probably do in an entire decade with Primerica (positive income usually means just that...)

I WAS JUST WONDERING, BECAUSE YOU ARE ON THIS PAGE AN AWFUL LOT. IT DEFINITELY TAKES TIME TO READ THESE COMMENTS AND RESPOND TO THEM AND THERE IS ONLY 24 HOURS IN A DAY. JUST CURIOUS?

There "is" only 24 hours in a day, and it only takes about 10 "minute" to respond to your drivel. Mostly it's cut and paste from flopportunity meetings so it's easy to refute. Just ask one of the 100,000+ people who went through the "guaranteed success" of PFS last year.


ALSO HAS ANYONE OF YOU GUYS WALKED INTO A INSURANCE OFFICE? WHAT DO YOU SEE THERE? A SECRETARY,OOOH, MAYBE EVEN AN AGENT OR TWO, OH MY YOU MIGHT EVEN FIND A BROKER OR TWO. ISN'T THAT SET-UP SIMILAR TO MLM OR A PYRAMID?(YES) IS THAT ILLEGAL?(NOT)

Wrong answer to the first question. That is not similar to a pyramid. Can the secretaries go out and hire more secretaries on a whim? Can the brokers hire twenty, fifty, two THOUSAND other brokers to share the business? I bet some even have a janitor. Can the janitor hire fifty-seven other janitors and take a piece of the pie when they clean the restroom?

I MUST SAY THAT IN REFERENCE TO ALL THESE NEGATIVE COMMENTS, THE APPLES DON'T FALL TO FAR FROM THE TREE.

Do you mean "too" far? Kendra, could your posts be any less coherent and any more difficult to read? I think not. Folks, these are the kind of people you encounter in PFS.

I AM SO GLAD THAT MY PARENTS TAUGHT ME TO BE VERY POSITIVE NO MATTER WHAT IS GOING ON OUT IN THE WORLD TODAY.

I am staying positive. I'm letting people know that they are smarter than they think! They can do way better for themselves than what an MLM insurance salesperson tells them.

JUST A LITTLE ADVICE FOR THE PEOPLE THAT HAVE RESPONDED TO THIS SITE: DON'T MAKE A FINAL DECISION WHEN CHOOSING TO WORK OR DO BUSINESS WITH A COMPANY JUST BECAUSE YOU HAVE READ A SITE LIKE THIS. DON'T MAKE A DECISION BASED ON HEAR SAY AND HEAR SAY ONLY.

Right, go out and read a book on finance and understand what the MLMers teach at PFS is complete and utter garbage.


IF YOU HAVE MADE A DECISION DUE TO HEAR SAY, THEN YOU YOURSELF HAVE NOT MADE THE DECISION, YOU HAVE BASICALLY ALLOWED EVERYONE ELSE TO MAKE IT FOR YOU. WAKE UP AND SMELL THE COFFEE.

Just don't say you weren't warned.

I'd only ask of those who suggest being paid makes this business bad, how? So you were in the airforce? And you did this without pay? Obviously if you accepted pay then you weren't really helping? I guess I'm not sure of the validity of this argument. I taught for three years and think it was a gratifying career in that it was a way to give to the community, however, keep in mind as gratifying as it may be I could NOT have taught without pay. I too have a family and do have to make a living. Now I TEACH people how to make their money work and YES I do get paid for my services. However, if you place your money in a savings acct. the teller too gets paid for her services. The difference? Well you can do the math. The teller will not ask if you'd like to invest your money in a money market or better yet mutual fund for an AVERAGE percent(over the life of the stock market) of 6 or mutuals are closer to 12. Nooooooooooooooo instead that nice teller or bank representative will GLADLY put your money in a savings account or make a referral and GET a commission for doing so, AND YOU.. you will get 2.5 or (we'll be generous and PRETEND it's) 3 % on your money. In 24 years at 3% your money will double. YIPPPPPPEEEEEEEEEE
how many 24 years have you got???? I can see the argument because I was going to offer to put your money where you could make 12% and it would double in say................ 6 years! Heck, I suppose that's not a good reason to pound the pavement. BUT until those I love and cherrish are taken care of and not taking ADVANTAGE OF I'll keep taking a commission for helping. Of course if anyone here shooting their negativity in the direction of all to read have any real evidence, then please let's hear it. If it's' the AGENT or person you are angry with..... Please be sure to make yourself clear because I'm reading that PRIMERICA is something other than marvelous but have YET to read anything factual about the COMPANY. It sounds as if one is judging a company by ONE person. AND also.. to the strand that calculated all those who make NO MONEY in Primerica....... first, that's contradicting all else that is being spewed. Secondly, I wonder how many teachers are independently wealthy??? How many of any particular job is independently wealthy. Nooooooooo there is NO JOB where ALL become the creme de la creme. Not all that work for a retail chain will become the CEO.. but if you work hard ANYONE can succeed at PRimerica. Tell me what held you back? Give me facts! Nobody would keep their appt? oooohhhh sounds like it was HARD? Well if it's hard, QUIT! Heck noooooooooooo if it's hard... work harder and succeed! I only know that I'm LOVING my time with Primerica, that I'm making Money and I'm learning so many life lessons. I can only wish all of you as happy a journey!

YOU PEOPLE THAT ARE SPOUTING OFF WITH NEGATIVE COMMENTS ABOUT A COMPANY HAVE SOME NERVE. THAT IS ALL I HAVE EVER SEEN YOU GUYS DO IS TALK NEGATIVE ABOUT THE COMPANY.

C.D., DO YOU EVEN WORK? I WAS JUST WONDERING, BECAUSE YOU ARE ON THIS PAGE AN AWFUL LOT. IT DEFINITELY TAKES TIME TO READ THESE COMMENTS AND RESPOND TO THEM AND THERE IS ONLY 24 HOURS IN A DAY. JUST CURIOUS?

ALSO HAS ANYONE OF YOU GUYS WALKED INTO A INSURANCE OFFICE? WHAT DO YOU SEE THERE? A SECRETARY,OOOH, MAYBE EVEN AN AGENT OR TWO, OH MY YOU MIGHT EVEN FIND A BROKER OR TWO. ISN'T THAT SET-UP SIMILAR TO MLM OR A PYRAMID?(YES) IS THAT ILLEGAL?(NOT)

I MUST SAY THAT IN REFERENCE TO ALL THESE NEGATIVE COMMENTS, THE APPLES DON'T FALL TO FAR FROM THE TREE.

I AM SO GLAD THAT MY PARENTS TAUGHT ME TO BE VERY POSITIVE NO MATTER WHAT IS GOING ON OUT IN THE WORLD TODAY.

JUST A LITTLE ADVICE FOR THE PEOPLE THAT HAVE RESPONDED TO THIS SITE: DON'T MAKE A FINAL DECISION WHEN CHOOSING TO WORK OR DO BUSINESS WITH A COMPANY JUST BECAUSE YOU HAVE READ A SITE LIKE THIS. DON'T MAKE A DECISION BASED ON HEAR SAY AND HEAR SAY ONLY.

IF YOU HAVE MADE A DECISION DUE TO HEAR SAY, THEN YOU YOURSELF HAVE NOT MADE THE DECISION, YOU HAVE BASICALLY ALLOWED EVERYONE ELSE TO MAKE IT FOR YOU. WAKE UP AND SMELL THE COFFEE.

I just want to say that C-Midwest,Illinois is my hero. Keep preaching the Down with Primerica Word. Primerica agents are a bunch of mindless babbling fools who do nothing but repeat the same rhetoric that is shoved into their brainwashed minds by Primerica.

( I have a vision of a little gold watch being swung in front of their eyes at these rallies, with someone softly saying, "You are getting very sleepy.

When you awake, you will take the financial world by storm and become a millionaire in a few short years." ) LOL...And I haven't forgotten about you Wallace. I said Upper Lower Class, not Middle Class.

I learned about the sub classes of our economic class stucture in college. I went back and read about it again and I would now classify myself as Lower Middle Class...aka The Working Class...The level where most of America falls into.

Finally, Wallace, I am not a racist. In fact, I don't even know what half of me is because my mother was adopted. You are the one that keeps bringing up race and ethnicity and using it as a crutch. All of us Working Class, regardless of color, have the same financial troubles. It's not just the cross to bear for African Americans and Hispanics alone. And Primerica is NOT the answers to these problems.

Long live C-Midwest.

The same deceptive Primerica song and dance. First they start out with statistics that, while true (who cares), don't help the cause. They set the stage for the second wave of lies.

All else being equal, a lower APR is always better than a higher one. I posted in another rebuttal that if you use "simple interest" calculations, it is the equivalent of a small fraction of a percentage point in APR. That being said, how can a PFS "simple interest" loan improve a customer's current situation when:

1. It is not only HIGHER than the market rate by at least 1.5%, especially in a declining market, but it is also at least .75% HIGHER than the customer's CURRENT mortgage. If I'm at 8%, the market is at 7%, then chances are excellent that Primerica would offer me a 9% loan.

2. You charge a huge amount of closing costs, usually equal to 5-6% of the loan itself.

3. You lay on a huge prepayment penalty. You say it's not 'right' for everybody. Tell us, shill, when might I consider a prepayment penalty "right"? Tell me, shill, how is a prepayment penalty "100% right" for the consumer, as you claim your products are?

4. Their current mortgage is better than the garbage you get them into. Not only could they be better off with someone else, they would be better off if you never even showed up!

You take these individually and try to refute each of them, INDIVIDUALLY, with your simple interest calculations. But when you take two or three of them together, the customer is in a worse situation after you leave! Why? Because you're in the 'people business' and your company is not in a position to help anybody except themselves.

So, shill, why don't you take your out-of-compliance postings back to the Primerica Home Office and see if they like it?

WOW! MY HUSBAND AND I ARE BOTH EDUCATED.
WE BOTH WORK. WHEN PRIMERICA CAME ALONG, WE WERE
SKEPTICAL. BUT PRIMERICA HAS HELPED US EARN EXTRA INCOME. ENOUGH TO ENSURE A LOFTY RETIREMENT AND A GOOD COLLEGE EDUCATION FOR OUR CHILDREN. I HAVE SCAMMED NO ONE. I AM PROUD OF PRIMERICA AND WHAT THEY HAVE TO OFFER.

BY THE WAY, DO YOU ALL KNOW HOW MUCH YOUR BOSS MAKES?? DO YOU KNOW HOW MUCH HE/SHE MAKES OFF OF YOUR HARD WORK? JUST WONDERED. ITS MLM.

GOD BLESS-

First - I am a Primerica Rep.

Second - I found this site when a potential recruit of mine referred me to it and said it was the reason he wasn't interested in hearing about our opportunities. That's why I was here. I am commenting because there is too much misinformation here and some balance is needed.

Third - I will comment on some facts and will not resort to emotional out bursts or name-calling. Please do the same when you respond.

Fourth - I'll also comment on interest rates and a statement made on this site that a lower APR was ALWAYS better.

To Jason in West Allis, WI.

There are several different sources quoted by Wallace, each of the sources quoted (and referenced) is using different subsets of the US population. That's why you see different values for the average household debt. These are in the Primerica publications because they illustrate the magnitude of the debt problem in the USA. Sources are always listed. We don't crease the data; we just refer to other reputable public sources. The items are below

Fact: Three out of five U.S. households have an average credit card debt of $11,000. Last year's 4 percent increase in the U.S. family household income ($50,000 median) merely equaled the cost of their average credit card debt.
(Viewed at www.msnbc.com on April 25, 2001)

NOTE: BASED ON 3 OF 5 HOUSEHOLDS AS REPORTED BY MSNBC.COM

Fact: By the end of 2000, the average credit card holder had $8,123 in credit-card debt.
(Source: Newsweek, August 27, 2001)

NOTE: BASED ON THE AVERAGE CREDIT CARD HOLDER, NOT HOUSEHOLDS.

Fact: Right now, 44 million households 57 percent of all card users carry card balances of an average of $8,025 month to month. At an average annual interest rate of 17.11 percent, that generates interest payments of about $114 per month for each household.
(Source: Family Money, July/August 2000)

NOTE; BASED ON 44M HOUSEHOLD/57% OF CARD USERS, YET A DIFFERENT SUBSET REPORTED BY FAMILY MONEY.

Fact: The latest statistics show a nation already shouldering record-high installment debt, some $700 billion mostly credit cards. That works out to $10,000 for a family of four and doesn't count home mortgages or car loans. Today's credit card debt has ballooned to three and a half times its 1990 level.
(Source: Kiplinger's, November 2001)

NOTE: BASED ON A FAMILY OF FOUR AND INCLUDES MORE THAN JUST CREDIT CARDS, BUT STILL EXCLUDES MORTGAGES/CAR LOANS REPORTED BY KIPLINGER'S.


Regarding loan APR in response to a different posting from C in midwest (I think).

Scheduled interest loans vs. simple interest loans. Most mortgages are scheduled interest loans, where the ratio of principal and interest that come from each constant $ payment over the life of the loan is calculated and scheduled at loan initiation. Simple interest loans recalculate the interest do for the period based upon the actual principal balance outstanding.

If you stick to the schedule, there is no advantage to simple interest loans over scheduled interest loans.

If you want to prepay the principal then there is an advantage, in that future payments after any prepay will have a higher ratio of principal/interest because the actual outstanding balance is less. With a scheduled interest mortgage the principal balance goes down with prepayment, but the next payment will apply the same amount to principal and to interest it would have if not prepay was made - it sticks to the schedule, hence the name.

Example:
$200,000 - 15 year mortgage at 6.875%

If no prepayments are made over the life of the loan, 180 monthly payments of $1783.71, you will pay the principal of $200,000 and will pay $121,068 in interest with either scheduled of simple interest loans. The amount paid to principal and to interest varies with each payment and is the same for both scheduled of simple interest loans. For example payment 120 at the end of the 10th year will be $1258.87 to principal and $524.84 for interest.


If we assume an addition principal payment of $200 every month, so $1983.71 per month, the scheduled interest typical mortgage will not change the amount of each payment that goes to interest. For example the 120th payment at the end of the 10th year will still have $524.84 going for interest, and will have $1258.87 + $200.00 = $1458.87 applied to principal. Over the life of the loan, now 161 payments of $1983.71 you will pay the principal of $200,000 and will pay $119,201 in interest, a savings of $1867 over the total interest expected without principal repayments ($121,068 in interest)


The simple interest loan however recalculates the interest due each month and with the prepayments the interest due for each payment is less that for the scheduled loan. For example the 120th payment at the end of the 10th year will only have $326.53 going for interest, and will have $1457.18+ $200.00 = $1657.18 applied to principal. Over the life of the loan, now 151 payments of $1983.71 you will pay the principal of $200,000 and will pay $99,471 in interest, a savings of $21,597 over the total interest expected without principal repayments ($121,068 in interest.

This is a much better deal, even if you had to pay the 3% in points ($6000) for a typical Primerica SMART loan.

Also, with a simple interest loan (like a SMART Loan) you can have a 0.5% higher APR and end up paying the same total interest over the life of the loan vs. a scheduled interest, standard mortgage. SMART APR = 7.375% with the same $1983.71 per month payments, gives interest over the life of the loan of $113,197, plus the $6000 in points to give $119,197 total tax deductible interest. This is the same as the scheduled loan at 6.875% with the $200 per month prepayments of principal.

Lower APR is NOT always better!!

Yes SMART loans have prepayment penalties. Yes they may not be right for everyone. Nothing is.

However, if you think you can prepay principal and plan to be in the house for over 5 years, then a simple interest loan like a SMART might be good.

Okay Wallace....I just paid my $199 dollars yesterday. I was immediately givin a booklet from which to read a bunch of boloney facts like those stated. I don't consider myself to be "ripped-off" as I was smart enough to quickly read the information provided me and discover that there was no truth to these at all. In your facts alone, there are 3 different "average credit card debt per family" amounts. So I ask you this question....is the average credit card debt per family $11,000, $10,000, or $8,000? You used all three figures and the average can't be all three.

The credit card thing is not all that important though. The important part is that these facts are completely meaningless. I am white. My mother is white. My friends are white. And every one of us has the same lack of retirement planning as your African-American and Latina women. It is all a matter of being able to manage your own funds. If I told you how to manage your own funds, that doesn't mean that you will do it. We've all been told the importance of saving money and it is very seldom that people listen. It is our own fault and not the fault of their ethnic background, so get off the subject.

The truth is that I went through the all the training, I heard all the bullcrap spewing from the mouth of my "personal caoch" and when I called him to ask a question today.....he didn't even know who I was. I promply called my bank and cancelled the payment on the check that I had written to Primerica and advise everybody else to do the same. Go ahead and make your won decisions but don't listen to the facts that Wallace is spouting off because they come straight from the traing manual. Make your own decisions. DOWN WITH PRIMERICA!

Okay Wallace....I just paid my $199 dollars yesterday. I was immediately givin a booklet from which to read a bunch of boloney facts like those stated. I don't consider myself to be "ripped-off" as I was smart enough to quickly read the information provided me and discover that there was no truth to these at all. In your facts alone, there are 3 different "average credit card debt per family" amounts. So I ask you this question....is the average credit card debt per family $11,000, $10,000, or $8,000? You used all three figures and the average can't be all three.

The credit card thing is not all that important though. The important part is that these facts are completely meaningless. I am white. My mother is white. My friends are white. And every one of us has the same lack of retirement planning as your African-American and Latina women. It is all a matter of being able to manage your own funds. If I told you how to manage your own funds, that doesn't mean that you will do it. We've all been told the importance of saving money and it is very seldom that people listen. It is our own fault and not the fault of their ethnic background, so get off the subject.

The truth is that I went through the all the training, I heard all the bullcrap spewing from the mouth of my "personal caoch" and when I called him to ask a question today.....he didn't even know who I was. I promply called my bank and cancelled the payment on the check that I had written to Primerica and advise everybody else to do the same. Go ahead and make your won decisions but don't listen to the facts that Wallace is spouting off because they come straight from the traing manual. Make your own decisions. DOWN WITH PRIMERICA!

Laura, put down your whip! Youre just a little too violent with all this "GOOD-ol-MASSER"/ Servant insinuations. Must be the real side coming out.

Here's a pat on my back, I am a Big Brother, I am a YMCA volunteer, and I do mentor young men on how to be a functional part in our society. I'm glad you had the opportunity to go over seas to help other out. NO Lie that good, but I'm really focusing on helping the people out in my back yard. BACK YARD.

Not to say I didn't laugh at your referral to your community. It was great how you made us all feel sorry that you actually live in a Middle Class Neighborhood unlike the majority of Americans. "UPPER LOWER CLASS?" HMMM? That's really good. OK Stop IT. You'll be the next Ellen D. I'm starting to like you for your creativity Laura. You can have one, BUT not both!

YES Primerica is not only a tool to Educate, but also a tool for financial freedom. IS THAT WRONG TO BE DEBT FREE! "Read What I Stated Earlier". It is not intended for everyone! Just those of use who want to live a comfortable retirement without the worry that if something happens, They'll have to sell everything to make it.

People continue to drown in DEBT, they just don't know it because they are still breathing because no one has brought the pain. If it takes a little truthful pain to wake people up, Well PEOPLE Here YOU GO.

THE FACTS: read the sources

Fact: Three out of five U.S. households have an average credit card debt of $11,000. Last year's 4 percent increase in the U.S. family household income ($50,000 median) merely equaled the cost of their average credit card debt.
(Viewed at www.msnbc.com on April 25, 2001)

Fact: By the end of 2000, the average credit card holder had $8,123 in credit-card debt.
(Source: Newsweek, August 27, 2001)

Fact: Right now, 44 million households 57 percent of all card users carry card balances of an average of $8,025 month to month. At an average annual interest rate of 17.11 percent, that generates interest payments of about $114 per month for each household.
(Source: Family Money, July/August 2000)

Fact: Older Black and Latino women are the poorest in retirement and it doesn't look as if that will change much in the future. Only 25 percent of African-American women and 33 percent of Latinas have any retirement income savings or other assets.
(Source: Ms. Magazine, February/March 2001)

Fact: The latest statistics show a nation already shouldering record-high installment debt, some $700 billion mostly credit cards. That works out to $10,000 for a family of four and doesn't count home mortgages or car loans. Today's credit card debt has ballooned to three and a half times its 1990 level.
(Source: Kiplinger's, November 2001)

Fact: Did you know that:
Nearly 75 percent of women earn less than $30,000 a year?
For every female executive in a corner office, there are hundreds of cashiers, secretaries and cleaning women?
(Source: Ms. Magazine, February/March 2001)

Fact: Whole life is expensive. Policies with an investment component cost many times more than term policies. As a result, people who buy whole life often can't afford an adequate face value, leaving themselves underinsured.
(Viewed at www.money.com on October 30, 2001)

Believe me there are more TRUTHFUL facts! Laura please give me some that are contradicting so that THE PEOPLE arent confused anymore on what Primerica is informing people to help them become free.

Knowledge is Freedom! Better Safe than....SORRY!
Nice Try Again Sport.

Ill be awinting your attempt to prove me wrong! OK you and all the other INFO HOLDERS!

Wallace.

There is a sucker born every minute and two crooks waiting to fight over him.

I had a client alert me to this site. She was concerned about the disparaging comments being made about Primerica here.

After reading some of the moronic responses I must help anyone that wants to think rationally.
I care about what the public thinks and any real person trying to obtain real information about Primerica.

First of all please pay attention to some facts.
The mutual fund investments that we sell are the SAME EXACT MUTUAL FUNDS sold by Merrill Lynch, Dean Witter, Smith Barney and from YOUR LOCAL BANK INVESTMENT REPRESENTATIVE!
SAME EXACT fees
SAME EXACT commissions paid out
SAME EXACT returns or loses on the investments.

To claim categorically that Primerica rips off anyone or is bad or hurts people is asinine, it's ludicrous and the people that write anything to the contrary are uniformed idiots.

I'm positive that there are Primerica people who need to improve their skills, but to label them all negatively is WRONG.

I have millions of dollars under management, with thousands of clients and I met with most of them AT THEIR HOME. Giving them personal attention when it was convenient for THEM! The mutual fund investments that I put them in are the SAME EXACT MUTUAL FUNDS sold by Merrill Lynch, Dean Witter, Smith Barney, and YOUR LOCAL BANK INVESTMENT REPRESENTATIVE! The major difference between the traditional brokers and us is this They want you to have thousands of dollars to open up your account. We only need $25.00 to help them open up their account.

This is such a terrific thing, but if you think that this is bad, please call one of the brokerages and tell them you have $25.00 to invest and ask them to have a licensed investment counselor to come over and help you.

We also sell Term Life Insurance. Last night I just put 350,000 on the husband (32) and 250,000 on the wife (30) for $61.47 a month. This was a 25 year level policy, price and coverage stays level for 25 years. This is cheaper than 99% of the life companies out there. There are companies that have a cheaper rate out there but it might be for a different type of policy. How much cheaper? Maybe $2 or $7 a month?

Using a representative to help you determine how much you need is certainly worth a couple of dollars more per month. If you think that you can do better on your own, knock yourself out, go, go, go! Apply online through one of the Internet sites, you'll find out you won't qualify for the cheap-cheap coverage they display. (Do you ever buy the auto or truck that's lost leader in the paper advertisement)

I'm paying my 21st and 22nd death claim this month. Both of these people carried more coverage as a direct result of me counseling them about their needs. One of the widows is receiving $250,000, they had $100,000 before I talked them into more coverage.

I'm sure some moron will find the bad in what I've posted. And come up with some asinine response. Check yourself into the Zoo, have them put you in the Jackass pen!

So you have been a customer of "there's" for years now, eh? Well, I tell you what, you've been duped just like everybody else that falls for their pitch. You not only could have gotten out of debt earlier with another company, you could have paid less over the long haul, and get this: you could have done it YOURSELF and for free, with no commissions.

And you get the same question as all the other shills: if you're so happy with Primerica, why are you trolling message boards called RipOffReport, looking for reports on the company? How about it, shill?

Wallace, if you had actually read my response, it stated that African Americans and Hispanics didn't need your kind of self serving help. You seem to imply that African Americans and Hispanics are all a bunch of uneducated, poverty stricken people in desperate need of a benefactor to save them from a life of turmoil. I say bulls**t to your stereotyping them that way. If people do need help, I'm all for programs that will give them an education/trade. Education is what will better people, not Primerica. As to your question if I was involved with Primerica, the answer is no. I had some moron try to sell me some mutual funds and get me to refinance(I wrote about in a previous response) and was completely disenchanted with their lack of financial knowledge and bad advice.

Just because I have good grammar and come across as educated, doesn't mean that I am a caucasian sorority girl. In fact, I grew up in a roach infested house near Compton,Ca and worked 40 hours a week as well as going to college at Cal State Long Beach, never once joining a sorority. Although if I did join one, it would be Kappa Sticka A Foot Up Your a*s. Then I served my country by joining the Air Force for 4 years. So to your question as to who I have helped lately, I guess I helped my whole country as well as some orphans in Turkey, unlike you who makes money off of the backs of people "you are trying to help". Give me a break. Quit trying to equate getting paid to help people the same as some kind of altruistic good hearted volunteer serving food at a shelter.

If a person wants to better themselves, they can do what I did. I got a job and went to school and joined the military. As to the reference of where I live, I live in an upper lower class neighborhood in No. Kentucky populated with your common working class families, hardly your Beverly Hills 90210 living experience.

And for God's sake, what does all this reference to neighborhoods have to do with anything? If you want a pat on your back for helping people, be a Big Brother, volunteer at a shelter, help people to read, etc...Something that you don't get paid to do. But some how I figure that's not your cup of tea.

Finally, to your reference about "how your people have been treated forever", I guess now you have a new Master and his name is Primerica, and as his slave, you can now continue to treat your people even worse. How about this spanking?

Hello Everyone,

I would just like to say that I am a client with Primerica and I ahve nothing but good things to say. Granted I was not aware of everything that they were doing but frankly I don't care. My Primerica agent has been able to help me out considerably.

I got out of debt earlier and my investments have been growing even during this time of econmic slow down. For all of you that are bad mouthing it perhaps you just ran in to the wrong person with the company. I have been a client of there's for about 10 years and I would refer my agent to anybody who really wanted to be helped with there finances.

Oh and by the way how is it a scam if there financial needds analysis is FREE? Which it is by the way...so if you don't like what the agent is offering you it is not like it cost you anything!! Also if my agent has made a couple of thousand dollars because I was his client I don't really care because he has made me and saved me alot more than that.

First of all I glad t see that the use of a conjunction at the beginning of a sentence grabbed your attention Laura of Kentucky. Simple-minded people pick out simple things. Laura, you should know that ignorance leads to fear. You SCAAARED.

AND YES "C" IS that short for caucasian? Nothing against white people, but I need for you to be specific about who you are... I am a PROUD STRONG AFRO-AMERICAN, Are you? I've seen, I see, I know what goes on in our community! I realize how our people, my parents, aunts, uncles, cousins...have been treated forever.

AND...Laura, Its so kind of you to be on the outside looking in, now why don't you cross the I-75 OHIO RIVER bridge. It sure would "kind" of you to drive up I-71 and take a look at what's going on in your neighboring city of Columbus.

Well heck just drive across the river to see Whats going on in Cinci. Wasnt Cinci it just rated as one of the worst cities for minorities? Oops, did I wake you UP! Maybe that why you chose to live where you do! "The safe suburb of Cinci" I can spot one of YOU a mile away!! LILLY LAURA. Let me quess which Sority on which Lilly Hill! Quiet again! Miss educated one DO SOME MORE RESEARCH about YOUR Surroundings.

Primerica, as I stated isn't for everyone. Rich & Poor. We don't target, as you noted, the less educated, but we look to help them. Hey, I would help you if you needed it, thats what GODLY people are supposed to do. Try to help! Who have you helped lately? Oops quiet again. I'll stop proving my point.

$200.00? Laura you are so caught up on this subject, so I have to educate you once again. Were you involved with Primerica? I've seen people get involved, fail to come to training, quit, then blame it on Primerica. Primerica, like most things in life requires persistence, continual training, and its not some get rich quick scheme.

HEY "C" what's that short for? I havent forgot about you.

Yes people have been successful early, and some have required longer time, but those that I know that have stayed and worked hard have been nicely Compensated for their effort, NOT paid commission out of the pocket of the people they've helped.

People, why do we work? Is it to remain poor, on the clock, no time to see our families grow, then die within a year after we retire at 70! What's wrong with money. "This line is for the evil hearted people" (If you are a bad person, then you will be a BAD person with money and without money). Money in the hands of a good person gives them the opportunity to help out more people. Remember Laura & "C", research before you open yourself up for fire.

I await your response! Better yet come into MY NEIGHBORHOOD! Quiet again! You can do better than that.... YOUZE EDUMUCATED PEOPLES

PS: Just go help somebody, anybody, anyway you wish. That might help you feel better after this spanking.

First off Wallace, to imply that African Americans and Hispanics are a bunch of uneducated deprived citizens in need of Primerica galloping in on their big white stallion to save them from a life of poverty and misery is ridiculous.

Did you drop some acid and hallucinate this beautiful fairy tale? The reason that Primerica targets the less educated and monetarily challenged people in our society (regardless of neighborhood or color as you have implied) is because they are banking on the fact that these people will be easily swayed into believing whatever Primerica tells them.

You try to make it sound like Primerica is a good hearted Mother Theresa risking life and limb to enter the inner city with the sole purpose of making the world a better place. Give me a break. Primerica doesn't target educated or wealthy individuals (and let me note that education doesn't imply being wealthy) because they figure those people will more than likely not buy into their scam. Primerica is looking for the path of least resistence to line their own pockets with money, not in helping you become "financially independent and debt free".

Finally, I am all for helping people better themselves, but to suggest that you can take someone with little or no education, have them pay $200.00 and take some tests and get a license, doesn't exactly instill a lot of confidence in me that these people will actually know anything about finance and helping me better financially.

Now that I think about, if your poor sentence structure and grammar are indicative of your level/lack of education, then you must be in high demand at Primerica. They can spot an idiot a mile away.

Primerica has been shown to take advantage of poorer consumers by referring them to predatory lenders Primerica's choice to "educate" consumers as you put it, is to sell them products which generate a commission for the agent. It is not an altruistic company as you seem to imply, which simply helps people understand that check cash places are not a good long-term solution to anything. Of course, if the consumer falls for the generated financial "needs" analysis which has been massaged and manipulated to show a huge gap, then of course they need to choose to join the company in order for the FNA to "work". Despite your cheery optimism, MLM is *NOT* a solution for the working class.

This is a response to the majority of those who are'nt of the African American, Hispanic, & any other deprived community. I've read most of the comments on how Primerica is a scam, bad for the public, etc. Have you ever gone as far to realize that most of the wealthy in "other communities" neglet to come into the neighborhood to the average joe, and if the are they're buying up his property and selling it to the wealthy.

Primerica is a vehicle that allows those that havn't been blessed with a siver spoon in their mouth to make something better for their families and friends. At a minimal educate. Most of you that are quoting fiancial numbers, facts, and any other scheme you can think of more than likely have been blessed with the opportunity to attend a facilities of higher education.

BUT, what does the average joe do when his neighbor had has been raped by a CHECK CASHING facility on every corner. No one has ever taken the time to talk to Joe & his family about investing, saving, or fiancial EDUCATION. (THEIR SCHOOLS DIDN'T FEEL TAHT COORICULUM IMPORTANT IN THEIR NEIGHBORHOOD) Get it!

BUT I bet they have seen some of the crazy scams that outside wealthy so called business owners have placed (Usually Fliers Dropped Off) into their front yard.

What is wrong with Primerica taking the first step to go (Come into) our neighborhoods to educate people of diverse backgrounds. I know that many other fiancial institution would laugh at doing the same unless they hit the lottery. OPEN YOUR EYES PEOPLE!

$200.00 If they COOSE to join Primerica,WOW, How much have they have to be taken for before one of you goes into a neighborhood deprived of Fiancial Education and teaches.

I'll admit that there's no perfect solution for everyone, and Primerica isn't for everybody, but most of you replying have options. Most of you have switched jobs several times. Why, because every company isn't suited for the entire population.

PEOPLE its called DIVERSIFICATION

OPEN YOUR EYES !!

I was introduced to Primerica through a friend who was in "traning", I talked to the person who had recruited him and the gentleman seemed so excited, guaranteeing me that I could be a millionaire in less than ten years.

Being inquisitive, I started to ask about the service they were selling. They called it "property and life protection". When I would refer to it as insurance, I was given a verbal slap on the wrists.

I know there is no such thing as a free ride, but I was curious about the money as any reasonable person would be. I attended on of thier meetings. I heard testimonials about how much you can make. It was "quick and easy". When I asked more specific questions, they just gave me double talk.

My husband and I were both considering paying the money until we went to the meeting and were told nothing about what we would be doing. We were just made a bunch of outragious promises about the windfall of money soon to be coming out way.Then our friend (the one who originally told us about Primerica) paid the $200. He was never contacted by them again.

The meetings were moved and the gantleman he was supposed to work for got all of his numbers (phone, pager, etc) cut off. I can sympathize with all of the people who got conned into this.

Just remember next time that not all that glitters is gold and if it sounds too good to be true, it probably is.

Curtis,

Just who do you think you are? Well, other than a pathetic MLM shill that is.

Primerica is a "useless" Multi Level Marketing scheme designed to lure people into its expensive financial services through a pyramid-marketing set-up.

It's one thing to sell a shoddy $12 bottle of cleaning product through Amway--it's another to sell someone an expensive financial plan that could bankrupt them through Primerica--how dare you?

And Primerica actively promotes that its members sell its services to warm markets--family members. The Primerica creators know that relatives will feel sorry for family members who have been unemployed for a bit and may purchase from them to help them along.

Primerica is an oily, low-down, pyramid scheme that is designed to saturate the market with its worthless financial services.

I lay down the gauntlet here and now for any shill to show the Rip-Off Report readers and me otherwise. Notice I don't say the Pyramid scheme is illegal--but it should be. It is however unethical and downright putrid.

Lets all see how long the shills can go without attacking me as an individual as Curtis did the previous authornice going Curtis. Keep in mind all of the Rip-Off Report readers will be reading your rebuttal so keep it professional. I'll be waiting for a clear concise rebuttal.

Well, Curtis, I would say it's strange that an RVP is posting on this site. But so many have been here before that it's no longer out of the ordinary.

You do a good job attempting to make yourself sound legitimate. It is common practice in many financial services companies to educate their new hires for licensing and training. What makes PFS different, is that it doesn't seek out anybody promising. It doesn't try to hire educated people with college experience in finance, it doesn't seek out those going for their CFP, ChLU, or any other professional designation, and it certainly doesn't seek out those with experience in the financial industry.

What Primerica does, like all the other MLMs, is seek out laborers, fast food employees, those down on their luck, or just the starry-eyed teenager looking to make some quick money. PFS uses slick presentations, shills, and verbal promises of a "six-figure income", just like the other MLMs. Oh, but you say "oh, but we tell them they have to work for it." Sure you do. Just like you tell them that everybody they meet will need your products, everybody will work for the company, and that somehow your garbage products improve people's situations financially.

Curtis, if you're so darn proud of PFS under the Citigroup umbrella, tell us: why are you, a regional vice president with the company, on a board called RipOffReport, responding to one of the sixty-plus complaints? Seems kind of funny. Shouldn't you be out recruiting the world?

This is in response to that idiot Curtis in Valencia,CA. What are you suggesting that people should "follow through" with? Follow through with giving ridiculous, uneducated financial advice that only helps the agent and not the consumer?

Follow through with trying to defraud the public into thinking they got a good product? Anybody who doesn't follow through had good enough sense to realize that your company is full of s*** with uneducated, misinformed agents with an inferior overpriced product that benefits no one but yourselves. Explain the bad financial advice that someone tried to bamboozle me with, along with out of date Mutual Fund brouchures. My story is about 5 stories down, entitled, "Primerica..Land of the Morons". Go ahead Curtis...please explain...I'm waiting....

Read and pay attention!

Less than 1 person out of 15 who gets their Real Estate license will ever sell a home the following year.

Less than 1 person out of 25 who goes through dozens of hours of training at the major stock brokerage firms will still be in the business 18 months later.

Consider an academy class of 100 recruits that makes it past the initial screening of the L.A. Police Department, only 55 to 65 will actually make it out of the academy, then another 10 to 20 don't have the guts to actually BE a police officer. So you actually end up with 45-50 out of the 100.

Less than 50% of young people who start college even get an associates degree

Most people who start with Primerica don't finish what they started. I'm very sorry that they don't follow through. It's human nature to take the path of least resistance.

I'll try again to help anyone understand how we invest in a new person getting started with us.
A new recruit pays $199 and in California we send in $236 for their State of CA Dept. of Insurance Life license. We pay $74 for their finger print fees. We pay $250 for a 52 hour school that includes State approved curriculum (Text Book and Software) We pay for a $60 back ground check. We also spend more than $500 for an appointment for a Consumers Lenders license. Basically, we spend well over $1000 getting someone started, and we allow them to start part time.

Maybe looking at it from this side you can see the positive? If you still feel that people are being taken advantage of, please call the KOOK Patrol and turn yourself in.

Curtis C
California PFS Senior V.P. 16+ years with the company.