Stanford Financial Group - Jason Banks, Dennis Weaver & David Oliver Stanford Financial, Scam or do they just lead you on asking for more and more premium upfront before making the loan? Charleston South Carolina
I was called by Jason Banks and told that due to my online search for loans, I would qualify with their company for $10,000, but needed to put the first eight months of my monthly payment ($192.90) up front, by sending a Money Gram in the amount of $1540.00 to a Ms. Alice McFadden, and my $10,000 would be wired into my Wells Fargo Account within one hour.
I was faxed the contract, which specified these exact terms, signed by Richard C. Davidson, CEO -- I signed it, faxed it back, and proceeded with wiring the money. I was phoned the next day by Dennis Weaver, who introduced himself as the Customer Service Manager, explaining there was a 'Complication.' He said that upon further review, my poor credit standing would require I send yet another $1540. Upon calling Mr. Weaver back with the Money Gram Reference No., he told me the money would be in my account the next day (Sat.); and 'Worse case scenario, Monday.' Interesting enough, I could not get ahold of Mr. Weaver at all today, upon not seeing the $10,000 had been put into my account. After relentless calling, leaving messages and finally calling the 'Original' Account Executive, Jason Banks, I was told by him that Mr. Weaver was in a 'Meeting,' (for six hours?), and that he would leave a note on Mr. Weaver's desk to give me a call! Upon my third call to Jason Banks, he gave me the name of a Mr. David Oliver, asking that I call him becaue he could not transfer me as he didn't have a 'Switchboard(??).' Mr. Oliver put me on hold for quite awhile, saying he had to 'Retrieve' my file. He got back on the line and then delivered a story of how he'd been working on my file for SIX hours trying to find a solution, since the lender (Ms. McFadden) had backed-out. I immediately responded, saying, 'I have no more money I can put forth,' to which he WENT OFF YELLING and SCREAMMING at me, saying that he wasn't even going to help me if I didn't stop interrupting him. He did his best to be highly intimidating.
He proceeded to tell me he'd found another lender, one who has millions of dollars in Stanford Financial and he's NEVER backed-out, however, this lender is only willing to lend $20,000, but under the same repayment terms of $192.90/mo., but for ten years; however, AGAIN, I would need to Money Gram another eighteen months of premium, a total of $3080.00, and now to an Alicia Jobby in Canada and the $20,00 will definitely be wired into my account within four to six hours or they could refund the $3080.00 I've already paid, but not until Dec. 15. ???? He did not respond when I asked why so long? When he sensed I was thinking about it, Mr. Oliver calmed way down....yet when I requested he send me a new contract first, he said that would be sent with my 'Welcome Package,' AFTER the fact??? When I pressed further as to what would happen if something else 'Complicated' came up again tomorrow, as has been doing, he became frustrated insisting this lender has NEVER EVER backed out and 'That's not what we're looking at!'
So, is this company a total scam NEVER intending to even reimbursing the money I've borrowed to do this, or do they stall, to make money on the interest they're accruing as they jerk you around, until they get the full amount they require in order to be secured to release the funds?
Sandra
Walnut Creek, California
U.S.A.
3 Updates & Rebuttals
Becky
Fort Myers,Florida,
U.S.A.
I know what you are going through. They did the same thing to me.
#4Consumer Comment
Sat, December 06, 2008
I myself was contacted by Stanford Financial but it was Jane Larson who stated she was the Account Executive. She said my online loan requst for $5000 had been approved. She stated that the loan was a secured loan and the "lender" requested for months payment in advance as collateral. She had me Money Gram $880 plus the $14.96 fee to a Shirley Elkhart in Thompson Canada. I called her back with the reference number and she stated the funds who be in my account by 5 pm the next day. The next day arrived and I got a call from a Peter Clayton who stated he was the Customer Account Manager and that because of my credit the "lender" requested an additional 4 months of payments in advance but this was so the "lender" could take out insurance on the loan. This time I sent a Money Gram for $885.76 plus the $14.96 to the same person and called him back with the reference number. He said there were no more issues and that the funds should be in my account by 5 pm the next day. The next day a David Oliver called stating that the lender backed out, but he had another "lender" that had agreed to give me a loan and that that "lender" had never backed out in the 12 years of doing business with them. He stated that the "lenders" minimum loan was $10,000 and that I needed to send an additional 8 months and once the lender received it he would put a rush on my funds and that they should be in my account within 4-6 business but no later than 5 pm the next day. I sent a Money Gram in the amount of $1760 plus the $35.20 fee and called him back. He said eveything was good and he guaranteed the funds would be in my account. When I got home later that day I had another voicemail from David Oliver. I called back and he stated the because of the loan amount the "lender" place a hold on my funds until the government fee of 30% was paid. He stated the "lender" who pay $1000, that Stanford Financial would pay $1000 and that I needed to come up with $1000. I did not do it and he stated that he would issue a refund but that I could not get the refund until to end of the "lenders" billing cycle which he stated was Dec. 29. I know I will never get my money back but I wanted you to know that I know what you are going through. I contacted the Better Buiness Bureau and they stated there was nothing that the could do because Stanford Financial is not even at that address.
Sandra
Martinez,California,
U.S.A.
I WAS WRONG!
#4Consumer Comment
Sat, November 22, 2008
I WAS WRONG!
DO NOT TRUST STANFORD FINANCIAL!!!!
I was in a dire situation, and manipulated into believing Stanford Financial was coming through for me, and I wanted to encourage those of you who had felt as I first did. As they say, 'Go with your first feeling...'
Not only did Stanford and Mr. David Oliver not come through what he continually termed as a 'Positive' and 'Promised' loan, within one full business day, saying, it's 'A company guarantee,' but gee, turns out there was yet, another, problem with my file! My $20,000 loan was being held by the U.S. Government due to tax, and the 'Private Lender' requested that I pay it, to the tune of $6000.00, of course, Mr. Oliver made it clear that 'Kind' Stanford Financial, would, of course, go in halves with me, so I would only need to pay, ANOTHER $3,000. No doubt, by Money Gram to another name in Canada!
After becomming irrate with Mr. Oliver and hanging-up on him, he called my home (Wow, he actually called me for a change...) and told my daughter that I had 'Shot myself in the foot,' because HE'S the only one that can help me get my money back. Oh, gee, what about that 'Binding' contract he kept telling me was protecting me??!! I called and told him to never call my home again, told him he was a liar (as all he's said has definitely turned out to be lies) and hung up on him again. He left a voice mail message at my home number, and said that because I was acting 'Childish,' and not wanting to call him back and 'Talk about this,' that I will have to bring my lawyer and come to the company to retrieve my refund.
Oh, and their 'Legal Dept.,' will be in-touch with me within five-seven business days, because they plan on suing me for defamation of character! What character??!!
I was WRONG-WRONG-WRONG in believing I had mis-judged them, at a desperate point when I felt they were going to truly come through for me. My first intuition was my correct intuition and I should have NEVER given them the benefit of the doubt. Just as you'll read in all the supporting data on 'Scams,' this 'Advance' Upfront Money as 'Collateral,' ends up never being returned or going through hell to get it returned. Upon trusting them I agreed to retract my initial comment on feeling I'd been scammed... Well, Once, 'Shame on me,' Twice, 'Shame on them!'
DON'T DO IT - Don't go down the road with Stanford Financial, there's no dead-end, just an ongoing ride of being told you must send more, more, more and never seeing the loan!
Now I am in fear for even my safety, because they have my pertinent information and because I am getting the word out with others, who knows what they're capable of, since they do not seem to have a conscious.
Sandra
Martinez,California,
U.S.A.
Stanford Financial Mis-judged!
#4Author of original report
Wed, November 19, 2008
I have already filed a rebuttal to this original posting I placed, which was a 'Frantic' call for help as I was frustrated and anxious in my loan process with Stanford Financial, NOT realizing that it was, in great part, my own high-risk lending availablity that served to make the process not as easy as I had hoped it would be.
My confidence, TRUST and APPRECIATION have been earned by Stanford Financial, and Mr. David Oliver, Mr. Jason Banks and Mr. Dennis Weaver. Through a week and a half of their continual PATIENCE with my unending phone calls and questions, they have brought me full circle and I am THRILLED to be able to report that Stanford Financial has come through with 'Flying Colors' for me and not only has earned my utmost respect but my utmost gratitude as well. They have been there for me, when no one else would!
Sandra
Walnut Creek
U.S.A.
hernagain@yahoo.ocm