- Report: #98246
Complaint Review: Primerica - Wichita Kansas
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Primerica
7829 Rock Hill Road Wichita, 67208 Kansas, U.S.A.
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Primerica Magical smoke and mirrors calculator Wichita Kansas*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!
I was approached by a co-worker and long-time friend after I expressed a need for a budget for my family. He came out and talked to my husband and I to get some information. At that time, we submitted a mortgage application. A few days later, the truth in lending statement came in the mail.
My current mortgage is for 5.25%. The one from Primerica/Citigroup came in at 8.83 with 1.5 points to be paid for the privelage of obtaining this mortgage. To pay just the principal and interest would require an increase in mortgage payments of approximately $800 monthly. This would allow the loan to be paid off in just over 20 years with the bi-weekly option that the primerica representative advocated.
When he called to set up an appointment to go over the information, I told him I was a busy woman and if the information that came in on the truth in lending statement was accurate, he was wasting both our time by coming out. He assured me that the information in the truth in lending statement was required by law and those were not the real numbers. He thought I would be excited by what he had to offer as he certainly was.
When he came out, he said if we would add $75 to each bi-weekly payment, we could pay off all our current debt in 9 years. I told him I wanted to see an amortization schedule for what he was proposing. The next day at work I got a call from him and he had someone from the mortgage company on a three-way call asking me to authorize an appraisal on my house. I told him that's not what I wanted, I was looking for an amortization schedule for the mortgage that was supposed to pay off in 9 years.
When I repeated the numbers that were given me by the co-worker to the mortgage officer, he said that the loan would pay off in 20 years and a few months. I found a mortgage site on the web and plugged in the numbers. The only way I found to pay off my mortgage in 9 years was to make the payments that would have been expected from the refinanced loan to my current mortgage.
The guy who came out and talked to us works in the aircraft industry. I'm sure he's passed his insurance licensing test in Kansas, but he couldn't even say amortization and I don't think he knew what it was. The lesson I'd like to pass on about this is that this is your families financial security. Don't gamble with a fly-by-night outfit. Unless you have a prepayment clause in your mortgage, you don't have to refinance to accelerate your payments.
When he was talking to us about savings, he said that 3% makes a big difference in your return and tried to convince me in the next breath that it would save us big money on interest to refinance at over 3.5% higher than our current mortgage so that we could get a bi-weekly mortgage and make 26 half payments instead of 12 full payments. I don't know if these guys are brainwashed with the promise of big money or what, but this incident has cost this guy my respect. He suggested that I could become a referring member of the sales force by talking to my friends about this. I've been talking to my friends, alright. I don't think he'll get any sales there.
Kathryn
Andover, Kansas
U.S.A.
My current mortgage is for 5.25%. The one from Primerica/Citigroup came in at 8.83 with 1.5 points to be paid for the privelage of obtaining this mortgage. To pay just the principal and interest would require an increase in mortgage payments of approximately $800 monthly. This would allow the loan to be paid off in just over 20 years with the bi-weekly option that the primerica representative advocated.
When he called to set up an appointment to go over the information, I told him I was a busy woman and if the information that came in on the truth in lending statement was accurate, he was wasting both our time by coming out. He assured me that the information in the truth in lending statement was required by law and those were not the real numbers. He thought I would be excited by what he had to offer as he certainly was.
When he came out, he said if we would add $75 to each bi-weekly payment, we could pay off all our current debt in 9 years. I told him I wanted to see an amortization schedule for what he was proposing. The next day at work I got a call from him and he had someone from the mortgage company on a three-way call asking me to authorize an appraisal on my house. I told him that's not what I wanted, I was looking for an amortization schedule for the mortgage that was supposed to pay off in 9 years.
When I repeated the numbers that were given me by the co-worker to the mortgage officer, he said that the loan would pay off in 20 years and a few months. I found a mortgage site on the web and plugged in the numbers. The only way I found to pay off my mortgage in 9 years was to make the payments that would have been expected from the refinanced loan to my current mortgage.
The guy who came out and talked to us works in the aircraft industry. I'm sure he's passed his insurance licensing test in Kansas, but he couldn't even say amortization and I don't think he knew what it was. The lesson I'd like to pass on about this is that this is your families financial security. Don't gamble with a fly-by-night outfit. Unless you have a prepayment clause in your mortgage, you don't have to refinance to accelerate your payments.
When he was talking to us about savings, he said that 3% makes a big difference in your return and tried to convince me in the next breath that it would save us big money on interest to refinance at over 3.5% higher than our current mortgage so that we could get a bi-weekly mortgage and make 26 half payments instead of 12 full payments. I don't know if these guys are brainwashed with the promise of big money or what, but this incident has cost this guy my respect. He suggested that I could become a referring member of the sales force by talking to my friends about this. I've been talking to my friends, alright. I don't think he'll get any sales there.
Kathryn
Andover, Kansas
U.S.A.
