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Posted by Jill/PA on June 24, 2002 at 02:06:14:
Sorry, but I just copied and pasted this, I sent it to Attorney Generals office - its so long sorry! Mark Kass , a REP from Conceco Finance, called our home and said that my husband had applied for a credit card thru Musicians Friend that had been declined and they told him (Mark Kass) that he might be able to help us. He told me that the Mortgage Company we were currently with (Citi Group) was a rip and that his brother had a loan thru them and he got ripped off. He said that he could get us a much better interest rate, save us thousands in the long run, combine our bills and we would have one monthly payment that amounted to what we were paying separately, but everything would be paid up to date and we would have a fresh start. Since we were behind on bills, my husbands truck was one of them and it alone had a payment of over $500 and our current mortgage was a little over $500, Conceco was going to pay off those things and our credit cards and our monthly payment would be $1000.00 for ALL of our debts. He was also going to get us cash out in the amount of a little over $8,000 so we could pay our contractor the remainder we owe him for the addition he built to accommodate our 4 children (we had only two bedrooms and 4 children plus myself and my husband). This was a great deal for us and a blessing. Mark called us several times, talking to me mostly, and said that my husbands income wasn't high enough. He was self-employed barely making a living as a music teacher searching for better employment. Marked asked us for our bank statements, they did show a high amount of deposits, but those were from credit card advances and loans to make ends meet. He said he would tell his supervisors it was his (my husbands) income from self-employment. Well this wasn't enough for his supervisors I guess because he called and needed 1099s for the past few years. So my husband faxed them over to Mark. The 1099s showed a yearly income of less than $10,000, obviously not enough. SO he told my husband where to go and get a 1099 form. Mark told my husband (and me) to fill that out with the amount needed in order to get the loan. He said not to worry because people do it all the time. So that's what my husband did. I was not on the deed nor was I credit worthy to be on the application, I am on SSI of $572 a month, so I was included on the application, but like I said, most of time Mark talked to me. He also said not to worry about paying our current mortgage or bills that they were going to pay off as they were going to be paying them off so it doesn't make since because the people we would be paying would probably get overpaid and we would have to wait for them to refund us back. Time seemed to drag on and on and Mark kept saying that he was working on it. We were getting very nervous because the bill collectors where calling. Finally, Mark called about 6 PM on April 30 (all documents say April 25 but that was not the date) he said that he finally got us approved and we needed to get down there as fast as we can because the loan needed to close by the end of the month and it was the law. We rushed down there and were made to wait about an hour. Finally Mark and another man came and took us into a room. Set the stack of papers in front of my husband and told him where to sign, I took the papers and immediately noticed some fees and things missing from the pay section. The cash out was now $600 instead of $8,000, the truck, which carried a payment of over $500, wasn't going to be paid and there was a charge for almost $5,000 for some insurance. I questioned it and they said that the insurance was required for the loan, and that they had miscalculated the loan amount and couldn't pay off everything they said they would which I do have in the good faith estimate. Again, they said that this loan had to be closed it was the law and that we could later shop around for a new loan. Make a few payments to build the equity back up and get a new loan. We didn't know at the time that it wasn't the law to close that loan by the end of the month, nor di
