Posted by AngelinaAZ on 2/28/06 2:18pm
Msg #100684

What is the deal with Primerica... are these loans a scam?

I've had a few closings for them and they work a little differently from the normal signing. I was looking for some additional contact info and I came across some scary information. Does anybody know anything about them?

Reply by Clarise_OH on 2/28/06 2:42pm
Msg #100693

Primerica is a division of Citifinancial. I've done a few loan signings for their agents. Always a small package and never a problem.

Reply by Roger_OH on 2/28/06 3:03pm
Msg #100698

Look at www.ripoffreport.com n/m

Reply by AngelinaAZ on 2/28/06 4:06pm
Msg #100723

Very Interesting!

Now I know why after the signing the Agent (All loans are signed with the Primerica Agent at the table) wanted to take me to lunch and talk to me about business.

He was SOOOO adamant... I thought it was a come-on and politely declined... I guess I can forget my ego and realize that it was just an Amway pitch!

Reply by Shane_OH on 2/28/06 4:11pm
Msg #100726

Ripoffreport.com is not very accurate....

Unfortunately most disgruntled employees tend to get on there and voice their opinions, as a last stab at the employer that may have fired them.

Take it with a grain of salt in most cases.....and you'll probably find something about every lender on there.

Reply by Paul_IL on 2/28/06 4:47pm
Msg #100744

Actually they are part of CitiCorp, not CitiFinancial. They

are the financial planning are of CitiCorp. All of their loans are done by CitiCorp Trust Bank which was specially setup to service these loans.

Clients that refi are clients of a Financial Planner who helps then pay off their debts faster using their accelerator program. Not sure what surprising info AngelinaAZ came across but there is nothing sinister about their services.

Shane right. Ripoff.com is really a lousy place to get information. It is where the losers and disgruntled ex-employees go to post their posion. Check instead with the BBB or other reputable source

Reply by Stamper_WI on 2/28/06 5:08pm
Msg #100752

Have done a lot of them

The rep is almost always present to answer questions. Overnight doc's. No fax backs. Short and sweet. They do like the $50 notaries though

Reply by David J Mayo on 2/28/06 5:15pm
Msg #100756

Re: Actually they are part of CitiCorp, not CitiFinancial. They

Paul, you are correct. Primerica is legit. And I say that as a disgruntled ex employee...

Reply by AngelinaAZ on 2/28/06 5:28pm
Msg #100762

Did I say surprising?

The loans themselves have not different to me... it was the Agent. The agent that I have worked with several times consistantly comes on pretty strong. When I read the info on rip off report it clued me in to the fact that maybe he was looking for another agent and wasn't a stalker.

The information that I had come across initially when looking for additional contact info was a lawsuit filed against them for Predatory Lending. This did not come from the rip off report.

Thanks for the Tip on the BBB. I did check and the office had 47 complaints in the last 36 months. I'm not sure if it's good or bad... but that was interesting as well as surprising!

Reply by David J Mayo on 2/28/06 5:34pm
Msg #100765

Re: Did I say surprising?

Again, not surprising... Although they are not a multi level marketing concern. They do come across that way. And they don't hire very knowledgable people with loans. But then, it is not our job to tell people they are getting a bad deal.... Our job is to just notarize docs....

Reply by AngelinaAZ on 2/28/06 5:59pm
Msg #100777

Paul... here's the info you were curious about...

I'm don't pretend to be the judge and jury... I just came across the info...

In 1998 or 1999... CitiCorp merged into Citigroup:

Ethics: In December 2002 Citigroup was one of ten brokerage firms that agreed to pay $1.44 billion in fines and to fund independent stock research for investors in a settlement with the New York State attorney general's office and the Securities and Exchange Commission, which handled the negotiations. In agreeing to the fines, the firms neither admitted nor denied that they had misled investors. It is hoped that the agreement with the firms will put an end to bankers and analysts pitching deals as a team. Source: Newhouse News Service

Ethics: In May 2004, the Federal Reserve fined Citigroup $70 million for illegally requiring certain borrowers who qualified independently for loans to cosign. Citigroup was also required to pay compensation to some of these customers. Although Citigroup consented to the order, it did not admit any malfeasance Source: Ethical Corporation

Predatory Lending In late 1999, Citigroup bought Associates First Capital Corporation. The Federal Trade Commission and the Justice Department are looking into allegations that Associates has used deceptive lending terms and high fees that strip away the equity in the homes of unsophisticated borrowers. Citigroup changed some of the company's practices, but advocacy groups have protested Citigroup's decision to allow Associates to keep practices like lump-sum credit insurance and penalties for early repayment of loans. (See related Alert items.) Source: New York Times

Corporate Influence Citigroup was named one of the Multinational Monitor's "Top 10 Corporate Criminals of 1999" and "Top Ten Worst Corporations of 1999" in Mother Jones magazine for its role in leading the "Financial Services Modernization Act" through Congress. The act will bring down the regulatory walls between banks, insurance companies, and securities firms, concentrating financial wealth and industry bailouts, while weakening the Community Reinvestment Act and permitting intrusions on consumer privacy. Source: Mother Jones

Discrimination The NAACP's Banking Industry Report Card for 2004 gave Citigroup a "C" grade for its employment, community investment, advertising, vendor and charitable giving practices. Source: NAACP

There's also a bunch of stuff about how they had to pay $236 million because they helped ENRON hide their financial status or something like that...

and... there's some stuff about how they encouraged investors on Worldcom stock without giving them the full information and then Worldcom filed for bankruptcy.

Reply by Paul_IL on 3/1/06 12:28am
Msg #100834

Re: Paul... here's the info you were curious about...

I do not have any direct knowledge of their financial planning activities. I was speaking directly to their loans which are not a bad deal since they specialize in consolidating accounts and then enabling the borrower to repay their loan much quicker using their biweekly payments and the accelerator program and they also give a 1/4 % discount for setting up the auto payment. They are better than many others we could name.

I do feel that they need to choose their financial consultants more carefully and give them some better training.

Reply by AngelinaAZ on 3/1/06 9:41am
Msg #100900

I hear ya.

Hence the question I originally posted. The loans seemed OK but the agent and the stuff I pulled up while avoiding the agent made my eyebrows go up.

'others we could name'.... tell me about it!

When I pulled up the info on ten other lenders on the same informational site, my computer just about fritzed out at the shock of it!