Posted by goodgirl on 10/24/08 4:42pm
Msg #268123

Primemerica

Am working part time locally now, and last night, in comes a trainer for this organization. He was holding a meeting to recruit people to work for this co as counselors. One thing led to another, and I mentioned that I had closed loans for the last 5 years, and now that there was very little business, I was forced to go back to work.
We chatted and of course, he tried to get me interested in working for them. My understanding is that they approach borrowers who are in over their heads on their debts and offer them options to reduce their debt and give them lower payments on their mortgages, etc.
I checked out their website last night after I got home, but it doesn't seem real explanatory to me. They are owned by Citi.
Just wondering if anyone has ever worked for this co or if anyone knows anything definitive about them.
I would welcome any posted comments, or you can PM me.
Thanks.

Reply by Pete/MD on 10/24/08 6:27pm
Msg #268132

scam.com n/m

Reply by jojo_MN on 10/24/08 8:53pm
Msg #268145

Re: scam.com

You're in the worng business if you're saying it's a scam on the basis of what Goodgirl said. That is how all of the loan officers get their business--to help people get out of bad situations. That is how YOU stay in business with refinances. If it weren't for them, everyone would be getting their loans in their hometown banks and there would be no reason to have NSAs.

JMHO

Reply by Maureen_nh on 10/24/08 9:23pm
Msg #268147

I have done a few of these and can only speak from that perspective. The borrowers seem happy. The interest rates are a bit on the high side but if the borrowers stay with the program it seems as if they can save. The settlement costs are not too bad.
I got the impression that there was some credit counseling involved also.
The Primerica representative usually attends the signing and keeps out of your way for the most part. The rep and the borrowers always seem pretty chummy.

Reply by Deborah Lewellen on 10/24/08 9:57pm
Msg #268150

I agree with Maureen, I think they are helping people who all ready have issues with their credit or debt, face it the subprime market is still alive and kicking, though I've not seen anyone
with a credit score below 600 recently. I think there is no help for those folks now.

Reply by Pat/IL on 10/24/08 10:47pm
Msg #268161

I closed a whole bunch of these Primerica things a while back. It's probably been at least eight years since, and they may have made some adjustments to their business model. But here is my recallection of the Primerica pyramid sheme:

First, the Primerica representative at the table was not really making all that much money on the transaction that was screwing his Uncle Bob. The rep's recruiter was, though. The reps would receive a percentage on every loan and insurance product their recruits sold.

Of course the borrowers were chummy with the rep. They were related in most cases that I witnessed. Since they recruited the reps off the street, with no sales experience necessary - or knowledge of the insurance industry for that matter - did they really expect that these recruits would have much success in selling beyond their circle of family and friends? I don't think so.

Once the recruit has burned through his family and friends, I suppose he was only good for recruiting more wide-eyed future sales executives, on whose labor they could now profit. And the money keeps on flowing upwards. I rarely saw they same Primerica representative for very long. I suppose they turned into recruiters soon enough.

The borrowers were generally getting sold everything they did not need, and could not afford, by their trusted loved ones. And, from what I have seen described in this thread so far, it is evident that the business model has not changed much.

That is just my memory of the Primerica loans. Since my memory ain't what it used to be, you woudl do well to...what was the question?

Reply by MichiganAl on 10/25/08 12:09am
Msg #268170

I was once dragged to one of their meetings

It was a hard sell pyramid scheme just as you've described. They wanted names and numbers of all of your friends and relatives. Sell them or sign them up underneath you. It was high pressure, doublespeak, vague testimonials, over the top hyperbole. They reeled in anyone they could hook. I couldn't get outta there fast enough.

Reply by goodgirl on 10/24/08 10:59pm
Msg #268165

Thanks everyone for your comments. Seems to be about 50 50 on the company.
I will certainly ask many more questions of the "recruiter" when I see him again, and I will, because his wife works there, too.

Reply by Pat/IL on 10/24/08 11:12pm
Msg #268167

Re: Primemerica n/m

Reply by Pat/IL on 10/24/08 11:19pm
Msg #268168

Sorry about the empty post. Either my mouse slipped or I flipped my lid. Anyway, Goodgirl, as long as you are going back to the recruiter wih questions, would you mind reporting back as to how much time and training will be required before you are able to councel people on their financial futures?

Reply by Lee/AR on 10/25/08 7:41am
Msg #268185

Yes, please do! That would be 'interesting' info. n/m

Reply by Steven Pearce on 10/25/08 8:40am
Msg #268188

Let's not confuse Primerica Financial with

Primerica Insurance. Someone tried to get me to join Primerica Insurance. He showed me some great policies that I was willing to buy, but he didn't want to sell me any insurance. He wanted to get me to join up UNDER him and get others to join up under me.

It turns out that the business can be legit, you just have to be licensed to actually sell insurance. They money was in 'selling' the business concept.

Reply by MW/VA on 10/25/08 6:04pm
Msg #268224

I did some signings a while back with a group that is set up similar to Primemerica.
They were "helping" people, too. I saw people doing loans that made me shake.
They were all very sub-prime, hybrid optional payment loans. I'd bet that most of them won't make it. I have a very hard time with this concept of "helping" people, if you're doing them harm in the long run. I see it as a scam.