Versa Debt Management Complaint - Loan - Loan Request For Closing Upfront

Review by mh5534 on 2008-08-28
FLORIDA -- Dear Friends,

Please beware of a Company that goes by Medallio Bank in New York, however is Versa Debt Management. On disabilty and have been sick for weeks...Been ripped off thrree times locally in the last three months. This was to good to be true. Ad in newspaper to the loan app. Got a phone call several days later and was faxed 9 pages of documents. Well had to wire them $700.00 or closing cost...No money. Got another call from "peter" explaining I had to make two payments on loan upfront. Started crying as I explained that I live on disability and this was all the money I had..Still no money.

Well then he called back and said that underwriters needed an additional 500 because of alll the storm damaage we had this last week from the rain storm Fay. With charges and all out all my money 2100.00 with fees and no way to pay anything. Closed checking and have the checks returned as checking account closed. Got a police report and also Western Union (which said nothing they could do). I know others have dealt with these people..ANY suggestions.

Thanks Mary.
Comments:4 Replies - Latest reply on 2008-08-29
Posted by Anonymous on 2008-08-29:
Unfortunately, you've been scammed.
At least you filed a report with the police.
You will not see any of that money back since they were cash transactions sent through WU.
You should probably keep a close eye on your credit report to be sure your identity won't be stolen in the future.
Good luck.
Posted by Anonymous on 2008-08-29:
Almost all states have laws forbidding the payment of advance fees in order to obtain a loan.
Posted by Suusan B. on 2008-08-29:
From the research I have done on the Internet, VersaDebt is a debt management company and they do not make cash loans. There is no such thing as "Medallio Bank" in NY - - there is, however, Medallion Bank. They are a non-prime consumer lending company that deals with recreational vehicles (boats, RV's, etc.). Your letter does not make it clear whether you were looking for debt management services or financing (or re-financing) of possibly an RV or motorhome.
Posted by Suusan B. on 2008-08-29:
Upon further research (can't sleep and have nothing better to do!) I found VersaDebt/DebtSafe, a company that charges $990 to allegedly negotiate lower interest rates with credit card companies. It appears that they don't make cash loans - - they only rip off people for a $990 fee.

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