Penneco resource management Complaint - Ripoff company - consolidation loan company

Review by foxyroxi on 2009-07-09
ST LOUIS, MISSISSIPPI -- Penneco resource management is a ripoff. they hunt you don't to let you know that you have been accepted to receive a consolidation loan, when you accept they then tell you that you need to pay an INSURANCE in case you loose your job or die, they ask for $1500 for this insurance but you only need to pay half up front which is $750.They take your money and you will not hear from them again if you get lucky and you do get someone they will tell you you will get your loan when you pay the remaining balance of the insurance which of course you will say no I want my money back then they will tell you you have to wait 6 to 8 weeks to get your money back(give us time to get the hell out of here and get some more people before we go)you will never hear from these people again......don't be fooled the business looks legit the paperwork looks legit.....this company needs to be stopped...
Comments:12 Replies - Latest reply on 2009-07-11
Posted by Disaster Worker on 2009-07-09:
Your post is extremely hard to understand. What service was this company supposed to provide?
Posted by B. on 2009-07-09:
Probably one of those online or junkmail loan companys. It's a common scam. You apply for a loan and they ask for a deposit or something to secure the loan (which of couse makes no sense) and then you never see them or your deposit again.
Posted by foxyroxi on 2009-07-09:
no this company is penneco resource management they advertise in the newspaper, as a loan company to help people lower mortgages etc.they asked for a deposit on the insurance(which is supposed to cover the loan if you die or loose your job,most companies work it into the loan but some ask you to pay some upfront. I'm trying to help people realise some of the scams that are out there
Posted by B. on 2009-07-09:
What kind of a loan company asks you for money? the whole point of a loan is that you don't have any money. Collateral:yes but cash to get cash, that's obviosly a scam.
Posted by BokiBean on 2009-07-09:
These companies are all over the news as scams taking advantage of people in a bad spot, and the bad economy also. If they ask for money...back away.
Posted by Pepper on 2009-07-09:
i'm still confused

they hunt you eh?
Posted by BokiBean on 2009-07-09:
Oh, and contact your state Attorney General and turn them in..or the Attorney General for the state Penneco is located.
Posted by Anonymous on 2009-07-10:
Now that you got that off of your chest how is your beef with Penneco coming along?
Posted by foxyroxi on 2009-07-11:
not so good thanks for asking, they ran away, better business bureau cannot find them anymore,and the attorney general has no record of them. Anything any one knows that i can try will be helpful.
Posted by Soaring Consumer on 2009-07-11:
Is this company local to you? Considering it was in your newspaper, it is likely. I suggest filing a police report, I believe they may be able to investigate this.
Posted by Slimjim on 2009-07-11:
You should write to both Attorney generals. Your state and theirs. It's hard to say which, if either, may actively be able to do something, but at least it hedges your bet. The insurance shtick is a way around taking an illegal advance fee. These scams were mostly shut down in the 90's but this is the second one that appeared on this site in as many days. i hope they aren't making a comeback.
Posted by foxyroxi on 2009-07-11:
thank you i will do both. i will keep you updated

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