Complaint / review / scam report
Morgan Group Financial
World FInancial Solution - Direct Lending breach of contract ripoff

I was contacted on 5/4/06 by girl named Laura offering me a loan for $5000. I asked her how she got my phone number because in February I had been applying for a $5000 via the internet but with reputable companies like American General. However, I never contacted any place called Morgan Group Financial. She explained that they were a company out of Canada and because their standards for approving loans was not as strict as the US and they are able to approve me for my loan.

However, since I have poor credit, I would have to send a security deposit against the loan in the amoutn of $720. I was very excited because I wanted the loan to payoff all my bills and have a little over to put in the bank. I told her I couldn't send the money until 5/17/06 when I received my disability check.

ON 5/16/06 another girl called me and said that they were doing work on Laura's office and her phones were currently disconnected so she would be taking over handling the processing of my loan. She put me on hold for a couple of minutes and when she returned to the phone, she informed me that because I had bad credit I would have to send another $720. I told her I didn't have another $720 to send her. She put me on hold again and when she returned this time she told me that Morgan Group would give me an additional $1000 on my loan and that I would never have to pay this money back, I would only have to payback the $5000 loan if I could send them $480. Again, I told her I didn't have $480 to send her. She then said well in that case we will refund your money to your bank. I waited until the next day and checked my bank online. Nothing had been returned to my account. Just like Melissa, when I tried to call them back, no one would answer the phone, or I would get a recording.

By now, I realized that I had been scammed and I did what I should have done in the beginning. I went to the Consumer Affairs website where I read an article warning about companies out of Canada running scams on US citizens, asking them to send money to enter lotteries, sweepstakes, and to obtain loans. The article had a link to the Federal Trade Commission website where I found still another article talking about these companies out of Canada. I called the FTC and filed a complaint against Morgan. They referred me to a company called Phone Busters to also file a complaint. When I spoke with the man at Phone Busters he informed me that I had been scammed and would will not be getting the loan or my money back. He also advised me to do the following: Close my current checking account and open a new one; notify my State's Attorney General's office; contact one of the credit bureau to add a Fraud Alert to my credit report and they would pass the info onto the other two credit bureaus; contact Social Security since I receive disability benefits; contact DMV. I did all of the above. When I filed my complaint with the FTC, they told me that if enough people filed complaints, they would begin a class action lawsuit against these people and I would be included in the suite since I filed a complaint.

Melissa...if you have not done the above, please do so. The more people who file complaints, the quicker the class action suit can be filed. Maybe, just maybe, we might get our money back or at least a portion of it. I felt very stupid for letting this happen to me and I'm sure you feel the same way. This scam has devastated me financially! To anyone else out there that this has happened to...DON'T FEEL STUPID, YOU'RE NOT! These people are evil and if we don't get them in the world, trust me, God will get them later.
Author: Contact with Author

Offender: Morgan Group Financial

Country: Canada   Province: Ontario   City: Guelph
Address: 1900 Don Mills Road
Phone: 4169398329

Category: Business & Finance


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