I recieved a direct mail piece from Lafayette Funding offering me a credit consolidation loan. The direct mail item promised significantly lower payments than my current consolidation loan (based on lower interest rates) so I contacted them. On the phone I spoke with a woman who asked some very cursory financial questions which I answered. I was promised a follow up call the following day which I did recieve. The gentleman I spoke with asked me essentially the same cursory financial questions and told me he was going to run a "soft pull" of my credit and then get back to me on whether I was approved for the consolidation loan. Several days later I recieved a call from a woman who told me that she had information on my loan and payment schedule. As she continued to go through a very well polished "rap" it was clear that they were not offering me a consolidation loan but rather a debt settlement service which involved legal fees and would end up both harming my credit (in fairness she did admit this when I asked) and closing the credit accounts that would be negotiated. You may have a different opinion by my opinion is that the very low payments promoted in the direct mail and the consolidation loan process was just a front for selling debt consolidation services. My opinion is that these are dishonest people and that I would not recommend contacting them for a consolidation loan without expecting them to re-route you to a debt settlement service instead. I can afford the payments I'm making and was just seeking to lower my payments with a better interest rate so I told them I was going to pass on their "offer." Again, I feel strongly that they misrepresented themselves and seriously doubt very many of their leads actually get loans.
I applied for what i thought was a debt consolidation personal loan and received a follow up phone call from cindy kim. She asked me a bunch of questions about my debt and i mentioned that i wanted to make very clear i am not interested in a debt settlement of any kind, that i wanted to at my debt off in full as to not make my credit score tank. I also mentioned i was not interested in closing my accounts as that would also make my credit score tank. She agreed and said she would get back to me with loan terms. I received an email from her a few days later and it was pretty immediately evident that the numbers she gave me would not pay my debt in full but when i asked how she arrived at her loan terms she would not disclose the interest rate, how all of my debt was getting paid off if the total amount being paid was less than the total of my debt, etc. She finally told me after i asked 3 times that this was not a loan, but a credit card modification. I receive no less than 2-3 phone calls with the same voicemail every time. I would definitely steer clear of this company and their deception! i should have heeded the other outscam i read prior to even filling out the application!
Lafayette Funding Reviews
I recieved a direct mail piece from Lafayette Funding offering me a credit consolidation loan. The direct mail item promised significantly lower payments than my current consolidation loan (based on lower interest rates) so I contacted them. On the phone I spoke with a woman who asked some very cursory financial questions which I answered. I was promised a follow up call the following day which I did recieve. The gentleman I spoke with asked me essentially the same cursory financial questions and told me he was going to run a "soft pull" of my credit and then get back to me on whether I was approved for the consolidation loan. Several days later I recieved a call from a woman who told me that she had information on my loan and payment schedule. As she continued to go through a very well polished "rap" it was clear that they were not offering me a consolidation loan but rather a debt settlement service which involved legal fees and would end up both harming my credit (in fairness she did admit this when I asked) and closing the credit accounts that would be negotiated. You may have a different opinion by my opinion is that the very low payments promoted in the direct mail and the consolidation loan process was just a front for selling debt consolidation services. My opinion is that these are dishonest people and that I would not recommend contacting them for a consolidation loan without expecting them to re-route you to a debt settlement service instead. I can afford the payments I'm making and was just seeking to lower my payments with a better interest rate so I told them I was going to pass on their "offer." Again, I feel strongly that they misrepresented themselves and seriously doubt very many of their leads actually get loans.
I applied for what i thought was a debt consolidation personal loan and received a follow up phone call from cindy kim. She asked me a bunch of questions about my debt and i mentioned that i wanted to make very clear i am not interested in a debt settlement of any kind, that i wanted to at my debt off in full as to not make my credit score tank. I also mentioned i was not interested in closing my accounts as that would also make my credit score tank. She agreed and said she would get back to me with loan terms. I received an email from her a few days later and it was pretty immediately evident that the numbers she gave me would not pay my debt in full but when i asked how she arrived at her loan terms she would not disclose the interest rate, how all of my debt was getting paid off if the total amount being paid was less than the total of my debt, etc. She finally told me after i asked 3 times that this was not a loan, but a credit card modification. I receive no less than 2-3 phone calls with the same voicemail every time. I would definitely steer clear of this company and their deception! i should have heeded the other outscam i read prior to even filling out the application!
THANKS FOR THE REVIEWS!!!
Thank you guys for the reviews. I too received the letter.