Speaking od mortgages and scams...

[boomersooner28]

I have a friend at work that is a smart guy, financially, and I trust him. He has started investing in real estate so that he can one day become his own boss. He calls me a couple of weeks ago and asks if he can come over with a business opportunity....a meeting that would take about 1 hour. I say no problem. He shows up with this guy that works for PRIMERICA, which is a company owned by Citigroup. Citigroup is trying to become one-stop shopping (like Wal-Mart), thus starting PRIMERICA, and handles mortgages, banking, investing, etc...whatever you need financially all in one place. This guy asks for my mortgage, debt, financial numbers so that he can set up a financial plan for my wife and I for FREE. Of course I am skeptical, but then at the end, I think I have figured this out. In my eyes, they pretty much want a mortgage app out of you so they can somehow get your mortgage, thus making money, and convince you to come to work for them, setting up meetings with friends, knowing that 1 out of 6, they can talk into refinancing with them also. The guy keeps calling me asking me if I can come to a meeting to learn more about the company, I keep blowing him off. He is supposed to come by tomorrow with our free financial plan...should be interesting.

Any of you had this happen? Heard of Primerica? Work for/ know anyone that does work for Primerica?

[Harry Beanbag]

Big scam, almost pyramid scheme-like.

[Hamhock]

i have heard of primerica.

i sat down with them and some of the people they were trying to get to refinance. i had a really bad feeling and the couldn't answer some key questions.

i don't remember all the details, but they wanted them to roll a bunch of existing debt into a longer amortization.

you can do some searches and find some interesting info. it's kinda like amway goes to college.

[colleyvillesooner]

Quick google found alot:

http://www.100insurers.com/wwwboard/messages/8092.html

http://www.revolution242.com/blog/2005/05/primerica-scam.html

[LilSooner]

Man at one really low point in my young sales career they were recruiting me hard core. I would totally stay away.

[Sooner Born Sooner Bred]

A friend of mine works for Primerica along with a couple of other places. He's always looking for another job.

A few months ago, he gave someone from there my phone number. The woman said he told her "I was great with people and I would be excellent fit with their company."

I asked her what my job would entail, and she was extremely vague. I ended up telling her that I didn't think my friend realized how advanced I was in my career and that going to work with them would be about 10 or 15 steps down on the career ladder.

[Dio]

Primerica is the debbil

[boomersooner28]

Oh, I am not falling for that crap...I was just waiting for this FREE Financial Plan, so I can rip this guy to shreds. This is gonna be fun.

[Frozen Sooner]

Stay the F away from Primerica. It's a complete scam. Citigroup has no need to start a company to become a "one stop financial solution." Citigroup is one of the five largest banks in the world-they already do anything you're going to need. Primerica happens to be a very profitable company that uses shady techniques and high-pressure sales to increase Citigroup's bottom line.

[Sooner Born Sooner Bred]

Primerica = Amway for the financial world.

[Ike]

My wife has been looking for a job recently...and because she posted her resume on Monster, she keeps getting calls every week from Primerica. She actually interviewed there at one point and came away with a "not no, HELL NO" feeling...but they keep calling us.


we hang up as soon as they say primerica, or citigroup.

[Hamhock]

Primerica = Amway for the financial world.


:mack: Get your own analogy!!

[Petro-Sooner]

I take it the bottom line is to NOT use Primerica???

[boomersooner28]

I'm guessing so! Stay far far away from Primerica...I cancelled the meeting tomorrow, I decided I don't want to hear the BS he throws at me. Although, it would have been fun, I really don't have time.