Winford Financial Group SCAM?

Winford Financial Group is a Scam. They approved me for a $5K loan on May 16, 2008, and said that in order for me to receive the funds I had to wire (via Western Union) the first 4 mos ($900) worth of payments for security and the funds will be posted to my account the next business day.

Well, on the next business day a gentleman by the name of Kevin called to inform that the information on my application was incorrect. After I refuted the fact of the incorrect information, he began to inform that because of my debt ratio they required another $900 deposit in order for me to receive the loan. How could a business in the U.S. of A. prey on its citizens in a time like this?

Again, DO NOT believe Winford Financial Group based out of St. Louis, Mo, and DO NOT believe Vincent McClain.

7 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    It is an advance fee loan scam. You shouldn't have to pay money to get money. And these become successful specifically during times like these because people are desperate to get by.

    I'm sorry what happened. You need to file a complaint with the BBB and your state's attorney general office.

    Good luck.

  • Anonymous
    1 decade ago

    Dude, it's not a US business. It's probably not even a US citizen.

    This MO is called the "advance fee" scam and it's the favorite of Nigerian scammers.

    Didn't you figure out that you never have to pay loan fees up front, that they come out of the loan proceeds...and nobody demands to be paid via Western Union to an individual's name. That's a sure sign of fraud.

    The fact that you sent them the $900 up front made you a prime target for the 2nd hit (we made a mistake, you need to send more money.) And all those lovely phone calls, even if you had the number they were from pre-paid cell phones so they can't be traced.

    You can turn them into the FBI, TIGTA and complain to Western Union...but really you fell for this on your own.

  • 1 decade ago

    I have contacted the Federal Trade Commission about Winford Financial after my fiancee applied for them. They said you never pay anything up front for a loan. Instead of calling the BBB you need to contact the FTC. Winford is a scam company run out of Canada. When you send the money via Moneygram it is wired to Canada. The use a baseless account to establish a professional sounding toll free number. The address in St. Louis is a vacant space on a dead end street strip mall. These people are Canadian scam artists. When I contacted them a guy named Vincent McClane could not give me honest answers when I asked about this. He kept stumbling with each question asked and making up ignorant excuses. When I mentioned his address being vacant he hung up and now every time I call they hang up on me. If you have dealt with these people or even talked to them please contact the FTC at 1-888-FTC-HELP. They will do an interview with you then advise you to contact another branch to put a fraud alert out on your credit and then call a Canadian fraud line called PhoneBusters and report it to them. They have been after the jerks for a while. Remeber these people are confirmed scam artists by the FTC. Call the FTC and let them know everything please.

    Source(s): Federal Trade Commission Better Business Bureau PhoneBusters FDIC
  • 4 years ago

    Scam is a pretty good description of WFG. They are a semi-legititimate business, but they are probably closer to a cult. I know several members and they live in a separate world. There is a copious amount of information out there that describes WFG in very unflattering terms, but they won't look at it. So they continue paying for the mandatory insurance, recruiting relentlessly to line up lackeys whose income they share in. It is said that they don't really "sell" insurance, they just keep recruiting and making the recruits buy the mandatory VUL insurance, which provides the illusion ot collecting commissions on alleged sales. They may not be in business much longer. AEGON, thir parent company has publicly said they are examining selling this asset as their American profits have cratered in the last few years. AEGON, as most financial iinstutions this year, has also been hit hard by the financial crisis, and is struggling to weather the crisis. WFG is also under scrutiny for perhaps being classified as a pyramid scheme that derives over half its revenue from sales of its product to employees. This is tied to a lawsuit pending against Amway, which is structured similarly to WFG as a multi-level marketing company. In short, WFG encourages an atmospher of group-think among its "associates" (they don't really employ many people - most are regarded as independent contractors, which means no benefits, no healthcare, no vacations or sick days, no salaries--all commissions all the time from the other recruits). They are also being sued for their recruiting practices in California, among other states. Check it out on Wikipedia and follow the link to the "Bloomberg article" in the references. Very thorough analysis. Let the buyer beware. Michael D

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  • 1 decade ago

    Thanks for the insight! I was called today from Chris Hudson at Windford Financial. I was approved for the loan (kind of odd considering I don't recall applying with them). I was told to call him back ASAP. I got the message when I came home from work and he was gone for the day. I left him a voicemail telling him of all the bad press about Windford Financial. I told him to never call me again...the more I think about it, it would be nice to tell him off.

    I'm sorry you got scammed.

  • 1 decade ago

    As the others stated, no lenders will require advanced payment fees, do not send them anything.

  • 1 decade ago

    This company pulled the same thing with me. They wanted me to send them $1440 for an advance. I've reported them to the BBB but they need more complaints to make an actual listing about them. PLEASE GO COMPLAIN TO BBB.... we need to make sure no one gets scammed by this company..

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