Risky Posted August 31, 2006 Share Posted August 31, 2006 I have been approached for some opportunity that seems to be backed by a legitimate bank, but while doing research people are calling it a scam and or a pyramid. Isn't the work force in general a pyramid, you have your President, your CEO then your Pee-on (working class). I mean no disrespect because I am in the category of Pee-on. This "Scam" is called Primerica. Has anyone here had any direct experience from them? I am not looking for a get rich quick scheme. I like their philosophies of helping the working class people. At the same time if they aren't really helping them I don't want to be involved. Thanks Link to post Share on other sites
Guest Posted August 31, 2006 Share Posted August 31, 2006 Do some more research on your own. I believe this company basically tries to get people to consolidate loans(credit card debt) etc. I am not sure what you are getting at about helping the 'working class' people. There isnt much you can do for them. Even with these guys, if you consolidate someones loans, try setting them up on a savings plan, its up to them. Many times people consolidate loans and just start piling up the credit card debt all over again. And they often try to blame the credit card companies-unfortunately. Trying to clump the workforce into a pyramid scheme is not a good analygy. I think the problem with some companies like the one you mentioned- is that almost anybody can become a representative. You commit to some training- and boom- now you are helping? people? Is that really helping them? Is the person really qualified to give financial advice- what is their backround? Also- is it like a true credit counseling service? If the person that talks you into becoming a rep for them continues to get a cut of what you do- and if you are encouraged to recruit new 'members' to work for the company- is that really 'helping' people? I dont think so. Are you encouraged to get more people to become 'representatives'- as a way to make more money? Also how were you approached? was it straight up and truthful? Or did you have to go to some location like a hotel and meet someone to offer you an opportunity? Did the person that approached you originally-were they upfront immmediately about the job? Are you told you can set your own hours and still make a lot of money? Is that good for the 'working people'? Someone without much backround only working 15 hours a week offering your financial advice. Are you compensated for 'recruiting' new associates. Do you have a financial backround? Is it required , or do they talk up about people with unsatisfying jobs finding success with them? Think about it. Is hiring just about anyone really helping people? You will have to do the research yourself- I cant help you on your particular company- look up the good and the bad. Are you a financial advisor now, or have a related finance degree? Link to post Share on other sites
P1xie Posted September 1, 2006 Share Posted September 1, 2006 If it sounds too good to be true it probably is. Link to post Share on other sites
burning 4 revenge Posted September 1, 2006 Share Posted September 1, 2006 Oh, this isn't what I thought it was going to be. I was going to say don't enter the Pyramid at El Atal, the one with the image of the smiling gorgon etched in stone......but, nevermind Link to post Share on other sites
britchick Posted September 7, 2006 Share Posted September 7, 2006 I'd be very wary of getting involved in with this company. I do know a little about them, only because my SO worked for a similar company. These 'banks' say they are helping people by giving people with a poor credit rating an opportunity to develop a better credit rating. They do this by giving credit cards or loans to people who can't really afford them and in the case of my SO's employer at interest rates of anything from 40% to (I couldn't believe this at first but it's true) 300%. It should be illegal. They target people who are desparate, their best business is done at Christmas when parents who are broke want money to buy presents for their children. The most shocking recent development was when reps were sent to shopping malls and actually conned people into signing an agreement by telling them it was permisson to send them further information. They targeted the elderly, who were too polite to brush them off and people with special needs, sickeningly, some with Down's Syndrome. My SO collected information which he sent to the financial ombudsman and left. This company probably isn't exactly the same, but I think it's along the same lines. A bank that wants to help the poor? That just doesn't happen. Link to post Share on other sites
littlekitty Posted September 7, 2006 Share Posted September 7, 2006 My SO collected information which he sent to the financial ombudsman and left. Good on him! Link to post Share on other sites
britchick Posted September 7, 2006 Share Posted September 7, 2006 Google - primericabuster. Link to post Share on other sites
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