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BBB Gives Questionable Company Its Lowest Rating

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Jan 21, 2009 7:25 am US/Mountain

BBB Gives Questionable Company Its Lowest Rating

DENVER (CBS4) ― Many people are taking advantage of those down on their luck during these tough economic times.

When trying to get out of debt it's important to be aware that some offers may be too good to be true.

The home of Senco Financial Services is supposedly in a Denver high rise, but when a CBS4 crew went to the building there did not appear to be any such business listed.

According to its Web site, if you have credit problems Senco offers loans that are "as easy as 1,2,3."

Amy Hansen in Lamar, Ind., filled out the forms and then sent them a moneygram as insurance that she would pay back the loan.

"You send them ... this is like your good faith. You send them $800 and anything happens and you can't make the payments then they use that $800 to make the payments," Hansen told CBS4.

Now Hansen says she hasn't received her loan or her $800 back for insurance on that loan.

Senco seems to be a company that appeals to people with bad credit.

Dale Mingilton, president of the Better Business Bureau in Denver, said that after receiving four complaints it has given Senco Financial Services its lowest rating possible -- an F -- because of the lack of a response and the company's method of doing business.

"Just simply send the money to me in a moneygram that is not refundable as good as cash when someone receives it and then we'll get back with you," Mingilton said, describing their method.

Loan applicants are directed to send their moneygrams to an office in Victoria, Canada.

CBS4 was able to reach someone at the company's phone number.

"Thank you for calling Senco Financial Services," an operator answered.

"We have received a number of complaints about people trying to take out loans with Senco and their money not being returned," CBS4's Rick Sallinger said.

The operator insisted they are in Denver and that someone from their legal department would call Sallinger back.

CBS4 went back to the address at 999 18th Street that they list as their office.

Senco Financial Services lists itself as being at office No. 3005. It wasn't in the directory and wasn't in the office that they listed on the 30th floor.

Hansen offers this advice.

"To be smarter than I was; if there's even a slightest inkling in their head it's not right don't do it and please call the Better Business Bureau."

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