Primerica. What can you tell me about it?

[Alle_Gory]

One of my contacts told me about this "opportunity" at CitiGroup Financial. After thoroughly selling it to me, I took him up on the offer and met with his boss and had a nice presentation.

After a waste of 2 hours and precious brain cells I declined the offer because its just too damn shady.

What can you tell me about Primerica?

 

[Duffdog]

HOLY CRAP!!! NO NO NO NO NO NO

That company is the wost possible scam you could ever try. First, you are required to pay for "the opportunity", which consists of you finding your own leads and others to join in with the pyramid scheme to support the one guy at the top. Of course its profitable for citibank, there is no way for the people doing it to make money, only the executives.

Stay away.

 

[Alle_Gory]

This is what I understand so far:

1. You act as an independent agent and they have no responsibility to you. They don't even have to pay you.

2. They use representatives to sell 'the product' to their friends and families.

3. The 'entry fee' is to pay for the IDA become incorporated for 'the opportunity'. This seems pretty harmless in itself.


What else can the company squeeze to make money besides contacts?

 

[theunflushables]

Minus the shady bits this is a bad idea.

If I remember correctly, the way they set people up to invest is through taking out another mortgage. With the current economic climate, it is a bad time to take out a second (or a third) mortgage. I went to one of their sales pitches in Spring 2007 and remember declining it then as I had heard the housing market was becoming unstable.

Also corporation that offers you your own branch or office in a year or less is more than likely a scam.

 

[Ken785]

pyramid scheme.

 

[Drewskie]

4 out of 4 can't be wrong, it's the biggest shamble ever, worse than that Mona-vie crap, you basically pay them.