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Direct Buy - Versa Finace Company


aid direct buy in cheating members

Complaint Rating:  94 % with 33 votes
94% 33
Contact information:
VFOne LLC. Versa Finace Company
United States
Versa Finaces a 3 yr. contract for DIRECT BUY club. What they dont tell you is that:
The contract is "amoritized"
What happens is they include a very high 17%+ finace charge mutiplied for the term of the contract and then,
Include that amount into every payment.
So even if the member wants to pay the contract of in full the first month, they still incurr the finace charges. After paying 187.00 per month for 3 months a total of: 561.00 only 213.00 went torwards the principal amount.
MAJOR SCAM these to companys have running. They offer no way out of the contract. IT'S A ONE-TIME SIGN your life away deal.
Complaint comments Comments (30) Complaint country United States Complaint category Business & Finances


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A  10th of Nov, 2010 by    0 Votes
I need help! I was talked into joining Direct Buy and I was not told that I could not break my contract with DB. Now that I am unemployed, Versa is calling everyone on my friends and family list. This has to be Illegal!! How can I get out of this mess??
N  27th of Dec, 2010 by    0 Votes
I financed part of my membership in direct-buy and have been paying their finance company religiously making double payments and tearing the coupons out of the little book they send you. Needless to say, they don't provide any phone information with your paperwork. I was told today that I was behind two months on my account. However, my payment booklet shows the next payment wasn't due until January 13, 2011. Shame on me for even thinking I could pay this company off early.
A  6th of Mar, 2011 by    0 Votes
Direct Buy is Scam

We can find the same product in online or outside market smiler price even cheaper. Is there anybody has any idea how can i cancel my member in direct buy. Please write me email if you know the way swhkus@live.com
A  6th of Mar, 2011 by    0 Votes
Direct buy Company Connect with Beta Finance

They don't accept any Debt card. My Last day for paying is 27 each moth if i pay the money in 27 they charge me 5USd extra payment, . This moths i paid on 26 with my credit card but they still charge me 5 usd. I said them most of the time i pay on 27 or 26 then why you charge me extra. They just said you are late i swear i didn't pay late. This Beta finance and Direct buy are Evil. Government should shut them down. ever time i want buy something i saw the price is much more better in outside or online then why i need to pay so much money to them. Please write me if you know how can i cancel my account.
N  10th of Mar, 2011 by    +2 Votes
See attachment for details on how to cancel DB membership.
Stop paying Versa, dispute every payment made by credit or debit card, cancel any checks possible, and in fact if it does show up on your credit reports, dispute them as well.
K- I'd like to know if anyone would like to start a new class action lawsuit against them? Anyone?
N  20th of Jul, 2011 by    +3 Votes
Direct Buy is EVIL. My son and daughter-in-law joined the $4000 membership. They paid $182 for 12 months. They never bought one thing from Direct Buy. Then he became so sick that he was out of work for 9 months and couldn't pay Direct Buy. Now Versa Finance Company is wanting $5682.08 to settle the account. How is that even legal?!!! I say let Direct Buy/Versa Finance sue. I think we can all protest this scam rip off.
A  6th of Aug, 2011 by    0 Votes
Versa is horrible and Direct Buy is a total scam. Versa never advised me one of my checks was lost in the mail or in Hurrican Katrina and so they just kept tacking on late fees and never contacting me. They have no "normal" way to make payments, i.e., electronic, rather writing a check and mailing, circa 1960. Get with the times, Versa! You cannot reach them by phone either, it's always busy. They are a horrible company and have been reported to the BBB for unprofessional business ethics.
N  8th of Dec, 2011 by    0 Votes
OMG...I just joined this company thinking that I had a more economical way of remodeling my house and then refurnishing after the remodeling. Now I am scared. Is there any way out of the contract? Is there anyone trying to get a lawsuit? If yes, please count me in. sankiethkids@yahoo.com. Thanks
N  10th of Dec, 2011 by    +1 Votes
My son and daughter-in-law just quit paying. I don't know how to break the contract. Let Direct Buy sue. My son has nothing. Between Direct Buy, child support, and his illness, he has nothing. Direct Buy/Versa are vultures! They prey on innocent people with lies and deception. You can buy anything on the open market cheaper that with Direct Buy. I honestly don't know how they get away with this scam.
N  18th of Jan, 2012 by    0 Votes
I agree with some of these comments, but not all are accurate. My wife and I joined Direct Buy and they tried to get us to buy the BIG $4000 contract and really pushed the benefits, but I was firm and told them there was NO WAY I was going to make that kind of monthly committment, and as we were getting up to walk out, they threw out on the table a 3 year trial memebrship for $75.00 a month. I agreed and told them I would only do this if the payment could be made electronically. SO, our account is debited on the 15th of every month for $78.25 and over the 3 years the total interest is $327.00. I dont see this as a scam, just the cost of doing business with a financed contract. As for the products and cost, you people are comparing apples to oranges! Yes, you can go out and find a 50" Plasma TV a lot cheaper online somewhere, but NOT the same brand and quality that DB offeres in thier showroom. Yes, I can find a stainless side by side refrigerator a lot chepaer at Frys or online, but not the SAME quality and Brand Name that Direct Buy offers! DB tends to deal with top of the line high quality items, and those prices if you compare them to top showrooms like Sears and JC Penny, DB is WAAYY cheaper with thier direct from manufacture pricing. Sorry that some of you are having troubles, but always be aware of any contract you sign! Its llike buying a car, you are responsible for the entire amount whether you use it or not... Quit paying, no biggie, its your credit report, they cant get blood from a turnip right? Good luck to all of you!
A  20th of Apr, 2012 by    0 Votes
THIS IS A SCAM. They invite you in for an open house and tell you how much money you can save on purchasing items through Direct Buy. What they don't tell you is that you have to finance your payments through a finance company which is VERSA. I never even heard of VERSA. Direct Buy employees say that they don't make any money by getting you the product wholesale - what they don't tell you is that they make money through giving you a loan. At the open house when I asked if I could think about it, I was told that they needed an answer, before I left, which should have been a red flag to me. They make money because you enter into a contract, but most people don't realize that until, they've signed the papers, that it is a contract and you cannot get out of it. Unless you are a contractor or a builder you don't really save any money, because any money you save on the items you purchase, you lose paying Direct Buy back. They have catalogs in the store, but most of them don’t have the most up to date products. They are open very limited hours. The prices are suppose to be confidential, but I think that they are afraid that if you tell people what the prices are and then tell them what you have to pay to be a member, it will become public knowledge that they are a rip off. I should have known it was a scam because when I went in for the open house, there were maybe one or two customers in the store. I am so upset with myself for not seeing this for what it really is - A RIP OFF. I recently bought a house, and thought that this would be an inexpensive way to help furnish and decorate it. I honestly don't understand how anyone can work at Direct Buy knowing that it is a rip-off. The effort it takes to find something you like on the market, getting the product number and taking it back to Direct Buy really is not worth the effort. Now I feel like I am being forced to buy through Direct Buy, otherwise. I am just throwing away money for the next three years. DO NOT GET CAUGHT UP IN THE HYPE – UNLESS YOU ARE A CONTRACTOR OR HOME BUILDER YOU ARE NOT REALLY SAVING MONEY, BECAUSE YOU ARE PAYING BACK A HIGH INTEREST LOAN TO BE A MEMBER.
A  13th of Sep, 2012 by    +1 Votes
Welcome to the club. I too got suckered into this scam. I am still looking for a way out.
I needed to purchase shingles for my roof and was told that they had no contacts outside of Baton Rouge . Class action I would welcome
N  4th of Feb, 2013 by    0 Votes
I just received 2 emails from Versa within 4 MINUTES of each other, both of which were in all caps and very poorly written (bad grammar, incomplete sentences, etc.). The first email said that we needed to call today to schedule a payment; the second one sent 4 minutes later said that all attempts to contact us had failed and that they would be contacting our employers "ASAP, " and even made reference to what both of our jobs are to reiterate that they knew how to get ahold of us. To make it even better, we only owe 1 payment AND they have not called, left voicemails, or emailed me at any time before this evening to let me know there was a problem! They immediately jumped into emailing threats. When I tried to call back as soon as I had read the emails (exactly 57 minutes after her first email), the woman was already gone for the day. I will be saving the emails to share with her supervisor and the people at our local DB so they know what kind of unprofessional people they are employing and trusting to represent their companies. Ridiculous!
A  12th of Mar, 2013 by    +1 Votes
i agree with most of the complaints! i too went to a OPEN HOUSE ! they hurried us around in small groups telling how much we could save by joining THEIR CLUB! then we went into a room and listened to how when you are a member all the benefits you would get! then came the shocker! the cost to join! they gave us three to choose from.then they split us up and talked to us privately ! once we made our decision ( one we shouldn't have made) out came the contracts, no interest rate was discussed ! we put down a large down payment ! we asked about online payments they said we could! i didn't get the payment book until a week after payment was due! now we see how much VERSA & DB are making on us! WHAT A MESS!
A  11th of Apr, 2013 by    0 Votes
I too have been sucked into a contract with versa finance. We were setup on automatic withdrawal monthly and the first payment was never withdrawn. So I waited to see if they would take the money low and behold they didn't . So I called and they said they don't know what happened and could I make a payment and pay the late fee. I told them no because you have my account info to debit every month so I'm not paying any late fees. This happened two months in a row now they want me to pay $785 at one time to cover late fees and finance charges. I told them I'm not paying a dime I haven't been able to use my membership with direct buy because my name is wrong and they have yet to correct the information. Now Versa is calling everyday threatening to garnish wages and put this on my credit report. Direct Buy is a scam they are currently in a class action lawsuit with their other finance company Beta. So I'm with a lawsuit for Versa too if anyone wants to start one!!
A  12th of Apr, 2013 by    0 Votes
I got sucked in too. I'm all for a class action. All contracts are supposed to be able to be cancelled within 72 hours, but they don't afford us this legal right. I had no idea who Versa was until low and behold I got a payment book from them to finance my membership. I was never told about this and specifically asked why they wanted my social and was told that they were not going to run a credit report. They flat out lied. I have never bought a single thing from them and when this if finally paid off, I will have paid nearly $7000 for absolutely Nothing! They have hounded my "emergency contact" family members also. We all need to stick together and file a class action complaint against them.
The Bayou Blues
A  30th of Jul, 2013 by    0 Votes
Totally agree, I was suckerd in as well. Started my membership with them as of Feb-2013. Havent used them for anything, made a few paymetns but when finding out if was more of a hassel than a help, stop making payments. Now VERSA Finance Co hav contacted all of my ER contacts as well as my Employer and has gone as far as to discuss the matter with these contacts in which under the FAIR DEBT COLLECTIONS ACT this is TOTALLY ILLEGAL. Im totally with a classaction suit.
A  8th of Sep, 2013 by    0 Votes
Me and my wife signed up for a membership about a year ago now. Well recently we ran into to some big monetary issues and had to make some cuts to our budget. When we contacted them the first time they set up a three month deferment on our payments they had said we were ok with doing that. Then a couple weeks later we were told that was a lie and they wanted payment plus a stack of late fees. We have not been able due to the financial strains. They have resorted to threatening us over email contradicting their own statements, and refusing to work with us on the matter. We have attempted on multiple occasions to work a solution with them. All they have stated is they cannot do anything to help us then in the same breath email us and say they want to work with us. They are even calling people we listed as references and called what they thought was my work. They even stated they were handing our account over to a collection agency. Well that was a lie too we have seen no contact from a collection agency. They also recently threatened to "deduct from your paycheck until account is paid in full."

Anyone have any ideas on handling this company and their dirty practices.
N  20th of Dec, 2013 by    0 Votes
i have been paying VERSA for two years, I have not bought anything from Direct Buy and have not even been back to the store.
I am supposed to be in a class action lawsuit and they told me to just keep on paying my payments so I have, but I have not herd anything back from them on the lawsuit ether, I'm thing about just stop paying for something I'm not useing.
I wonder how long VERSA would stay in business if we all just stoped paying them?
A  5th of Feb, 2014 by    0 Votes
Any and everyone on here with a complaint against Versa Finance please contact me at ob911shaygeer@yahoo.com. I have been harassed, called names, and threatened by them for the last time. I want to do a class action lawsuit immediately!

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