Direct Buy - Versa Finace Company / aid direct buy in cheating members

LA, United States Review updated:

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.

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  • Sh
      Nov 10, 2010

    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??

    0 Votes
  • Cd
      Dec 27, 2010

    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.

    0 Votes
  • Sw
      Mar 06, 2011

    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 [protected]

    0 Votes
  • Sw
      Mar 06, 2011

    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.

    0 Votes
  • Sn
      Mar 10, 2011

    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?

    +2 Votes
  • La
      Jul 20, 2011

    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.

    +3 Votes
  • Jc
      Aug 06, 2011

    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.

    0 Votes
  • Br
      Dec 08, 2011

    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. [protected] Thanks

    0 Votes
  • La
      Dec 10, 2011

    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.

    +1 Votes
  • Cl
      Jan 18, 2012

    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!

    0 Votes
  • Be
      Apr 20, 2012

    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.

    0 Votes
  • Ma
      Sep 13, 2012

    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

    +1 Votes
  • Si
      Feb 04, 2013

    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!

    0 Votes
  • Di
      Mar 12, 2013

    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!

    +1 Votes
  • Di
      Apr 11, 2013

    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!!

    0 Votes
  • Th
      Apr 12, 2013

    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

    0 Votes
  • Qu
      Jul 30, 2013

    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.

    0 Votes
  • He
      Sep 08, 2013

    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.

    0 Votes
  • Ja
      Dec 20, 2013

    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?

    0 Votes
  • Bs
      Feb 05, 2014

    Any and everyone on here with a complaint against Versa Finance please contact me at [protected] I have been harassed, called names, and threatened by them for the last time. I want to do a class action lawsuit immediately!

    0 Votes
  • Br
      Feb 25, 2014

    Can anyone tell me if they can garnish your wages for the payments. I with anyone on here for a class action lawsuit. They talk so good about their company but don't carry most of what your looking for.

    0 Votes
  • Di
      Apr 28, 2014

    Versa is ridiculous! I have been asking for a monthly billing statement from them for almost a year with none to come yet. They told me they don't send out monthly statements. I was also never offered or sent a payment booklet. For months I received emails and telephone calls telling me I was behind on my payments. Then I was finally sent a "payment history" which surprisingly included all of my payments. Now the problem became getting people at Versa to understand that I wasn't actually behind. I asked how I could be behind in my payments when half of them included extra money to pay it off sooner. No one had an answer. Then based on the info they sent me I asked, "If my minimum payment is $162.10, how much should I have paid over the last 22 months?" I waited for the $3566.20 calculation to come back just to see if the basic math skills worked. Then I asked, "How is it that I'm behind on my payments if I have paid $3765.28 to date?" Of course, I received no answer and was told that they would pass me on to someone else. The new person wasn't any better. I received an email on Dec. 18 saying that I was 33 days past due. Then I received another one from the same person on March 10th claiming that I was 238 days past due. My math may be off, but I'm pretty sure there are not 205 days in less than 3 months of time. Logic and reason are definitely not their strengths.

    0 Votes
  • Bf
      May 31, 2014

    My husband and I also signed for a Direct buy account in March 2013 and have not purchased one single thing. At the beginning of this month we called for a better rate for a hotel room out of state and was told that they could no longer assist with that. But they did have a package deal for an additional fee. The sales rep did what they do best, he told me this was an exceptional value for the money. NO WAY! The monthly payment with no extra charges was all a lie. Please Help!

    0 Votes
  • Ve
      Jun 19, 2014

    Yup also getting tons of calls from them. A former "friend" (an ex) managed to get me to co sign on to this scam. I dumped that pos but still get calls from Versa. For now I just ignore 'em that's all I can do, pffft my account's empty anyways... Any new info on an active lawsuit against Versa?

    0 Votes
  • Mi
      Sep 26, 2014

    There is an alert for Versa on the Better Business Bureau's website. The BBB tried to contact Versa and they wouldn't respond. This company is a joke and will keep continuing to take advantage of people unless there is a legal intervention. It is crucial for there to be a lawsuit against this organization otherwise it will only enable their corrupt behavior. The bottom line is, Versa could care a less about anyone and their complaints. All they care about is your money, which is evident in how they operate their business.

    0 Votes
  • Wi
      Oct 09, 2014

    Direct buy and versa are definitely scams. When i complain i get no where. I didn't get a payment book, there is no address to mail payments, i can't pay the payments online. This is such crap. Direct buy always tries to smooth it over. . . Versa keeps dinging me. Scam. Scam. Scam. I did this as i had just purchased a home. Needed appliances. Well, it was over 3 weeks til i got membership info / online sign in and then a collection call from versa before i ever got the stuff from direct buy to log into the website. This is a total scam. Bought my appliances at sears and another store and saved a ton of money on sales items that were more online. Then i got a pitch that if i go to them they will contact manufacturer and the manufacturer will give me a better deal. Bs!! I'd like to join a class action.

    0 Votes
  • Ad
      Mar 23, 2015

    I agree with everything that everyone has said regarding this company. Like an idiot I signed a contract with Direct Buy on 1-25-12. Three years have gone by and you would think, it would be paid off by now but it is not. I am a single parent with two special needs children; so every penny I make I need. Versa Finance is horrible and I really can't afford to pay them anymore. Ive never made one purchase from Direct Buy; not one. Now I've been receiving notices in the mail from Direct Buy to renew my membership for a whopping $199.00. They have lost their minds. I'm so glad I looking this company up on the web tonight and found this blog. Looks like Im going back to court. Please contact me at [protected] regarding the class action suit. I definitely want to be a part of that.

    0 Votes
  • Gi
      Aug 17, 2015

    I got tricked in to a Direct Buy contract soon after my husband passed away. They told me I could save money on getting my house fixed up and they had contractors ready to give me deal. They said it would take some of the burden of home repair off of me. What a load of crap! I was never able to use them. The one time I tried to purchase from them the item I wanted was " out of stock " with no plans to replenish the stock. As for everything else they offered--- I could do better elsewhere. I never used the membership I have been paying on the stupid thing since a month after I buried my husband. They took advantage of a widow in a vulnerable state and would not let me discontinue my membership. It is now the end of the 2 year obligation and I just discovered they are still taking money form me!!! They are the worst kind of scam artists!!

    0 Votes
  • Ch
      Sep 02, 2015

    I asked the person giving the orientation, if I could cancel at anytime if I was unsatisfied and he said yes. I repeated myself and said are you sure, and he said yes again. They kept talking to me, and kept me so busy while signing the papetwork I missed the information that said you have three days. I would love to start a class action suite.

    0 Votes
  • Ro
      Jun 28, 2016

    Any new lawsuits? I hate direct buy and versa with a passion--email me at [protected] if anyone is going to sue them...I would love to team up


    0 Votes

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