ComplaintsforWealth$hare

• Initial Complaint

  03/04/2024

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  The company took my money and did not fulfill the obligation or attempt to. They have obfuscated all client responsibility and have basically taken millions of dollars and run.

• Initial Complaint

  09/23/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  if i coukd give negative stars, i would. Stay away. This is a SCAM. It started as a sousou and ran for about two months. Then they changed up the process and turned everything into loans. Trying to get in contact with someone? they took the number down. Emailed them? youll hear back in three months. Youd be better off throwing your money in the bin, setting the bin on fire, dancing around said bin and then being arrested for setting fires inappropriately. Made payment for subscription and contribution $125 and $500 at this point with this headache and stress I want all my money back

  Business response

  10/09/2023

  Hi ***********,

  Thank you for reaching out. We have researched your claim and found that you have only reached out one time to our customer service on Friday August 18th and we responded in 48 business hours on Tuesday August 22nd. We also have records of you signing a legal contract showing you read and was aware of the loan program that you signed up to. We encourage all members to have an attorney read over contracts that involve any financial loan agreements. If you have any additional questions, please feel free to reach out to ************************************.

• Initial Complaint

  06/27/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  The Wealth$hare opportunity was presented to me in May 2021, I made the decision to give it a try, at a 0 interest loan, with some collateral down, seemed feasible. I decided on the Platinum package which is outlined in the attached lending agreement.I paid out over $7K and have yet to receive any loan disbursements as agreed upon in the lending agreement.TOTAL Paid Out:$2500 for IC Platinum package w/W$ Loan Option 10/2021 $625 Monthly Subscription for Oct 2021 $25 Subscription Late Fee - should be reversed, no clear communication on how these fees would be deducted (ACH, manual, etc.) placed a few tickets with **************** about this. $625 November Subscription Fee $2800 Loan Repayment $500 Loan Origination Fee Over $7K paid out, only received $450 (last year) out of the deal AND no loan, my business plans all fell by the wayside due to no capital, and here we are a year later, with no movement, constant excuses excuses, with no resolution, just the same excuse. I need my money back.

  Business response

  06/30/2022

  Greetings,

  
  We have received your notice regarding a complaint from one of our Wealthshare members, *********************************. Before I address Ms. ******** concerns, please allow me to share with you a little background about our company.The Wealth$hare app allows members to receive funds directly from the members themselves through their initial contributions and their loan repayments.  How does the app work? The W$ app helps members to Contribute, Receive, Recycle, & Invest amazing amounts of money among each other to unlock all types of Financial *********************************** ******** complaint, ****************** elected the Platinum Plan which requires an initial contribution of $5300.00. Upon reviewing Ms. ******** account, I see that she made an initial contribution of $2500.00 on 10/06/21 and elected to receive a loan from Wealthshare in the amount of $2800.00 to complete her initial contribution.  On 11/03/21 she received a loan disbursement of $3750.00 minus the $2800.00 loan option she received from Wealthshare, and minus the $500.00 convenience fee. This left a total of $450.00 that was deposited into her account. ****************** agreed to have the loan option and the convenience fee taken out of her 1st disbursement. ****************** has only paid a total of $3775.00 to Wealthshare. This amount includes her initial contribution of $2500.00 and her monthly subscription fee of $625.00 that she only paid for October and November of 2021. And a late fee of $25.00.

  
  ****************** was also aware of the payment options for her monthly subscription fees. They have the option to make one-time payments each month, or they can set it up for automatic payments. These payments are under Ms. ******** control and can be made directly in the app. Regarding their quarterly payments, each member has authorized us and our successors and assignees to debit and credit their designated account by ACH transfer for the amount of each payment due on each due date (via Plaid or standard ACH authorization form). This can be found in her signed lending agreement on page 2 section 7.Ms. Goodman  was advised that per section 13 of her signed Lending Agreement,  that she may cancel the loan at any time after her  initial contribution payment has been initiated, however Pursuant to the sections **** and **** of the Lending Circle Membership Agreement, the initial contribution will not be returned until the end of the 2-year period. An early cancellation fee of $250.00 or 2% of loan balance, whichever is greater shall apply.

  
  Please see attached the last email thread between Wealthshare and *****************.
  

  
  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩