Loan update

Discussion in 'The Watercooler' started by Californiablonde, Feb 5, 2013.

  1. Californiablonde

    Californiablonde Well-Known Member

    Okay so about that debt collector that's been harrassing me for payments to the fraudulent loan company. Well you know how the bank was investigating them for fraud? My bank just informed me that they have come to the conclusion that the company is legitimate! I am shocked. No way is this company legit. The representative from the debt collection agency told the bank that my original loan was for $1100. That's total BS! The loan was for a measly $300. It was an internet loan. Those companies don't even loan out that kind of money. So my mom, who has been helping me through this, called the collection agency and pretended to be me. She asked them to see the original loan documents plus how much I paid and how much of a balance was on the original loan. They told her they would fax it. So guess what I get through my work's fax machine today? I get a general statement of how much I have paid off the collection agency so far. Nothing about the original loan at all whatsoever. This company keeps calling my cell phone and I don't know what else to do. Do I just let it go and have it end up in court? If so I will owe attorney's fees plus the hyped up loan amount. How do I prove, from a loan back in 2008, how much money they lent me? I do not have any paperwork. The account that the money got transferred to is closed so I have no history. So what do I do now? I just wish this would all go away!
  2. InsaneCdn

    InsaneCdn Well-Known Member

    The company may be legit, but this particular transaction may not be... as in, they are not a total scam outfit - they DID lend you money, for example. But... they are "shady".

    They need to be able to prove HOW they compute what you owe them.
    Without a detailed inception-to-date statement... AND the original documentation of the loan...
    THEY have nothing to go on in court.

    Court doesn't just take their word that you owe them XXX dollars.
  3. Hopeless

    Hopeless ....Hopeful Now

    I agree they need to prove what the original debt was and how much you paid and dates to show the courts what you still owe them. I am sure the bank should have some type of documentation showing the original deposit from the Liam back in 2008. Records have to be kept for 7 years at banks. Have you tried the bank you had at that time to get statements?
  4. Hopeless

    Hopeless ....Hopeful Now

    Auto correct....the original deposit from the LOAN back in 2008.
  5. LittleDudesMom

    LittleDudesMom Well-Known Member Staff Member

    I will say again what I suggested on my last post. The next time they call, ask for a STATEMENT of account. You need to see a statement that shows the original loan principal and every payment and the account balance since the beginning. Tell them your records show your note is paid in full and they need to provide, not just a paper showing payments, but an actual account statement. Tell them it is not proof of an open balance because there is no legitimate statement. Just because the company is legit, meaning they have a business license (?) doesn't mean they practice business fairly.

    Insofar as the bank, go back to the original bank you were dealing with when you got the loan. They have records even though the account is closed. They can provide you (although there may be a fee) your bank statements for the periods in question. Go back to show the original deposit to your account from the loan company and all payments made on that account.

    So, the next time they call tell them you want a full statement of account. You have two choices, you can be "nice" and say you will be happy to continue payments owed once they provide you with the paperwork showing an open balance, or you can be "mean" and tell them you are waiting for the statement they promised and if they call you again before providing the requested information, you will report them.


  6. HaoZi

    HaoZi CD Hall of Fame

    I'd also check the Better Business Bureau site and see if there's complaints against this company - I'm betting there are. Don't be afraid to "get mean" as was posted above. This is YOUR life and YOUR money they're screwing with, you need to demand the ORIGINAL stuff, COMPLETE statements, and oh hey, can they provide any loan paperwork with your signature?
  7. Californiablonde

    Californiablonde Well-Known Member

    The company has complaints online. My mom looked them up on the internet and several people have complained of them being scam artists. I don't even know the name of the original loan company. Something I will need to find out.
  8. witzend

    witzend Well-Known Member

    They are like the women I know who break up with a boyfriend who has taken money from them through credit card transactions. "I'm going to keep taking money from him until I think he's paid it off. Oy - as in forever.