Legal Question in Banking Law in Georgia

we contacted a loan company in order to get a 5000 loan and was approved and signed a binding agreement and the recieved a call saying that the lender had backed out of it and the loan company was going to sue them for backing out on a binding agreement but we had to send first 12 months payment which was 1460 and still didnt get our money back. The loan company called back and said that they had a new lender and we had to send a neither 1460 for a total of 12 months payment and the loan guy said the lender wanted a total of two yrs payment and the lender was gonna do a loan for 10000 and what we sent the first time was gonna go toward this second lender. Then we got a neither phone call saying that the money we had sent for first lender was not gonna work we had to send a neither years payment and the money from the first lender would be refunded the 12th day of september. We then told the loan guy we didnt have money to send we had sent him all we had that was why we needed the loan so he said they would credit 400 of the 1460 they wanted so we sent 1060 then the next day we got a call and the lender denied the 400 credit and wanted it to come from us so we sent the 400. we was told that this was it we would get our money the next day in our account and money was not in account and we called and was told spains federal goverment was placeing a tax withhold on loan that we needed to send 2000 to them and we would have our money the next day and we still dont have our money and we have called everyday and dont know what is going on because w still dont have our money and we have sent everything they have asked for and even got a letter of guarantee dated august 15 2011 from ceo of the company saying this is a letter of guarantee from southport financial services confirming that upon receiving an additional security investment in the amount of 1430 the loan in the sum 10000 and all associated payment fees will be released to the borrower within six hours of payment confirmation. we got this and still after we have got this letter we have not got our money and have sent 3460 not including the fees it has cost to send the money and we have called over 100 times today and got no answer about what is going on. what should i do?


Asked on 8/20/11, 11:37 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

No one here has any documents, but from your post it simply looks like you were scammed. It was not reasonable from the beginning to pay over $1,000 for the right to borrow $5,000. This makes no sense at all.

Read more
Answered on 8/20/11, 11:47 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

It is pretty obvious that you dealt with criminals and not a real loan company, as you don't pay $3460 up front to borrow $5000. You were scammed. Call the police or FBI but the odds of a recovery are minimal. (You don't get "letters of confirmation" from CEOs for loans).

A future note: no legitimate business charges a fee in advance for any loan.

If you had bothered to google the business name you mentioned, it appears there is no such loan company.

Read more
Answered on 8/20/11, 1:57 pm


Related Questions & Answers

More Banking Law questions and answers in Georgia