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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100410
Experience:  Lawyer
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I have received a contract form a German company and Barr.

Customer Question

I have received a contract form a German company and Barr. How do i know if these people are really who they say they are?
This Loan Agreement is executed on this 13th day of May, 2015 ; Between Mr Mario Guntzel (PAN No. DE60ESFG), s/o V19060DE , Address: Von-Rechberg-Str.4/1, D-78057 Villingen, Germany. hereinafter referred to as the Lender , legal representatives, assignee and administrator; AND Mrs Lois McQuinn (REF No. CA30008734IL) Address;*****East Saskatoon, SK Canada, hereinafter referred to as the Borrower address and application details,the Lender has agreed to grant a loan sum of two hundred thousand Canadian dollar Only ( 200, 000.00 CAD) to the Borrower for a period of ten years ( 10 years). Terms and conditions hereinafter contained. Repayment plan Loan Amount: 200,000.00 CAD Loan Interest Rate: 3.00% Loan Term: 10 year Monthly Loan Payment: 1,931.21 CAD Number of Payments :120 Cumulative Payments: 231,745.89 CAD Total Interest Paid: 31,745.89 CAD 1.The Lender agrees to lend to the Borrower a sum not exceeding two hundred thousand Canadian dollar Only ( 200, 000.00 CAD) to the Borrower for a period of ten years ( 10 years), the borrower accepts the loan and agrees to repay the amount in accordance with the terms and conditions set out in this Agreement. 2.Both parties represent covenants and warrants to each other that: (a)that the information and financial details submitted by him / her on the Email of MG Finance Private Limited are true and correct. (b)that they understand that MG Finance Private Limited only facilitate lending to borrowers and engaged in ensuring that the borrower shall repay the borrowed amount on time. 3.The Borrower agreed to pay interest payable on the Loan as follows: (a)The Loan will carry interest at 3% rate. (b)The Borrower shall pay the interest along with the principle loan. (c) The borrower shall be responsible for all cost to get the loan to his bank account 4.The Loan shall be disbursed by the Lender to the Borrower within a period of 1-3 bank working days from the date of execution of this Agreement. The execution of this Agreement is also an instruction to Lender that it shall transfer by electronic means a sum equal to two hundred thousand Canadian dollar Only ( 200, 000.00 CAD� to the Borro�er’s �a�k a��ou�t �ithi� 3 �a�k �orki�g days. To the account numbers and details provided by the borrower. 5.The Borrower will provide the Lender of a bank account regulated by its country government. The Borrower shall not close this bank account and in case such an account is closed the borrower must inform the lender immediately. 6.The Borrower shall utilize the Loan only for the purpose as stated in the registration. 7.The Lender shall be entitled to enforce rule of law or government law enforcement agency, upon the happening of any of the following events: �a�If a�y I�for�atio�'s or parti�ulars pro�ided �y the Borro�er’s i� the appli�atio� are fou�d to �e i��orre�t (b)the Borrower fails to repay the loan amount on the date on which the repayment of loan is due.
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
This doesn't make much sense to me.First, why would the legal representatives be part of the contract? That makes no sense.As well, they are saying you are responsible for the costs of getting the money into your bank account and that makes no sense either. What costs? And they should be added to the amount of the loan or at least come off the top. But if this is a scam and it sounds like it, they will insist you pay this amount first. That is a sure sign of a scam because that is never required. Then you will pay the amount and they will be gone. That is how these scams work. So if they are asking for money up front you will know they are total scammers and you are their victim.
Customer: replied 2 years ago.

Thank you so much, yes, they are insisting upon it and I am refusing because I suspected a scam. You have saved me a lot of heartache.and money excellent work!!

Expert:  Debra replied 2 years ago.
I am glad you were prudent enough to ask first!

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