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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55598
Experience:  Attorney with 29 years of experience.
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I recieved a email that i was approved loan of $8500.. the

Customer Question

I recieved a email that i was approved for a loan of $8500.. the people deposited a security deposit first of $4800 n i withdrew $1500 n they turned around and transfered the eemaininh balance to them selves..what do i do?
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Good evening. My name is ***** ***** I look forward to helping you.

This is a scam and you want to get out of this loan transaction. In order to do so, you want to raise the stakes on them. Send them a certified, return receipt requested letter detailing the situation and demand they agree to rescind this transaction in full within a short specified period of time. Inform them that if they do not comply with your demand within a short specified period of time, you will have no choice but to file a suit for your damages. BUT, be sure to specifically mention that you will be filing this claim not only as a breach of contract case, but also as fraud and deceptive trade practice causes of action, which will entitle you not only to your damages, but also an additional amount equal to multiple times your actual damages as punitive damages. That should provide plenty of incentive to comply with your demands; but, if it does not, file your suit. Even if you have to file the suit, that's likely all you will need do. In my experience, they will settle this without a hearing rather than risk punitive damages and the fraud and/or deceptive trade practice judgments being on the record.

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