I received a call from a representative with the name Matthew Hull on 4/24/08. The representative stated that he was with Highland Lending Services and I was approved for a secured loan for $15,000.00. To secure the loan he requested that I pay the first 8 months payment upfront. These fees would be applied to the balance of the loan and would not act as a fee. The representative faxed me loan documents which I signed and returned on 4/25/08 along with a Money Gram payment for $1570.00 service fees. The loan was scheduled to be dispersed the next business day. When inquiring further into their business, Matthew advised that they were associated with Lendingtree.com.
On 4/28/08 I received a call from David Mercer a manager who advised that there was a problem with my file. He explained that the private lender supplying the funds had reassessed my file and found some discrepancies. Due to these discrepancies the lender required an additional payment for another 8 months. During this time David promised that once they received this additional payment the funds would be disbursed the next business day. Another Money Gram was sent for $1570.00 service charges.
The next day David advised that the lender had completely backed out of the loan and that legal action was being taken against them. He advised that they found a more reliable lender who was willing to take over my file however the loan amount was for $30,000.00, with the same terms. Due to the amount increase this new lender required a total of 32 months of payments upfront to secure the loan. After an evaluation of available funds I explained to him I could only acquire $1500.00. He advised that he would work on getting a credit issued for the remaining amount. An hour later he advised he was able to get the credit issued and the loan would be out to me the next day.
The next day came along and he advised that the private lender rejected the credit and required that I pay the full amount. He assured me that this would be the last payment and the loan would be received. After paying an additional $1640.00 service fees on 5/03/08 David advised the funds would be dispersed the following Monday. On 5/05/08 at approximately 10:45 A.M. David advised the funds were in the process of being dispersed and to check back later. Abound 30 minutes later, when contacted David advised that the private lender in Canada released the funds however, the Canadian government put a hold on the funds waiting for a withholding fee of 7% = $2100.00 to be paid. Explained to David that these funds could not be obtained and he agreed that a refund would be issued to coincide with the lenders billing cycle which would be by 5pm on 5/30/08.
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