Again, I am not sure that this is a scam yet but my story does sound exactly like Jill's from Bayshore, New York. I received a call last week on Friday, March 27. I was told that I was approved for a loan of $100,000 and that in order to secure the loan I needed to make the first two payments up front for security of the lender and insurance. I wanted to make sure that this was legit but I did think it was funny because I was told before that you should never have to pay up front for a loan. Then, I thought that maybe it was because of my credit they want to minimize their risk of lost. So I talked to my husband about it and decide to ask for this information in writing. Upon receiving the documents I read then and believed everything to be in order.
I made the payment via MoneyGram on 4/2/09 - same as Jill - only to find nothing in my account later. I called today 4/3/09 and was also told that it was being held by the Federal Reserve due to it being over 10K. I thought that was funny so I emailed my bank reprsentive and he said that he never heard of such a thing. Well that made me more concerned. I decided to do some research on the federal reserve and to see if there were any complaints on the web. That is when I found Jill's complaint. I only wish that I would have found it before doing the payment. Now I am out the money and will be behind on my bills.
I almost did not do the transaction when I read the money gram notice but I thought well everything appears to make sense. I will follow-up with them on Monday and see what happens. I will keep you posted as to the outcome.
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