Made phone contact with a Katheryn Hughes, Account Executive of Parkway Lending Group on Dec. 4 in reference to obtaining a debt consolidation loan.
Loan agreement/contract was faxed to me on same day.
Security article reads as follows:
Article lll. Security. The Borrower does hereby agree to provide the Lender with a collateral payment (the "Collateral Payment") of 8 monthly payments of $251.96 USD totaling $2,015.68 USD in order to secure the Borrower's obligations due under this Agreement and agrees to execute all documents required by the Lender to further establish this Agreement. The Collateral Payment stated herein does not act as a fee in any way in accordance with the applicable laws of the State of North Carolina. The full amount of the Collateral Payment will be allocated toward the Borrowers repayment of the principal sum of the loan.
Article lV. Disbursement. The Loan will be made available for disbursement to the Borrower in its entirety no later than 1 business day from the time security conditions are met and this agreement is signed, executed and returned to the Lender.
ArticlelV was completed December 10. Money should have been available on December 11. On Dec. 11 we get a phone call from a David Taft (Accounts Manager) saying my credit had been re-evaluated and they required an additional $2,000.00 to fulfill the contract. They did not get this! David Taft stated that the mony previously sent would be returned on December 29.
Money has not been returned!
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