Q: A loan company online gave me the name of a bank rep at BBVA Compass and now wants me to pay a hefty referral fee.
A loan company online gave me the name of a bank rep at BBVA Compass and now wants me to pay a hefty referral fee. They said I would have to pay 9% and I didn’t understand what I would be paying 9% on. I got approved for my loan but do to me calling BBVA Compass and getting approved with my credit. Why should I pay MJM loans $3,000.00 from the loan I got approved for? Do I pay? What do I do I just wanted to consolidate my debt and I keep my credit in good by showing a history of responsibility. What happens if I don’t pay them? I don’t think this is right. I was approved on Friday and now it’s monday and he says I am late two days on my payment but, they never tried to contact me over the weekend to set up a scam payment.
A:
it does sound like a scam. I understand you never agreed to such a referral fee up front. If this is a consumer loan i would contact the consumer protection unit of the state Attorney Generals Office in Santa Fe.
You have a claim for the tort of unreasonable debt collection if they continue to attempt to collect from you. I would write them a quick letter and send it either registered mail receipt requested or by fax to prove you sent it.
Dear Sir,
I dont owe you any money. I never agreed to pay you a fee when you chose to give me the name of a bank to apply to for a loan. You are asking me to pay 9% of the loan amount for giving me a name of a bank? You didn't assist me in applying for the loan and had nothing to do with their decision to give me credit.
Please do not contact me further about this subject. Thank you.
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