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Home >> Scams/Fraud
Scammed, Duped, and Out a Lot of Money
I went with a law firm that said that they specialize in loan modification. In order to assist me, I needed to pay them $2500 to get started. I was making $500 per week payments from my bank account. After dealing with this company for quite some time, I found out that they were scammers being investigated by local law enforcement. When I bought it up to my bank to see if there was anything they could do to help me (after realizing I was going to lose the money I invested), they told me there was nothing they could do since I authorized the payment plans. I didn't know this company was fraudulent, had I known, I wouldn't have authorized payment. Does the bank have the right not to help me, and am I really out of $2500?
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 You can file a stop payment order to block any further charges against your account, and you should send the scamming "law firm" a written revocation of any authorization to charge your account, keeping a copy of your revocation for yourself and another for your bank. Each of those actions, however, can only work prospectively. The bank can't undo any of the payments that have already been made. Unless you can find a way to recover the money outside the banking system, yes, you are out $2,500.
Published on BankingQuestions.com 9/22/09
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