Sure Advance possible scam?
Date: Sat, 02/09/2013 - 07:35
Just received a strange email from Sure Advance that I am highly suspicious of. Need your thoughts.
Background: On 9/11/12 I took out a $400 loan from Sure Advance. Paid back $1131.40, i.e., paid in full by their terms by December. In January, I took out a second loan for $700.
At that point, I discovered this forum. Closed my bank account. Sent them the form letter, stating that I was paid in full, as I had borrowed $1100 and paid $1131.
They contacted me with an offer to reduce the interest on the second loan. I told them no, that I had paid $31 over principal (which is a normal interest rate), and that as far as I was concerned, I was PIF. That was 3 weeks ago. Haven't heard from them since.
This morning, I got the following email from them:
During a routine audit of our records we discovered an error in the disclosures we provided for your 9/11/12 loan. In such cases, it is our policy to resolve differences in our customers' favor.
Your disclosure understated the APR and Finance Charge. In order to assure that you pay no more than disclosed, we are refunding you $8.15. A check in that amount will be sent to you at the address we have on file.
We regret this inadvertent error and look forward to future opportunities to serve your banking needs. Please note that this does not affect the terms of your note or your payments.
Sincerely,
SureAdvance.com
So here's my concern - is this just a scam to try and get me to give them my new bank account information, so they can charge me for the second loan? Could they really be that sleazy? And anyway, if the disclosure UNDERSTATED the APR, wouldn't I (in theory) owe them money?
I emailed them back telling them that the checking account info they have is no longer valid, to send me a paper check to the address they have on file. I won't deposit the check. I'll take it to a check cashing place and see if they'll cash it for me. Does this sound like the right approach?
Your thoughts appreciated.
Background: On 9/11/12 I took out a $400 loan from Sure Advance. Paid back $1131.40, i.e., paid in full by their terms by December. In January, I took out a second loan for $700.
At that point, I discovered this forum. Closed my bank account. Sent them the form letter, stating that I was paid in full, as I had borrowed $1100 and paid $1131.
They contacted me with an offer to reduce the interest on the second loan. I told them no, that I had paid $31 over principal (which is a normal interest rate), and that as far as I was concerned, I was PIF. That was 3 weeks ago. Haven't heard from them since.
This morning, I got the following email from them:
During a routine audit of our records we discovered an error in the disclosures we provided for your 9/11/12 loan. In such cases, it is our policy to resolve differences in our customers' favor.
Your disclosure understated the APR and Finance Charge. In order to assure that you pay no more than disclosed, we are refunding you $8.15. A check in that amount will be sent to you at the address we have on file.
We regret this inadvertent error and look forward to future opportunities to serve your banking needs. Please note that this does not affect the terms of your note or your payments.
Sincerely,
SureAdvance.com
So here's my concern - is this just a scam to try and get me to give them my new bank account information, so they can charge me for the second loan? Could they really be that sleazy? And anyway, if the disclosure UNDERSTATED the APR, wouldn't I (in theory) owe them money?
I emailed them back telling them that the checking account info they have is no longer valid, to send me a paper check to the address they have on file. I won't deposit the check. I'll take it to a check cashing place and see if they'll cash it for me. Does this sound like the right approach?
Your thoughts appreciated.
Follow Up
First, I think I figured out the "understated" part of the email.
Second, I checked my account online at the Sure Advance website. Still says I owe the entire principal plus interest on the second loan, although interest amount was frozen on the date they received my PIF letter. Nothing about crediting the overpayment to my account.
Yes your approach is right on
Yes your approach is right on target - do not give them any information. Also, I would just go off of what they sent you in the email.
