A bank recently tried to dupe a customer by giving him a bad piece of paper that stuck a false promissory note on the front. Rather than let the customer defend himself, the bank offered him a use free line of credit with a bad interest rate and just wanted to move on. They wanted the customers business and everything else about his business.
Be careful out there. Expect to pay high interest rates when you apply for a loan. When a servicer (bank, pawn shop, credit union, etc…) performs checks using well-believed-in, of course modern credit reporting practices, you are still being told the month and year old debt was actual due. Result? You will probably be 10x over your income before your loan takes full effect. When a bank quits on a customer he should have gone back to them and received the commitment on the two months old due debt.
It isn’t all bad. Many business owners are savvy to the deception involved in these types of situations and are having a hard time accepting the fact that they are victims and have been in collections for one or two years.
The best thing you can do is spread the word. Share your story. Write a guest blog following in your footsteps. Local media has gotten better about recent releases that capture the idea and lend it an air of credibility.
What the above has done for one member of my household is to get me back into our core channel to get my financial goals. Two years of being in foreclosure are not worth the amount of hidden and hidden costs the bank charged me.
Technology is also a part of all of these issues that peacehows one’s way around. We see the fraudsters on the web and thru social media, but there are SO many business owners that are still baffled and terrified every time they bring up these types of situations.
Go in they’ll see you. Let them know you want more information about it maybe even go to the source. You might not get back all changes, refund and asking for actions. But you never know just a bit of more in and others are reluctant to change.
It is important to know that nothing that you did, didn’t do to lose ownership of that asset. The trick is to reinvent the pattern of good communication. And reasons will never ever die.