Bwaa Haaaa Haaa - just got a ridiculous offer in the mail

[MiniMe]

I just got something in the mail saying that I had been pre-approved for a $417,000 loan at 5.5%. First of all, I am unemployed at the present time with a huge stack of vet bills, mortgage, and various other things. At least I got rid of my credit card debt. I thought all this predatory lending had stopped. Even when I was employed, I couldn't afford payments on a $417k loan. I don't even know who it was from, I shredded it so fast it isn't even funny. Gee, I wonder how all those people got in mortgage trouble? Argh, I just hate the credit industry.

[mrcheerful]

1. Well my SO got an offer from a life lock type business and called them to see what it was about

because it was affiliated with her bank. Next thing she knew was the business took $20 out of her account, she didn't have $20 in the account, which then put her in over draft. So, last month she spent on the phone every day trying to get the place to repay her account, which they finally did. She then told them she wanted nothing to do with the business and please drop the account with the business. Yesterday she went on line to make sure she had enough money in her account to get a gallon of milk only to find that yet once again the business had charged her account not only taking her milk money but once again over drafting her account with the bank.

They target people like us that they know can't afford whatever it is they are selling or giving away for the main reason is we can't afford it. Then when we default, they can make money from that. Remember what lead to the bank mess just a few months ago? They are back doing it again.

[MiniMe]

2. Yup, and that is why it hit the shredder fast as lightning

What happened to your SO sounds like a scam. They didn't have permission to take the money out of her account. Mine was just a blind solicitation, and I am smart enough to shred it immediately. Good luck with the fight with the bank.

[mrcheerful]

3. The bank told her they will get her money back again, in 7 to 10 days

meaning more over draft charges until the money gets back into her account. Here is whats killing me, to stop them from hitting her account again next month the bank will charge SO $30, you just can't win. The only reason we have accounts is direct deposit for our disability, it's real hard to find any place to cash government checks without a 7 to 10 dollar charge.

[TicketyBoo]

7. I would get the account back

to positive territory. Then close the account and open a new one rather than pay the bank the $30 fee.

That's what I would do. (May cost you for new checks, though.)

[Barack_America]

5. You might consider contacting the Better Business Bureau.

Taking money out of someone's account without their permission is ludicrous and illegal.

[yodoobo]

4. Breakdown the word "pre-approved"

This is one of the most misunderstood and abused terms of all times in finance.

hint: "pre" = before

Your not approved until you are approved. Until that happens, its just marketing to get you interested.

[Dreamer Tatum]

6. You really think you're pre-approved?

You're probably also pre-approved for private health insurance. Why, just meet these billion criteria, and...

[MiniMe]

8. No, I'm know I'm not

Especially not without a job. But I'm curious how much they would lend me. Not that I can find out since the letter is shredded.