Consumer complaint received 2020-04-23 00:00:00
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: Home Loan Center, Inc.
State: NJ

Complaint narrative:
LendingTree LLC did not deliver a property and services agreed upon in violation of 1026.13 ( a ) ( 3 ) B. 

Lending Tree LLC stated that my son ( XXXX XXXX ) was approved for an {$8000.00} loan. However, the conditions included providing them with {$400.00} refundable deposit via XXXX  gift cards. I purchased the XXXX gift cards in the amount of {$400.00} and emailed them the receipt and pictures of the gift cards. Then my son received an email from Departmentoffinance.gov stating the follow, This is a automated alert from XXXX XXXX  Of New Jersey Department of Finance. Mr. XXXX XXXX. This communication is in regards to your recent loan transaction of {$8000.00} from Lending Tree ( XXXX XXXX XXXX XXXX ). 

According to our policies in regards to signature loan, if you receive a unsecured signature loan from another state, there is fee apply on the transfer which is {$440.00}. We require this fee from your side along with stamp fee of {$8.00}, in order to give you clearance. Please contact your loan service provider in regards to payment. We have submitted a payment link to them. You need to forward this payment to loan service provider, So they can transfer your payment to us. We reserve the right to do not provide any explanation/reason of this hold. 

Stamp fee {$8.00} will be refunded to you after 7-10 business day as stamp is required for only clearance. So once you get the clearance. Stamp will be voided and fee will be refunded to you. 

Please make this payment of $ XXXX {$8.00}, Total {$450.00} .00 as soon as possible. So we can release your funds into your bank account. Please submit your payment to your loan service provider before XX/XX/XXXX. Once we receive your state fee payment, we will take only 5-10 minutes to give you clearance and release the funds into your account. 

Call your loan service provider Lending Tree to make this payment. 

At this point Lending Tree LLC requested my son give them another {$450.00} in XXXX XXXX gift cards to cover the transfer fee $ XXXX and stamp fee {$8.00}. I purchased the XXXX XXXX gift cards and my son forwarded the receipt of purchase, along with pictures of XXXX XXXX gift cards, now totaling {$850.00}. 

My son then received an email from Lending Tree LLC stating, Your lender has successfully deposited money in your account. here is your deposit receipt attached with this email. As it's a wire transfer, so it will take 10 minutes to an hour to appear into your account once your bank successfully verify the amount. 

Your State New Jersey has a {$440.00} state transaction fee which will be deducted by your state once you get your funds into your bank account. This state transaction fee apply on transfer when you receive the deposit from another state. Please look for clearance email from New Jersey Dept. of finance for your funds clearance as well. 
Your Security Deposit will be refunded to you on XX/XX/XXXX. 

The funds were never deposited into my sons account as to date XX/XX/XXXX XXXX. 

XXXX from Lending Tree LLCs wire department provided the following wire tracking number XXXX  XXXX XXXX XXXX XXXX XXXX and asked my son to call his bank and have them look for the incoming wire. His Bank could not help him. 
XXXX then explained that he could send the funds via XXXX or XXXX XXXX and we would receive a full refund of the {$850.00} in addition to the {$8000.00} loan for a total XXXX XXXX deposit of {$8800.00}. However, my son would have to pay another {$530.00} fee as they could not use the security payment already paid to the lender. 

The Lending Tree LLC institution then stated they would attempt to send the funds through an ACH deposit. I believe this is fraudulent and the property and services were never delivered. 

I have attached the emails as documentation. I greatly appreciate any help you can provide regarding this matter. I will submit a claim of error with XXXX, under Regulation Z and Regulation E.

Company response to consumer: Closed with explanation