Is Surety Bond A Scam?

I am seeking urgent help from professionals. I am sourcing funding for a construction project of mine. I have had offers for funding but the terms are that I should pay upfront for a surety bond to be taken out to cover in the event of non-payment. That is good and all and I understand that the lender needs to secure his interest. However is this not the way scammers take you money that you supposedly pay for the insurance bond? How do you make sure that the money for the insurance is not just get stolen from you? How do you make sure that this is a real transaction?

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Permalink Reply by Ann O'Rourke on August 18, 2013 at 4:23pm

Consult and Attorney never pay upfront fees. I have come across four scammers and reported them all. Google them and check ripoff reports. I hate to see people get scammed. Hope this helps

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Permalink Reply by Andre Diedericks on August 20, 2013 at 2:14am

Hi Ann

Thanks for the info. However what happens if the lenders insist on surety? My lawyer informed me that there is always a way for scammers to con you. I am in Namibia and the lenders are in Turkey, how do I make sure they are legitimate? That`s the issue!