Complaint Review: EZ Unsecured / Pamela Diaz & Darren Smith - Reno Nevada

On January 21, 2009, I submitted an application for a Business Line of Credit with a Professional Consulting Firm called Borsuk, Fox & Associates, Inc. I spoke several times with my consultant, Jeremy, discussing my desires to obtain a Business Line of Credit for my new Business. He even sent me an e-mail describing what my terms in the Line of Credit would look like and what the monthly fee might be if I used the entire line. In response: I always prepare my customers with information to make an educated intelligent decision. Since this is what I do, I discuss things with my clients that even they might not think about until there far into the process and maybe too late to ask. He also discussed the fact that I would be charged a 4.9% success fee by EZUnsecured, but that they were running a special program and would only charge me 2.9%, and told me to cross out the 4.9% on the application and put 2.9% and then initial it and fax it to him. He said that his portion for a success fee would be 2.0% after I received any funds. I mailed him a money order for $1000 and filled out a Credit Authorization form and wrote on the form the amount authorized was to be $950 faxed it to him. The interest rate he described was Prime + 1 = 6.5%. He told me that I had been approved for $200,000 and had me fill out the applications for his company and EZUnsecured, and pay a fee of $1950 for their services. I was told that $1000 would go to him and $950 was due to EZ Unsecured, for the cost of obtaining personal and business credit reports, reviewing them and underwriting. In response: As all of you know reading this, I quote all possible rates for all possible company situations, and as we all know anytime your applying for financing you're the rates and fees are greatly determined by your qualifications, such as but not limited to Credit, Debt Ratios etc. The reason we do not guarantee rates verbally or in our agreements is that there is no way to guarantee that rates, because every bank and or credit provider is different and everyone's qualifications are slightly different. I fully disclosed all possible rates with Barbara. Also Barbara was approved for many different types of financing, as our agreements state that this is the case we provide all that is available personal credit, business credit etc... We do not limit our customers to only one type of financing that is available. She also canceled everything after her first approval, so we did not have the opportunity to finish getting her the money she was looking for. Also as you all know on EZ-Unsecured agreement they do not guarantee anything. Directly below are paragraphs 5, 6 and 7 from both BDB and EZ'S agreements; 5. NO GUARANTEES: WE CANNOT GUARANTEE THAT YOU WILL BE APPROVED FOR ANY SPECIFIC AMOUNT AND THE SUCCESS FEE WILL STILL BE DUE IN CASE THE APPROVED AMOUNT IS LOWER THAN THE AMOUNT REQUESTED. 6. CREDIT APPLICATIONS: NO DOC LOANS AND LINES OF CREDIT MAY COME AS A PERSONAL INSTALLMENT LOANS IN INCREMENTS OF $10,000 TO $100,000 PER LENDER AND SEVERAL CREDIT APPLICATIONS MAY BE SUBMITTED IN ORDER TO ACHIEVE YOUR TOTAL REQUESTED FINANCING AMOUNT. EACH CREDIT APPLICATION WILL RESULT IN A NEW INQUIRY ON OUR PERSONAL AND BUSINESS CREDIT REPORT(S) BECAUSE EACH LENDER WILL NEED TO OBTAIN YOUR CREDIT REPORT(S) IN ORDER TO UNDERWRITE YOUR CREDIT APPLICATION. 7. INTEREST RATES: THE NORMAL RANGE OF INTEREST RATES FOR NO DOC LOANS AND LINES OF CREDIT IS 6% TO 12% AND FOR EZ DOC LOANS AND LINES OF CREDIT IT IS 5% TO 9%, BUT THE INTEREST RATE YOU MAY RECEIVE MAY BE HIGHER OR LOWER AND SUCCESS FEE WILL BE DUE AS THE LENDER'S INTEREST RATE IS NOT HIGHER THAN 18% (EXCEPT CASH ADVANCES AND/OR RECEIVABLES FACTORING LINES). In response: This is absolutely correct, THAT'S RIGHT CORRECT. In fact she was only charged 2.9% on the monies she actually received, which as anyone now reading this knows, this is a HUGE DISCOUNT from what people are charged today for a success fee. Also 2.9% was a 9% discount at the time. Also at the time of this agreement our company's success fee was 2%. Also our companies never even collected the 2% success fee per the agreement Barbara sign for, as she stated here. Again at the time of this agreement our consulting fee was $1,000 and EZ-Unsecured Expert review fee was $950.00. I submitted all papers to him and never spoke to anyone at EZUnsecured. He did all of the contacts with them. He told me that I would be receiving a call from the person working on my file introducing them and going over my application me. I never received that call, but did receive an e-mail from Darren Smith at EZUnsecured on Jan 7, 2009; thanking me for applying for a Business Credit Line with them and another one on Jan 24, 2009 thanking me for taking a step towards obtaining the capital needed for my business needs to succeed. In Response: Borsuk, Fox & Associates Inc. DBA, Business Development Brokers, as a company we Broker out our business to several different business development companies. That is why the word Broker is in our company's name. Those of you reading this all know that I worn everyone that since EZ-Unsecured is successfully getting people funded, that they are extremely busy and it may take away for them to contact you. I also worn everyone in advance to look out for e-mail communications, because EZ's Loan specialist will use e-mail to save time. Darren is not even an LS with EZ-Unsecured, the only reason he even called Barbara was as favor to me and as a courtesy to her for the delay, because they are so busy! Also if Barbara had taken the time to read her agreements, she would know that there are no time lines written anywhere, so the time lines she gives throughout her complaint are frivolous. So clearly there was no misunderstanding that I specifically wanted a Business Line of Credit. On Feb 6, 2009 I received an e-mail from Pamela Diaz saying she was working on my file and wanted to speak with me before she submitted my application to lenders and to call her. I called the same day, got an answering machine, left a message and waited for her to call back. She never did. However, later that day I received an e-mail from Pamela Diaz instead of a phone call stating that the previous e-mail was automatically generated and she just wanted to let me know she was working on my file. In response: Again there is no miscommunication; we provide all types of financing that is available, as it is written in all of our agreements. If there is any miscommunication, it came from the failure of Barbara not reading her contracts. On Sunday February 8, 2009 I received an alert from my bank stating that a charge of $2175 had been placed on my account by Jade Rock Enterprises LLC. I was really worried and went to my e-mail account to e-mail Jeremy about the charge, until I saw another e-mail from Pamela Diaz saying I had been approved for a $75,000 AMEX GOLD Card and that they had already charged my credit card on file for a $2175 success fee. I thought it was odd that on a Sunday when banks & offices are closed, they would be charging my card. The next day I received an e-mail from American Express congratulating me on received a $75,000 Platinum Card. In response: As you all know in your agreements it clearly states that the success fee will be taken a pone approval of a loan. Also as you all know on the EZ agreement it clearly reads Jade Rock Enterprises LLC. Also everyone knows that you can use your credit card on any day of the week to purchase something, from something on the web to a pack of gum at the local store. Credit cards companies do not care what day you use your card. 99% of our customers who Receive 75k on their first approval write out the gate are extremely happy knowing how difficult of a market we are in. A few days later Darren Smith called me and told me that he was working on two more lines of credit for me but this time he would have to increase his success fees from 2.0% to 7.9% because his special program would no longer. I thought it was odd again that he raised his fees past what was actually on the application I signed and right in the middle of completing my lines of credit. I told him I would have to speak to Jeremy about this and he said, well I'll see what I can do, but I never heard from him again and I spoke to Jeremy about the change. He says he was not aware of the increase and would contact them. In response: As you can all see from reading above, that Barbara miss quoted saying: 2% and what she meant to say was 4.9%. The 2% again was from our companies agreement, again which we never collected and are still owed. Also as you all know reading this that was the special of all specials and it did end, being at the time EZ's back end success fee was 12% for a no doc company submission, and the fee today is an average of 10%. Again 99% of our clients would be extremely happy to pay only a 7.9% back end fee in today's market. Again had Barbara actually took responsibility and read her agreement she would have read this to. At first I was excited but decided to call American Express a few days later to find out the terms of the card, which I still thought was a Business Line of Credit. They explained the terms to me as a not a line of credit and that it needed to be paid in full each month and that the interest rate was $15% with a yearly $50 fee. I notified Jeremy, to ask why I had not received a line of credit and that the interest rate was higher than any credit card that I have ever had. In response: Again if she had read her agreement as was ask all of our clients to do. From her actual agreement: Paragraph 7. INTEREST RATES: THE NORMAL RANGE OF INTEREST RATES FOR NO DOC LOANS AND LINES OF CREDIT IS 6% TO 12% AND FOR EZ DOC LOANS AND LINES OF CREDIT IT IS 5% TO 9%, BUT THE INTEREST RATE YOU MAY RECEIVE MAY BE HIGHER OR LOWER AND SUCCESS FEE WILL BE DUE AS THE LENDER'S INTEREST RATE IS NOT HIGHER THAN 18% (EXCEPT CASH ADVANCES AND/OR RECEIVABLES FACTORING LINES). He said he would contact his contact person to find out what happened. In the meantime, I later received the card and noticed that it did not have my business name on it but my personal name, so I called American Express back and they informed me that it was not a Business Card at all but a personal credit card which I did not want. I immediately told them to cancel the card and contacted Jeremy Again. He says he was waiting for a response from Darren Smith. In response: Again if she had read her contract: Paragraph 7. INTEREST RATES: THE NORMAL RANGE OF INTEREST RATES FOR NO DOC LOANS AND LINES OF CREDIT IS 6% TO 12% AND FOR EZ DOC LOANS AND LINES OF CREDIT IT IS 5% TO 9%, BUT THE INTEREST RATE YOU MAY RECEIVE MAY BE HIGHER OR LOWER AND SUCCESS FEE WILL BE DUE AS THE LENDER'S INTEREST RATE IS NOT HIGHER THAN 18% (EXCEPT CASH ADVANCES AND/OR RECEIVABLES FACTORING LINES). They never gave me a chance to review with them the terms of the credit they were trying to get for me. How can someone decide they want you to have something that you did not apply for and clearly have e-mails to show that they knew what I was applying for and never contacted me to say 'we can't get you business credit but we can get you personal credit. They all led me to believe that could get me a Business Line of Credit. Now they have all taken a total of $4125.00 from me and I have no Business Line of Credit or Business Credit at all. I want a refund. In response: Again if she had read her agreement: 5. NO GUARANTEES: WE CANNOT GUARANTEE THAT YOU WILL BE APPROVED FOR ANY SPECIFIC AMOUNT AND THE SUCCESS FEE WILL STILL BE DUE IN CASE THE APPROVED AMOUNT IS LOWER THAN THE AMOUNT REQUESTED. 6. CREDIT APPLICATIONS: NO DOC LOANS AND LINES OF CREDIT MAY COME AS A PERSONAL INSTALLMENT LOANS IN INCREMENTS OF $10,000 TO $100,000 PER LENDER AND SEVERAL CREDIT APPLICATIONS MAY BE SUBMITTED IN ORDER TO ACHIEVE YOUR TOTAL REQUESTED FINANCING AMOUNT. EACH CREDIT APPLICATION WILL RESULT IN A NEW INQUIRY ON OUR PERSONAL AND BUSINESS CREDIT REPORT(S) BECAUSE EACH LENDER WILL NEED TO OBTAIN YOUR CREDIT REPORT(S) IN ORDER TO UNDERWRITE YOUR CREDIT APPLICATION. 7. INTEREST RATES: THE NORMAL RANGE OF INTEREST RATES FOR NO DOC LOANS AND LINES OF CREDIT IS 6% TO 12% AND FOR EZ DOC LOANS AND LINES OF CREDIT IT IS 5% TO 9%, BUT THE INTEREST RATE YOU MAY RECEIVE MAY BE HIGHER OR LOWER AND SUCCESS FEE WILL BE DUE AS THE LENDER'S INTEREST RATE IS NOT HIGHER THAN 18% (EXCEPT CASH ADVANCES AND/OR RECEIVABLES FACTORING LINES). She refuses to credit my account, Jeremy sent me an e-mail that he wrote to them, but so far he has not helped me to get my money back and has not called since I told him about the discrepancy, only e-mails apologizing and saying 'Wow, I don't know what to say'. In response: Both Pam and I made several attempts to contact Barbara both via e-mail and phone. Our original communication was to say, please do not tie our hands, we are working on several other approvals. Also we wanted to communicate to her again THAT SHE DID NOTE READ HER CONTRACT" and it clearly states - that there are no refunds, but all of you reading this know that because your reading your contracts and you have been verbally told as well! Man I've been bombarded with advertising why'll trying to write this. It took me well over an hour because of all of these advertisements. I guess that is because this is rilly an advertising site isn't it. Great concept to make money I guess.

In response to the posting by Ms. Thomas- She was fully aware that she only qualified for personal products as she is a start up business. I have copies of emails which I will post here for all to see how HAPPY she was when we got her approved and even asked me to use a different card for her fees- Clearly not the unauthorized activity she claims: From: Barbara Thomas [mailto:[email protected]] Sent: Tuesday, February 10, 2009 4:05 PM To: Pamela Diaz Subject: Re: You are APPROVED for $75,000+ with American Express Pamela, I want to use a different credit card for any future charges to pay the fees for business credit. I would prefer to use the American Express card that I was just approved for to pay any future charges. The card is scheduled to arrive in 7 buisness days, so could you please wait to charge any further fees until I receive the card. Barbara Thomas 630-343-6291 From: Barbara Thomas [mailto:[email protected]] Sent: Monday, February 16, 2009 9:53 AM To: Pamela Diaz Subject: Business Credit Lines Pamela, I need to hold off on getting any additional business credit. I didn't realize that the points were going to be so high and since this would all be charged to my credit cards, it would put me in too much debt at this early stage of my business. The American Express card is not really a line of credit but a credit card which if paid in full each month is fine, but if a balance is kept on it, the interest rate is 15.25%. as I was told when I spoke to them today. If I add that on to all of the points that I am paying that would be too much debt for a new business like mine to carry. I will be able to do this at a later date, but at this time it is too expensive for me to get additional credit cards that are not lines of credit. I have informed Jeremy Fox of this also. Barbara Thomas Now I did relay to the client when she requested a refund the following: From: Pamela Diaz Sent: Wednesday, February 18, 2009 9:06 PM To: 'Barbara Thomas' Subject: RE: American Express Card Yes Barbara but your contract you signed states you authorize us to charge you for any and all fees as they become due- As our contract states our fees are due upon approval and we also state in our contracts as well as our payment methods that we will bill the card on file as soon as we have confirmation of the approval- We did exactly what we say we will do. I must advise you that you are free to dispute the charge however we have never lost a chargeback dispute once we provide the card company your contract- the approval and the signature of the client- You will not win a chargeback and if you do chargeback you are then subject to additional costs and fees incurred by us once we win the dispute- that is also in your signed contract. The reason your rate was raised is because you told Darren you were going to be full doc- However you failed to provide tax returns, bank statements, P&L statements and other full doc items to qualify for that rate- We were generous in that we moved you to 7.9 instead of the regular rate of 12% for no doc deals. As far as rip off report goes- Yes my name is on there- and those are clients like you who were trying to get out of their financial obligations to us after we provide them a service- They too lost their chargeback disputes and had nowhere else to vent. As for your statement about writing on the CCA that you authorized only 950.00 to be charged in fact that is not what you wrote- you made a note that the fee being charged at the time was 950.00- but you never expressley wrote I authorize only 950.00 to be charged to this card at any time and the contract would supercede that anyway. As I stated: Please feel free to file the dispute, however our contract will hold up and you will then become liable for any fees we incurr as a result of your frivilous complaint. We provided a service to you and the fees were owed. Should you have further questions please feel free to call client services. Pamela Diaz EZUnsecured.com Supervisor 800-201-0001- EXT 804 866-381-2981 Direct Fax Office Hours: 9am to 5pm EST Monday Thru Friday www.ezunsecured.com www.businesscreditmagic.com This E-mail/Fax is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and is legally privileged. This information is confidential information and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. That is the correspondance with Ms. Thomas- We did not take anything from her, she authorized it and frankly I would be more upset that Jermemy STOLE the 1K from you upfront- I would have never given him the 1K that's for sure.