Washington State Department of Financial Institutions

Consumer Alert:
Debt Settlors [sic] of America

Possible Loan Modification Scam

February 27, 2013

The Washington State Department of Financial Institutions (DFI) received a complaint from a Spanish speaking Washington consumer who indicated she received a phone call solicitation for loan modification services from Spanish speaking solicitors.

She was initially contacted by a person identified as Vicki Acevedo of Debt Settlors [sic] of America and then transferred to a housing counselor named Richard. The consumer was informed she qualified for the entity’s program/services and the fee for services was $3,000, with $1,500 due up front. The entity then forwarded documents to the Washington consumer who signed them and returned with payment. These documents had following contact information:

Debt Settlors [sic] of America
603 S. Valencia Avenue, Suite 110
Brea, CA 92823
Phone: 714-854-0125 Fax: 714-494-8093

The Washington consumer paid this entity the $1,500, did not receive any services and then was unable to contact anyone from the entity.

Debt Settlors [sic] of America is not licensed with DFI or registered with the Washington Secretary of State, Department of Revenue or Department of Licensing.

Verify Licenses

DFI strongly recommends that consumers deal only with those consumer lenders that are properly licensed to conduct business. Consumers can determine whether companies are properly licensed using the "Verify a License" feature on the DFI’s website at www.dfi.wa.gov.

Report Fraud

If you are suspicious of unlicensed activity by a payday lender contact the Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam, contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a scam involving the Internet, contact the Internet Crime Complaint Center at www.ic3.gov.

If you feel you have been the victim of a scam and are concerned about your personal financial information, contact your banking institution and the three major credit bureaus.

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