Complaint / review text:
I was contacted by DCM Financial Services rep (Amy Parker) on 9/8/08 regarding my online loan application saying I had been approved for a $20,000 loan at 7% interest over a 10-yr payment period. She faxed me a 5-pg contract and all I had to do was submit to the lender an insurance deposit in the amount of $1,393.32 via Western Union and return the signature pages of the contract (pgs 4,5) via fax to DCM. Upon receipt of the
deposit, the loan was to be electronically deposited into my bank account in 2-3 business days. I had an attorney review the contract, in which he did not find anything wrong with, so I signed and faxed back to DCM. I sent the insurance deposit via Western Union in the amt of $1393.32 $98.99 WU fees to Ontario, Canada (the lender I was told). Amy Parker @ DCM informed me I would have the loan funds in my bank account no later than 9/23. When I called on 9/23 and spoke w/Amy Parker that the funds were not in my account, she told me she would contact the lender and call me back. On her return phone call she informed me the lender wanted an additional deposit of $1300 because of my credit. I told her I could not pay that fee - she supposedly contacted the lender, called me back that she got the add'l deposit request reduced to $930. I asked for an addendum to the contract b/c of this additional deposit request. Amy Parker faxed a Promissory letter to me stating the original terms of the loan, and that the loan would be released within 12-24 hrs upon receipt of the add'l deposit of $930 - with DCM and the lender "... Herein guarantee you that this is the requirement needed in order to complete this transaction. All the necessary credit assessments have been made, and no other deposit will be needed to release the funds to you."
On 9/27 I sent via Western Union $930 $78.99 WU fee. When I did not have the funds in my account on 9/29 as promised, I contacted Amy Parker once again at DCM. She told me the funds were not in my account b/c the lender wanted me to pay the $700 in Title Fees and Closing costs b/c he was across the border in Canada. I said I would not pay any more money, I had the contract and Promissory note that stated nothing about those fees, and that I paid the deposits as requested. She told me she could process a refund request for me, or I could pay the $700 for fees. I said I wanted my money back via Western Union, as that's how I had to pay them! Amy Parker told me that was not possible, all she could do was process the request for refund, and it was policy that it would take 30-days for the refund to be sent to me via certified check in the mail.
I feel I have been scammed and will not see my money. I have filed my complaint with the FTC, the NY BBB, and will be with the NY Attorney General. Although I researched the company and found they had a satisfactory record with the BBB before I started my business w/them, and did not find any
complaints on the internet at the time... I have now found that others have experienced this same scenario and posted complaints online.in total I lost $2501.30 and did not receive the loan I was "guaranteed" both verbally and via
contract in writing.