Consumer complaint received 2022-06-17 00:00:00
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit repair services
Issue: Excessive fees — 
Company: Americor Funding, LLC
State: CA

Complaint narrative:
I am a retired  XXXX XXXX in XXXX, California. Due to a medical condition and physical limitations, I am unable to work and my only source of income is my monthly pension. 
In XXXX of XXXX, a series of unfortunate events caused me to fall behind on some of my financial obligations. I was considering bankruptcy but came across a debt resolution company online, Americor, which seemed like a better option. After a high pressure sales pitch by their representative, XXXX XXXX, I signed up and gave Americor power of attorney to negotiate my debts. 
Unfortunately, my credit scores still plunged and it was difficult to make the expensive payments to Americor but I held on and trusted they would help me resolve and payoff my debts. Part of the agreement was a 25 % fee on settled accounts, which made me hesitant to sign up at first, but XXXX XXXX reassured me that it would be worth it in the long run. I was also promised a loan at 35 % interest after one year of payments to payoff any outstanding settlements. However, that loan never materialized and only offered recently in XX/XX/XXXX when I expressed displeasure with Americor 's activities. I was denied that loan. 
What did materialize was an accumulation of fees, more than equal to the amounts that were going to pay off outstanding settled debts. In XX/XX/XXXX, I offered to deposit a lump sum of {$3500.00} to speed up payoffs of my open settled accounts. However, Americor aggressively insisted that the money be used as leverage to negotiate two larger outstanding accounts instead that were in pre-negotiation stages. I later found out why they chose this route, which was to continue to charge me the monthly settlement fees for Americor 's benefit, not mine. 
I finally had enough with this company in XX/XX/XXXX and stopped all future payments to them. I demanded a detailed accounting records and any documentation to assist me to contact any outstanding accounts to resume payments directly to them or pay them off. I paid off all outstanding accounts except for two larger balance accounts, which ironically, I was able to easily negotiate a reasonable resolution without Americor 's assistance.

After recently reviewing the accounting records of my Americor account, and to my dismay, I realized I had paid over 77 % fees, not the contracted 25 %! This angered me even more and prompt me to file this complaint with the California DFPI and with the CFPB for Americor 's unfair and unethical financial practices.

I gave Americor an opportunity to resolve this before I filed this complaint but to date, they have not responded. 
I have lots of documents to upload for your review related to this matter. Thank you for your attention and assistance in this matter. Please feel free to contact me anytime if you have any questions.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation