• Report: #264176
Complaint Review:

Basurto & Associates - BP Financial Group

  • Submitted: Mon, July 30, 2007
  • Updated: Thu, September 25, 2008

  • Reported By:Cape Coral Florida
Basurto & Associates - BP Financial Group
23232 Peralta Drive Suite 112 Laguna Hills, California U.S.A.

Basurto & Associates - BP Financial Group Debt Negotiation & Mediation Firm ripoff Laguna Hills California

*Consumer Comment: Greed

*UPDATE Employee: EX Employee Report Untrue!

*UPDATE EX-employee responds: Ex Employee with the inside scoop

*UPDATE Employee: Our Company is very REPUTABLE! 10 years and 1000's of happy clients!


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We found an add in the Ft Myers phone book for US Debt and Credit solutions. We contacted BPFG for debt resolution services in Oct. 06. Spoke at length with general manager Steve Farmakis about the fees and service to be provided. Also checked the BBB for complaints, of which, none were found. Also called references Steve had given us. We paid them their fee of $4300, and then they would overnight a contract. It did not arrive until 72 hrs later and a call to Steve. (We discovered the contract could be cancelled within 48 hrs if not acceptable)

That should have been my first clue. In the contract were commision fees of 18%, fees for lawyers to defend lawsuits. None of this information was disclosed to us prior to receiving the contract . Creditors continued to call, telling us they had not been contacted by BPFG. 2 law suits were filed aginst us. (Steve advised us to do nothing about them) We stopped answering our phone. The time period of the contract was 36 months.

We terminated the contract in April 07 after we found out that any resolution of debt would be considered income and we would have to pay taxes on it. This fact was also not revealed to us by BPFG. We asked them to refund $3589.00. Section 3a in the contract stated the client may cancel at anytime & for any reason and will receive all paid retainers to Firm. Retainer will be issued LESS billing for prof. time spent. The time spent was approx. 6 months = 711.00 $4300 -$711 = $3589.

BPFG did not render ANY service to us. We contacted the BBB and Department of Corporations of California.
Do not get involved with this company. We learned the hard way.

Cape Coral, Florida

This report was posted on Ripoff Report on 07/30/2007 02:03 PM and is a permanent record located here: http://www.ripoffreport.com/reports/basurto-associates-bp-financial-group/laguna-hills-california-92653/basurto-associates-bp-financial-group-debt-negotiation-mediation-firm-ripoff-laguna-264176. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment


AUTHOR: Baby_girls_1977_2000 - ()

The owner of this company also owns PA basurto and associates and mistepresents himself in a few business dealings. Rather than talking to clients when they call, he avoids them on purpose after he has received initial payment. More concerned with lunch dates and women, he only is driven by money and how to screw other people over in order to attain it. Money will not make you happy, eventually all the misfortunes you have created for your clients and their familys due to a lack of regard for their financial situations will catch up with you.
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#2 UPDATE Employee

EX Employee Report Untrue!

AUTHOR: Jw Operations Manager - (U.S.A.)

Clearly, it is a good thing this person does not work for us anymore! I am sure there was a good reason for their termination. Thsese statements are vindictive and erroneous and clearly posted in a malicious manner in an uneducated attempt to libel our company. For the last time, Basurto & Associates, Inc is not BP Financial Group, LLC. There was an acquisition of their assets and liabilities and this person must have been one of the liabilities. If and when we find out who this person is that is posting libelous remarks that are untrue and unproven, we will take immediate and swift legal action against that person. Our firm stands behind our professional services and even GUARANTEE OUR WORK. We have hundreds of satisfied clients and can provide references to the affirmative.

JW. Operations Manager
Lake Forest, Ca.
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#3 UPDATE EX-employee responds

Ex Employee with the inside scoop

AUTHOR: Ex Employee - (U.S.A.)

First of all, let me just make a point about the ownership of this company. When I first started, the company was called U.S. Debt & Credit Solutions. Then there were several law suites filed against U.S. Debt & Credit Solutions so the owner, Paul Basurto, changed the company name to Basurto & Associates. The company did not undergo new management nor was it purchased by an outside company. The original company simply changed names so that the legal troubles would not be attached to the company name. THEN it changed AGAIN to BP Financial. Again, no new employees or management or outside company again. I worked for the company for a year and it changed names 3 times and physical office changed locations 4 times!

Both the owner, Paul Basurto, and his little minion, Steve Farmakis, are greedy money grubbing back stabbers. They just care about their bottom line, and don't care about helping clients. The only reason they DO help clients is to pad their pockets.

It is true, however, that it is the clients responsibility to save the money to pay the creditors. If a client does not SAVE MONEY each month, then how will they pay for any settlements that are reached??? It is also true that as soon as the contract is completed and returned, a power of attorney is sent to each creditor. By sending that, the creditor is supposed to cease calling the client and contact USDCS or B&A Assoc or BPFG or whatever the hell the name of the company is, and yes the creditors will play dumb and call the client and claim they have never heard from the company. That is speaking from personal experience.

I did see and personally reach several very good settlements for clients. But I also saw MANY clients getting sued and harassed. Also, there are several creditors that will NOT work with debt settlement companies. Citibank, for example, WILL NOT SETTLE. I heard umpteen clients told that we CAN settle with Citibank! Even if a client questioned the sales person, they were flat out lied to. If a client said that other settlement companies told them they could not work with Citibank, but BPFG convinced them that they could do it. Why? So that the total amount of debt a client had was higher, meaning the fee for services was higher as well. And do you know what happened with all the debts to Citibank? Were settlements ever reached? Nope. The ONLY time I saw one reached, was when the client sent in a letter to Citibank. Otherwise, you get sued big time. Another one is Bank of America. The deal with them is that they WILL settle, at great rates (about a 70% reduction!) but only with the cardholder. They will not work with settlement companies. So many times someone from the office would called BofA and just say they were the client. This is something the client could have done themselves and not had to pay BPFG to do. I am sure there are tons more shady things that I just can't remember right now.

Hope this helps someone make a better decision about taking care of their debt.
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#4 UPDATE Employee

Our Company is very REPUTABLE! 10 years and 1000's of happy clients!

AUTHOR: Jw Operations Manager - (U.S.A.)

This client had a contract with US Debt and Credit Solutions. BP Financial took over to assist them. This one client is not an indicator of our business practices. We got them great settlements - they were going through a divorce and could not pay the settlements nor agree on anything. After 6 months of our hard work and saving them $1000's of dollars, they (PAM) called and wanted to get their fees back/full refund. Regarding the timing of the packet, we send everthing overnight mail, due to a storm, DHL didn't deliver the packet until 3 days later. Second, our commissions have a cap of 15%, never 18%, their statement is not true. Third, if any creditor calls our client, as creditors will say and do anything to collect from down and out people, we advise them to tell us immediately and we will handle it. They did not tell us until weeks later that they had received calls.

In the 10 years our company has been in business we have had no dissatisfied clients or unresolved disputes - this is the only dispute we were not able to rectify.

We welcome any comments and have hundreds of testimonials from satisfied clients. We have a great reputation - don't let this ONE Report - which is completely false - destroy our good reputation.

Thank you.

BP Financial Operations Manager
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#5 UPDATE Employee


AUTHOR: Jw Operations Manager - (U.S.A.)

To whom it may concern,

The above report is filled with inaccuracies and untrue remarks about the company in question. First, BP Financial Group, LLC is NOT Basurto & Associates, Inc. (US Debt & Credit Solutions).

These consumers are confused despite the fact that BP Financial Group, LLC (BPFG)ACQUIRED their contract from US Debt & Credit Solutions, a debt settlement company that went out of business in December 2006.

For a period of approximately 11 months, BPFG actively worked on obtaining settlements for these consumers and was successful in obtaining several good settlements for these consumers.

The fact is that these consumers did NOT save money every month to pay their creditors as they initially agreed to do. Consequently, when BPFG procured the settlements with their creditors, these consumers dod not have the money to pay the settlements. BPFG repeatedly attempted to satisfy these consumers and remind them of their obligation to save money every month. Moreover, once these customers decided that they could not afford to pay any settlements, they expected BPFG to refund them in full after 11 months worth of work!

I find it hard to believe that people have the audacity to expect a professional company to work for free. BPFG also never made any promises to these consumers concerning their credit rating or anything relating to their credit rating. BPFG is NOT a credit repair firm.

This report is simply unbelieveable and has no credibility. Our company has hundreds of happy clients that will attest to a successful outcome. www.bpfg.net. Thank you.
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