Financial Asset Management Systems: can they garnish wage?

I too worked there for several months. I understand that times are hard for people but that doesn't negate the fact that you OWE money. Companies aren't in the business of just loaning out money to people that need/want it and then after a period of non-payment just say "Ah.. Thats okay... Just keep the thousands of dollars we gave you and forget the whole thing." That isn't how it works. I often felt bad when I talked to debtors. But it wasn't my decision to take out the loan in the first place and I was there to keep my family fed. About the earlier posts. Student loans are nothing to joke around about. The only way you will get out of not paying that debt is death itself. Uncle Sam never dies. You may duck and dodge it for a long time but that is no way to live... work for cash and see where it will get you in life. You will continue to get the legal calls down several avenues.. Including future job threatening calls. So, just pay the debt.. I don't care how.. Work out a deal. I will tell you this.. there are SEVERAL payment plans and options that collection agencies have to get you out of that debt.. May not be quick but it gets you out of the line of fire that YOU placed YOURSELF in.

Name Name Type
FINANCIAL ASSET MANAGEMENT SYSTEMS, INC. (http://www.fams.net)

(Courtesy of the Georgia Secretary of Corporations website)
Profit Corporation - Domestic - Information

Control No.: K321089
Status: Active/Owes Current Year AR

Entity Creation Date: 8/20/1993

Jurisdiction: GA
Principal Office Address: 1967 Lakeside Parkway
Suite 402
Tucker GA 30084
Last Annual Registration Filed Date: 1/23/2009
Last Annual Registration Filed: 2009

Registered Agent

Agent Name: MELANIE NORVELL
Office Address: 200 Ashford Center North
Suite 500
Atlanta GA 30338
Agent County: Dekalb

Officers

Title: CEO
Name: Jerry Hogan

Title: CFO
Name: John Kahn
Title: Secretary
Name: John Kahn
Caller ID: 678-254-3300

FAMS is notorious for wasting money on hiring and firing employees. They are a company ran by men who are drama queens and like office politics. They play lots of mind games and tell you something is okay then fire/suspend you the moment you act upon it. Management is horrible, shady, and wishy-washy. They need re-training like dogs need potty training. I hope their shareholders know that they are wasting their investment! For example, recently training and hiring three groups of employees then firing them all in less than three months. Very productive don't you think? I also smell big lawsuites because their reasons borderline illegal and infringement on basic employee rights. Perhaps if their managers weren't sleeping around the office then firing the people who would or wouldn't sleep with them AND the people who happened to know about it? Way to go FAMS. You rock the corporate world. Unfortunately you are a publicly owned company. I hope shareholders know what they are getting into.

I and went through their defaulted student loan rehabilitation program. They are the collection agency for the department of education. Please heed their words as they will garnish you paycheck without mention. I am currently a full time student again and in good standing with the department of education all because I cooperated with FAMS.

This company is a scammer who can't be stopped because it's totally legitimate. They screw you cause they lie to you. But you can't prove it. Stay away from them and do everything you can to stop them from presiding over your loans. There are other ways.

jLO....you dont have a choice particulary with the student loan accounts. They are hired by the guarantor and the debtor has no say in the matter. Avoid them or cease them, you will find yourself garnished.

Careful with this company. I called them to set up a payment plan and gave them my bank account number so they could with drawl 250.00 a month starting in two weeks. Well they immediatley started taking it out. The lady (Amy Meyers) ext. 2323 promised me that this wouldn't happen and sure enough it did. 3 times they tried and I have overdraft fee's adding up to 100.00 because of them. When I called back nobody would talk to me and now they are garnishing my check.

I currently get $125 deducted from my disability and have just paid $1100 on a 20 year old defaulted student loan. And they continue to HARASS me. I told them twice before to NEVER call me again and threatened them with a Harassment law suit and it does no good.

How can I get them off my back?

FAMS, according to Dept. of Education, is under no obligation to tell the truth. ED says that it gets a lot of bad reports about "these people" but that it needs them to collect its debts.

FAMS has a number of lawyers who help them stay just within the letter of the law (forget the spirit). They are exceptionally careful NOT to put things in written form or to sign any agreements from their side unless absoultely required. They regularly make verbal representations that: A. are contrary to stated policy of ED and B. contradict what they are putting into written form.

In some cases, FAMS lied to me for no apparent reason -- my impression is that they are just used lying and that they are not being regulated by the government, in any meaningful way, on a daily basis -- I suspect that regulation, if any, takes the form of: A. high-level statistical proof of violations by multiple parties via complaints and B. anything that can be proven to be a serious breach of the law (hence they do not put anything into writing since the borrow would typically not record the call -- although FAMS does record calls for their benefit).

I believe that they likely train their people in detail as to which particular un-fair and/or unethical practices and negotiation tactics work to collect more money, in practice (they run thousands of negotiations and have statistical data as to what works and what does not work in practice -- they run things so that they can always deny having said anything that go against ED policy or, in particular, that is against the law. They push the envelope as far as possible without allowing anyone to PROVE BEYOND REASONABLE DOUBT that they have broken the law.

I suggest not reacting to anything FAMS says (beware of the good cop, bad cop tag teams that they use to collect more information about the borrow and his unique situation). Just make detailed notes and check everything with ED, an ombudsman, legal advisor or public interest worker before reacting to them or taking any particular action. I believe that FAMS works on the basis of their internal statistics -- the chance of anyone coming up with enough proof to cause them to lose their contract with the government is low indeed -- be very careful with them, always remembering that they are not your friend -- they will cheat you if they can and can not be trusted at all. IN FACT, THIS STRING OF EMAILS IS LIKELY BEING MONITORED BY FAMS.

The reason FAMS doesnt put anything into writing with the DOE accounts is because the DOE does not permit it. Student loans are governed by the prom note that the debtor signed and the CA cannot put anything in writing that contradicts that note. And quite frankly I do not believe that a DOE rep told you that FAMS could lie or is under no obligation to tell the truth. DOE vendors are highly scrutinized agencies and the accounts and notes are put under the microscope. I remember going thru DOE audits with reps monitoring calls for compliance.

I am dealing with these lost souls aka FAMS now for a loan my husband had and they don't understand that yelling and attempting to belittle me and my family does not work with me considering I just got out of the Marine Corps and they could never compare to the Drill Instructors I had!!! Anyways here is a little bit of information a lawyer sent to me:
http://www.studentloanborrowerassist...se-settlement/
VERY VERY interesting about settling and also who knows if they truely record everything. Probably not or they erase some of it so when they get questioned byt the FTC and the State Attorney General they don't have incriminating evidence!!! But ALWAYS tell them this little line before anything is said:
"Sir/Ma'am, my name is________ the date is_______ the time is ______ your name is_______ and I am informing you now that I am recording this conversation. Please proceed with what you were saying. Thank you."
and whether you are recording it or not, it is legal for you to say that and I guarantee you they will treat you with a little more respect and dignity and they might actually remember what the FDCPA is!!! Hope this helps some of you that are going through the same thing!!!

why did my post get deleted? I guess they didn't like me helping people and saying things that will help people get treated better by collectors....hmmmmm....gotta love this country!

I've been dealing with this company for several years for a loan that I did not receive back in 1989.

Yes they are very rude and obnoxious! The girl boasted that she had proof that I owed this loan. I said great, send it to me and I will be more than glad to make payment arrangements. Well I received the documentation, the promissory notes werent' signed and there was no evidence that checks were disbursed to me or the school. I replied via letter and made note of the unsigned promissory notes - their response? It's irrelevant and the burden is on me to prove that I do not owe this loan! Well if its irrelevant why provide the paperwork?

Well the reason why I never received the loan is because the course the school was offering was found to be ineligible and it was terminated. The school was also found in violation of padding the hours so that they could receive extra grants and loans and was ordered to repay this money to the Department of Education. Fortunately, I was able to find that court docket - waiting to see what they will do with this.

Furthermore, you cannot just garnish wages. If that were so - mine would have been garnished years ago. They know if they present this evidence to a judge it would get rejected, so they are just hoping I would tire out and go ahead and pay them.

Research - Fair Debt Collection Practices Act - you have rights.

Hate to tell you ....they can and will garnish you and they go not have to take you to court. It is called Admin wage garnishment is authorized by congress. They will have proof of dispursement.....you dealing with the federal governement....


The bottom line....if the DOE and FAMS is collecting, your loan WAS dispursed and you owe it. YOU have to take the steps to get it cancelled....sitting on the information about the court case means nothing. YOU need to take the steps, not the CA.

Could someone please help me because they keep calling me all day and night i didn't have any bills in my name as of yet. Haven't even attend college to take loan when i call all i get is voice mail system.

What should i do

There are plenty of one party states as per recording calls... if your state is one of them, start recording the call... you dont even have to tell them that you are, so when they break the law and they change their recordings, yours stays the same and they differ... but yours has more... boom caught up... ive been recording the 2 calls i had with them, so far nothin though... but ima keep tryin!