Arrow Financial Services LLC is a collection agency, headquartered in Niles, Illinois and are a part of the Sallie Mae family of companies. They claim to provide quality recovery solutions and professional customer service. However, many consumers who have shared their experiences about the agency have a different story to tell. If you are quite desperate to know whether or not Arrow Financial Services are good to deal with, glance through the topics given below:
What are the consumer complaints against Arrow Financial?
Consumers unsatisfied with the company's service have a lot of complaints against them. Some of the Arrow Financial Services complaints are:
Reporting invalid credit accounts on: Consumers say that the collection agency (CA) does not always validate accounts, and still goes after customers to collect on accounts. One person complained that Arrow Financial Services did not validate the debt they were collecting, and even after admitting that they did not have documents to prove their claim, they still continued to report the account on his credit report! Here are more details on this
Collecting accounts discharged during BK: The agency comes after customers to collect accounts discharged during bankruptcy. One customer says the agency came after his cousin for an account that was discharged during bankruptcy in 2005. Learn more
Collecting more than actual debt amount: Consumers have complained of being sued by the CA for more than what they owed. A consumer says when his original creditor closed the account, it had a balance of $3,133. But Arrow Financial Services LLC actually sued him for $4,100!
The customer quotes section 808 Unfair Practices of the FDCPA and claims that collection of any amount including interest, fee, etc. in addition to the principal obligation is a violation of the FDCPA, unless it's authorized by the debt agreement or permitted by law. Thus, he thinks the agency was violating the FDCPA. Check it out.
Attempting to collect on paid off accounts: Many consumers have accused Arrow Financial Service of coming after debtors for accounts already paid off. Find out more information on this.
Attempting to collect on fraudulent credit card accounts: One customer says the collection agency came after him for a credit card account that someone fraudulently opened in his name. He sent the agency a copy of the police report, along with the other necessary documents, and asked them to not harass him. But Arrow Financial continued to attempt to collect on the debt.
When the customer filed a complaint with the BBB, the agency sent the customer a letter stating they could not verify the account! Later, the customer sent copies of the letter to the credit bureaus and had the information deleted from his credit report. Learn more about this.
What should you do if Arrow Financial comes after you?
If the collection agency comes after you to recover any delinquent account, you should do the following:
Ask for validation of the debt: If Arrow Financial comes after you for an account, you should first send them a validation letter asking them to validate the account.
Verify the SOL: You should check if the account is past the Statutes of Limitation (SOL). In case it is, the agency is legally not allowed to sue so as to collect on the debt. If they still do, they will be in violation of your state law, and you may have the case dismissed.
Verify CA is authorized to collect: If the account is valid and the SOL has not expired, you should ask the agency to provide you with the documents that actually prove that they have the legal right to collect on the account.
Answer a summons: If you send them a validation letter and they serve you a summons to appear in the court, you should answer and appear in accordance with your local court rules, and make sure you provide the court with any information you have on the case.
Remove invalidated accounts from credit: If Arrow Financial Services reports a delinquent account on your credit report and then fails to validate it; you should have it removed from your credit report. You need to send the credit bureaus a dispute letter along with the required evidence to get the inaccurate information removed.
Hmmmmmm, well OK. Yet another dilemma. As some of ...
Hmmmmmm, well OK. Yet another dilemma. As some of you know, skydver helped me write up an answer to a summons which stated "complaint for money" (it literally said that!). K-well, here's what's going on, I asked for a dismissal on the grounds it was an unvalidated debt, and even they [Arrow Financial Services llc] admitted to NOT having any documentation supporting their claim. So, that was about three weeks ago.
Now, yesterday I receive a reply from the court, also a copy was sent to Arrow Financial Corp's Attorney. :D To sum it up, this is what the letter said [from the Judge/Court]
Both names of parties (me & them)
The above captioned matter is scheduled for pre-trial on (such n such a date) at (such n such a time). Claims, counter claims, and cross claims of any party who fails to appear personally or by counsel, will be dismissed with prejudice.
A default judgment will be granted against any defending party who fails to appear either personally or by counsel. In parentheses at the bottom of this letter says: (No telephone pre-trial permitted).
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.