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Financial Asset Management Systems: can they garnish wage?

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Someone called my wife's cell phone from 800-530-2609. When I checked the number @ I found that it was this collection agency. Has anyone had any dealings with them?

Their website says that "FAMS turns paper into gold six days a week." o lawd

If you don't mind my asking, who is their client?

Sub: #1 posted on Tue, 02/05/2008 - 16:05

oparsenal oparsenal

(Posts: 15 | Credits: )

Give us some info to chew on, and we'll see what we can do.

Sub: #2 posted on Tue, 02/05/2008 - 16:26

unclewulf unclewulf
(Posts: 3172 | Credits: )

I don't know who their client is, I had two cc's charged off and one account was sold in December.

Sub: #3 posted on Tue, 02/05/2008 - 23:57


I had a collection company harass me to the ninth degree over an alledged debt that I did not owe to Direct TV. I finally resolved same with documentation and some of my own harassment and the issue went away. Subsequently, I was contacted by these characters through repeated computer generated phone calls, that disconnected after answering. In any event, I finally talked to a person when I called back to complain and was told that their records show that I had resolved this with that company ( and obviously conviced the other collection company that I don't owe this alledged debt, but if I wanted the computer phone calls to stop I must pay this account Obviously, I am still trying to correct this situation and hope that you stay tuned for the results, but I would like to hear from anyone the has any experience in dealing with these clowns.

Sub: #4 posted on Wed, 11/05/2008 - 16:05


I've received numerous calls from this company regarding an employee they are trying to garnish. They have been extremely rude and when I requested court documentation, they claim not to need it. I have requested documentation by mail at least 5 times and still have not received anything but threats.

I don't understand why they are rude to me. I don't owe them any money and if they want me to garnish an employee you would think they would try to win my cooperation rather than alienate me.

Takes all kinds I guess

Sub: #5 posted on Tue, 01/20/2009 - 08:02


dsaavik, Have you written a C&D letter? It's my understanding that collection agencies cannot garnish wages. Now, if it was a collection lawyer, they would have to provide you proof. You should have gotten something form the courts if it was a ligitimate garnishment.

Sub: #6 posted on Tue, 01/20/2009 - 08:12

beli2005 beli2005

(Posts: 882 | Credits: )

FAMS is a US Department of Education vendor and for student loan garnishments they do not need a court order. Have they sent you any paperwork? If it is a student loan and you do not comply, you can be held financially liable.

Sub: #7 posted on Tue, 01/20/2009 - 08:32

Moderators Cum Industry Expert
(Posts: 17272 | Credits: )

Soaplady, did you actually go to their website? Financial Asset Management Systems is also a regular collection agency for various industries, not just US department of education. And he did say that they haven't sent any paperwork and he's requested 5 times already which tends to lead me to believe that it's something other than Financial student loan. If it was, they would have sent him a letter stating it was.

Sub: #8 posted on Tue, 01/20/2009 - 08:51

beli2005 beli2005

(Posts: 882 | Credits: )

For the most part , collection agencies dont handle garnishments other than for government type debts. When I handled these types of garnishments, orders were sent and often overlook or lost in payroll departments or they dont read the order properly, assuming it is just another letter.

The poster states they have written 5 times, so obviously they have received something.

Sub: #9 posted on Tue, 01/20/2009 - 09:29

Moderators Cum Industry Expert
(Posts: 17272 | Credits: )

Well I can top all of you. I took out $22,000 in student loans. In 12 years I have paid Financial Asset Management Systems over $30,000 in wage garnishments...they lied and said they were helping me rehabilitate my loan (I had defaulted) during this last year and in the final hour decided that they could only consolidate my loan. The lie was that when my loan was rehabilited, it would be completely taken off my credit report. Now I am expected to pay if off in 20 more years, having then paid a grand total of just over 100,000 on a 22,000 loan. My God, SHAME ON ME FOR GETTING A COLLEGE EDUCATION. There's so much more to the story.........

Sub: #10 posted on Thu, 04/09/2009 - 17:02


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