Financial Asset Management Systems: can they garnish wage?

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?

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

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

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.

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

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.

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.

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.

http://www.fams.net/

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.

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.........

I keep receiving calls from a Mr Marshall about a debt however I dont owe anything. I'm not behind on any bills or even know why they/he keeps calling me, because everything I try and return the call, the phone system never goes to his extention

Financial Asset Management Systems does have multiple clients if you get a call from a collector representing Dept of Ed it's legit and they can garnish cause it wont be fams doing it they will instruct the dept of ed to do it and they dont need a court order they fill out a form and bonus from the amount of people they garnish dont take the threats likely pay your bill!

I received a phone call from 877-539-3913 yesterday from the above company. I agreed that I owed the money and gave out my banking information. This was probably stupid. Do I contact my bank/credit union and stop any withdrawals?. Please advise immediatly/thank you

What type of account was it for?

I also had this collection company harass me over an alledged debt that I did not owe to Direct TV. I am sending a complaint to the FCC and will file something with the BBB regarding FAMS.

This company will work with you.....call the corporate office @ 770-438-5580 and ask to speak with the President of the company and they will assist you immediately.....it does not get any easier.....

I will be contacting the Attorney General's Office both here in Austin, Texas and State of New York to file a...civil and possibly criminal charge / complaint against this *%$@#
Financial Asset Management Systems for inappropriately misleading, if not duping, innocent people into believing that they owe money on some lame past debt due, when in fact all past bills were PAID IN FULL, without reservation and hesitation. Please contact your State Attorney General's (AG) Office in your residential state to file a complaint. That criminal-like behavior is conducted by use of a telephone line (most of the time), then the USFCC (United States Federal Communication Commission) should be notified as well. This collection agency's business behavior is somewhat unsavory and highly questionable. If you owe money on a...legitamit, qualified, genuine debt, then accept responsibility; however, if you know dam well that all your bills are genuinely "paid-in-full" and have bona-fide documentation to support your legitamit claim, then tell Financial Asset Management Systems that you are handicapped and suddenly experiencing an epileptic seizure (as a consequence of their phone call) and you have to hang up now to get your medication. So, WARNING: BE CAREFUL with these....(you fill in the blank).

Did you dispute the debt via a Debt Validation letter? If you know it isn't your debt, send them a Cease & Desist letter and be done with it. If they decide to sue you, you can file a Motion for Discovery, where they have to *prove* the debt is yours.

They keep calling me and not leaving voicemails - I don't have any outstanding debt - the one c/c I have has like 4 dollars on it. I have student loans for my grad program, but I'm still in school and I checked on the .gov site, it says my repayments don't have to start until November 2010. The rest of these posts are kind of making me afraid to answer because I don't want them to take me for a ride.

Send them a Cease & Desist letter, Certified Mail, Return Receipt Requested.

FAM keeps calling our house in English and Spanish (we don't speak Spanish). Once they left a message for someone who's name doesn't resemble anyone in our house. I called, they said 'sorry' - and then continued to call our house - every day - several times a day!!!!

[COLOR=#333333]A man from FAMS called my cell and gave me the entire SSN of the person they are trying to reach which is not me but someone with my name, the next day the called my office per the caller ID and it was 6:55 a.m.and 6:57 a.m., then the called back in the afternoon where I advised they are calling the wrong person. We will see how long this goes on but they are going to get sued giving out people SSN's and calling people at 7 in the morning. ( i am video recording the caller ID info and everyone should do the same)[/COLOR]

[COLOR=#333333]A man from FAMS called my cell and gave me the entire SSN of the person they are trying to reach which is not me but someone with my name, the next day the called my office per the caller ID and it was 6:55 a.m.and 6:57 a.m., then the called back in the afternoon where I advised they are calling the wrong person. We will see how long this goes on but they are going to get sued giving out people SSN's and calling people at 7 in the morning.[/COLOR]

I am on the other side. I was called about a person who has many debts. I am gathering this company also works with taxes and support cases.

This company called my phone from a restricted number and once they could not get me to make a pmt right away the guy just hung up the phone on me..This does not change the fact that I am still unable to make the pmt at this time. When i called back to report this to management they acted as if they did not care that their associates are rude to the customers.

I spoke to repreentative Kim Moses at this company, she was very rude and disrespectful she talked like I personally got a loan from her!

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I just got a AT&t USB CARD for internet, I got a 1 year contract with limited international usage. I got it two days right before I left the country

The contract says "as the sales rep" told me I was going to be able to monitor my usage in a daily basis, however, when I tried to check my usage online it was not available and there is a note on the bottom of the bill online saying that the usage shown may not be current because it takes about 5 days to see the current usages...... by the time I got back in town 14 days after I received a called from cingular telling me that my bill has gone to 5K that they were going to stop the service for my protection. The bill ended up to be 6200. Also the usage shown was in MB and they charge per KB.. Is that legal anyway? Please help me. I do not know how to proceed ?

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Financial asset management systems is all about collection of defaulted loans...if you dont pay you will get garnished...if you owe pay...hell yea we get a bonus for everytime you pay or get garnished...you think we care about your financial hardships..hell no..we will take money out of your childern mouths...we dont care...so pay...sounds cruel dont it? Good causee that is the type of people you will be dealing with at financail asset management systems...even the director can agree on this...

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. ([URL="http://whocallsme.com/awl/nb/r.ashx?ue=8Cdl5mLz1WYm5yd3d3LvoDc0RHa"]http://www.fams.net[/URL])

(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.

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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.studentloanborrowerassistance.org/default-and-delinquency/compromise-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! :)

I find this funny... and wonder what will happen... I got a call from this company a while ago, told them to cease and desist, then it took me 3 tries to get a proper fax number to fax over the cease and desist, and they called my work trying to get info for wage garneshment so asked for the HR department... I am the HR department... after the cease and desist can they contact me in referance to HR? curiousity kills me

FAMS does student loans so yes they can contact your HR or payroll for the purposes of garnishing (your) wages. Cease and desist would not apply.

Failure to verify or process the garnishment is a federal offense. Your company could be heavily fined for not complying.

Well after I answered the phone, they just hung up immediately and did not say anything. So, not my fault that they did not proceed to do what they planned on.