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Financial Asset Management Systems: can they garnish wage?

Submitted by on Tue, 02/05/2008 - 15:54
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Someone called my wife's cell phone from 800-530-2609. When I checked the number @ whocalled.us I found that it was this collection agency. Has anyone had any dealings with them?


Quote:

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

They are a credit bureau


Submitted by on Mon, 04/26/2010 - 18:09

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Hi,
I received a call from this company and they've been callling for the last couple of months. I told them no one by that name lives here and they immediately say that they will take away my number. But then they call again and again. And they politely say we are sorry, we won't call again. In our house, no one owes anything, we don't know the person they're looking for and I don't know what to do anymore. I keep telling them no one by that name lives here. Is there a way I can prove to them that the person they're looking for does not live in our house?


Submitted by on Mon, 06/28/2010 - 13:06

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Quote:

Originally Posted by Anonymous
Hi,
I received a call from this company and they've been callling for the last couple of months. I told them no one by that name lives here and they immediately say that they will take away my number. But then they call again and again. And they politely say we are sorry, we won't call again. In our house, no one owes anything, we don't know the person they're looking for and I don't know what to do anymore. I keep telling them no one by that name lives here. Is there a way I can prove to them that the person they're looking for does not live in our house?

Send them a cease and desist letter certified return receipt requested.


Submitted by Shazzers on Mon, 06/28/2010 - 16:26

Shazzers

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I settled an att account with financial asset management- but apparently they did not settle the account after all and it is now with another collection company now and to top it all off the number is disconnected how do I get in touch with them-


Submitted by on Tue, 08/03/2010 - 09:17

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FAMS is not a Credit Bureau, FAMS does not buy debt. FAMS can be emailed at [EMAIL="comment@famspayonline.net"]comment@famspayonline.net[/EMAIL] and will honor verbal requests to cease communications. Include the phone number they are calling you at. FAMS fax number 770-937-5069.


Submitted by on Sun, 08/08/2010 - 09:16

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Hi, I got contacted by FAMS about a Credit Card debt. I saw most of the responses in regards to a student loan. Can they garnish my wages for a credit card debt? I am sending the Cease and Desist letter within the 30 day to request proof of debt although their address is listed with a PO box so highly unlikely I'll get the signature on delivery...any thoughts are appreciated.

Thanks


Submitted by on Tue, 08/17/2010 - 10:03

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this company violates collection laws all the time - called my employer and pretended they needed a contact number at work and home - tried to insist there was a 'legal' matter that needed my attention - so disturbed my employer that nearly jeopardized my job - and get this - was a debt that was not correct - had been settled previous to their receiving - they refused supporting doc and refused to listen - were VERY rude. Had to sic Govt on them to get the calls hunting down work number AND they call after allowable hours! Have caller id to prove.


Submitted by on Tue, 08/17/2010 - 15:06

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I repeat...do not make any financial arrangement with Financial Asset Management. I have a studen loan, and agreed to make payment arrangements with them to directly debit my checking account for an agreed upon amount on a specific date. They tried to take the money out 3 days early! I caught this because I check my bank acct info daily. When I called them to question this, they said it was not them. I got the bank to send me proof of what I did and I sent it to them. Financial Asset Management finally admitted that they did that but also said that they were afraid that if they did not take it out early,they would not get their money. I got my bank to stop all direct debits from them. They then advised that since I had only been on my job for 2 months that I could fill out a form to stop their calls and the potential wage garnishment and I promptly did so. Well, it is now 2 months later and they have admitted that I while I have only had my job for less than 1 year (only 4 months total on the job), they are still trying to garnish my wages. They continously call me at work, even though I have told them that I can not receive any calls at work. I am in the process right now of filing a complaint with the US Department of Education and the State Attorney General of where I live to get the harrasment to stop. Any other suggestions to deal with these idiots would be greatly appreciated. By the way,I was also told today by them that they will take all of the money out of my checking account if I do not comply with their order and they will close my account and make sure that I am not able to get another one until they student loan is paid in full. No sure if they can legally do this, but I do know that they can not threaten and harrass you either...


Submitted by on Wed, 08/18/2010 - 17:00

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I just began working full-time again, after 10 years. My student loans are in default and being collected for the DOE through Financial Management Systems. Should I start making payments, before they garnish my wages? If so, how long do I have to make the first payment before they get wind that I am working full-time? I just got my first paycheck today, August 31.


Submitted by on Tue, 08/31/2010 - 15:04

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Quote:

Originally Posted by Anonymous
. Well, it is now 2 months later and they have admitted that I while I have only had my job for less than 1 year (only 4 months total on the job), they are still trying to garnish my wages. They continously call me at work, even though I have told them that I can not receive any calls at work. I am in the process right now of filing a complaint with the US Department of Education and the State Attorney General of where I live to get the harrasment to stop. Any other suggestions to deal with these idiots would be greatly appreciated. By the way,I was also told today by them that they will take all of the money out of my checking account if I do not comply with their order and they will close my account and make sure that I am not able to get another one until they student loan is paid in full. No sure if they can legally do this, but I do know that they can not threaten and harrass you either...



The rules are that they cannot garnish you if you were involuntarily seperated from your previous job for one year. So if you are new to the job force or quit your last job, they can and will garnish you.


Submitted by SOAPLADY on Wed, 09/01/2010 - 06:37

SOAPLADY

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Quote:

Originally Posted by Anonymous
I just began working full-time again, after 10 years. My student loans are in default and being collected for the DOE through Financial Management Systems. Should I start making payments, before they garnish my wages? If so, how long do I have to make the first payment before they get wind that I am working full-time? I just got my first paycheck today, August 31.


I would suggest getting into repayment ASAP. Tax offsets lists are created at this time of year and employment information does get forwarded in the fall.


Submitted by SOAPLADY on Wed, 09/01/2010 - 06:38

SOAPLADY

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Another question about avoiding garnishment: I want to start making payments when I get my next check, Sept. 30. The amount I owe will take years to repay. If I start by sending $100 per month, an amount I can afford right now, would that keep them from garnishing my wages? Also, I hear that I could negotiate a new balance for a shorter repayment period. Is that true?


Submitted by on Sat, 09/04/2010 - 09:54

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What type of debt is this for?? Is this a student loan debt?

If it is a student loan, you cannot negoiate a new balance for a shorter repayment plan. Also with any type of debt in collections, just sending in any payment without an agreement will not stop any garnishment or other legal action.


Submitted by SOAPLADY on Sat, 09/04/2010 - 15:03

SOAPLADY

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If I contact the collections agency to make arrangements, could they refuse and garnish my wages anyway? Or, am I being paranoid? Also, after just starting a job how soon will they get an alert that I am working full-time? One more thing, the postion I have is full-time, temporary. Does that make any difference?


Submitted by on Fri, 09/24/2010 - 07:30

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They have been calling us for weeks, but the phone was always dead on the other end when I picked it up. Finally someone was there who asked for my husband, and wouldn't talk to me when I said he was at work. Said it was about a federal debt and he hadn't given his permission for them to discuss it with me. My husband is in his 60s, never took out a student loan, and has excellent credit. However, he has a very common name, so clearly they're mixing him up with someone else. How can we get them to leave us alone?


Submitted by on Thu, 10/21/2010 - 08:04

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It is a company who takes over bad student loans...I have been paying them and missed one payment in June but paid it on the 3rd day of July and then made another payment at the end of July...my case manager told me that all was good and she had taken care of it to make sure that one payment counted as my June payment and all was good for me to start back to school this fall. The day before I was to start school the case manager called me and told me that my financial aid had been flagged for "untimely" payments and I would not receive it. I was very upset.


Submitted by on Thu, 10/21/2010 - 09:17

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These guys are garnishing my SSI/disability checks. I have requested paperwork for my doctor to sign off on this as I am permanently and totally diabled that was the first week of September we are now on the last week of October and I have recieved no paper work from these clowns I have discussed this matter with New York Higher EducationServices Corporation (the people I originally got my loan through and they claim the matter is out of their hands BUT the loan should be dismissed because of my disability and repeated attempts to contact Financial Assets Management are fruitless as I keep ending up in their voicemail loop and then their system thanks me for calling and hangs up on me


Submitted by on Sun, 10/24/2010 - 15:44

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Quote:

Originally Posted by Anonymous
These guys are garnishing my SSI/disability checks. I have requested paperwork for my doctor to sign off on this as I am permanently and totally diabled that was the first week of September we are now on the last week of October and I have recieved no paper work from these clowns I have discussed this matter with New York Higher EducationServices Corporation (the people I originally got my loan through and they claim the matter is out of their hands BUT the loan should be dismissed because of my disability and repeated attempts to contact Financial Assets Management are fruitless as I keep ending up in their voicemail loop and then their system thanks me for calling and hangs up on me


FAMS is NOT garnishing your SSI .....your guarantor is, probably New York Higher Ed.

Disability cancellation can take 6 months to a year to go thru. FAMS would only submit the paperwork....they cannot tell you anything as the decision is made by the guarantor.


Submitted by SOAPLADY on Sun, 10/24/2010 - 15:51

SOAPLADY

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My Chase credit card account was turned over to FAMS. I closed the Chase account and paid the minimum balance over several years. I could not payoff the debt, so in frustration, I stopped paying on it. Well, Chase turned over my account to FAMS.

The original balance was approximately $12,000.00. I paid FAMS $400.00 for seven months ($2,800.00 in total). This is a credit card I received over 18 years ago in college. Word to the wise college students, "Don't live off of your credit card. It will come back to haunt you!"

Now, I'm glad that I no longer have that credit card debt lingering over my head.


Submitted by on Fri, 11/19/2010 - 10:56

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If you have a defaulted government educational loans, then you can expect a call from Financial Asset Management Systems... they are authorized collection for the government. If you are not already familiar, government educational loans are not dischargeable through bankruptcy nor statue of limitations. Government can and will garnish your wages if you are not paying... The good news there is a benefit to start paying and lowering the balance, once you have paid down or paid off the loan. You may qualify for a new loans if you so choose to return to school.


Submitted by on Wed, 12/22/2010 - 21:29

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Any garnishment rendered without court order may be disputed in writing within 30 business days from the date of the first deduction. Any garnishment without court order, found to have caused financial hardship, may ,ake the company liable for violation of the Fair Debt Collection Practices Act. The garnishee may, if approved via judgement, be reimbursed and/or awarded up to $1,000 for the FDCPA violation. It is usually cheaper to pay it on the front end, but don't let them push you around, even the Deapartment of Education is mandated by federal statutes.:)


Submitted by on Mon, 12/27/2010 - 15:44

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The department of education does not require a court order under admin wage garnishment....it is authorizsed by congress. You are giving a 30 day appeal window prior to the garnishment happening to appeal on financial hardship...if you dont take advantage of that window you are SOL. You can appeal on the basis of hardship but it wont stop the garnishment until they have the opportunity to address your appeal which can take anywhere from 30-90 days.


Submitted by SOAPLADY on Mon, 12/27/2010 - 16:01

SOAPLADY

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The pres has made a promise to forgive student loan debt older than 25 years. I will perservere. These guys call allthe time, but cannot garnish as I am a bartender. most of my wages are cash tips, and i've been doin it for 17 years and will continue. I laugh at these fools who call and that only makes them crazy mad. watch your facebook...they get info through there. I like to tell them that they are gonna be broke real soon if they waste their worktime on me...I will pay you nothing and you will like it! credit card debt is another thing. Each state has a statute of limitations on a company sueing you for a debt. Most are six years. why would you pay for a credit card from longer ago then that? silly. they will still try, but it's all empty threats if it's past the time. Obama come save us of all our debt!


Submitted by on Wed, 02/02/2011 - 23:52

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I got a FAMS letter regarding a supposedly delinquent ATT account. This is rediculous as I njust paid off the old account and have new service. None of this makes sense. I'm not even half way in to the first billing cycle. Is there a "FAMS Scam" going on out there?


Submitted by on Fri, 02/11/2011 - 11:07

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Ok, For those who have received calls or letters as far as garnishments are concerned, it can and will happen. If your company is found to be withholding information, it is possible for the company to be charged for the debt up 3 times the amount by the government agency in question. The paperwork is actually sent by the clients not the agency, they are just supposed to make sure the person is there. This concerns the financial aid aspects, besides people if you borrow the money then you agree to pay it back in full if it falls in default. READ THE CONTRACT YOU SIGNED! The arrangements given by said agency is only to help people to get the account out of default, if you don't want to settle the debt or get the account taken care of, then it's on you for paying the government back. This could mean that your taxes can be offset and/or wages garnished. The agency follows all FDCPA rules and regulations including extra security on top of that for covering their own side. You cannot hate people for doing their jobs, everyone needs to pay bills... just do your own bill paying and no one would be calling you in the first place... thisoneguy
And to the person who owes $22,000.00, garnishment is not a voluntary arrangement to the Dept of Ed. This is an involuntary form because you chose not to pay the loan back in accordance to your agreed upon contract. When you are garnished, a percent goes to collection fees, another to interest, and the rest to the principle. One thing many people don't understand is that collection and penalty fees accrue on a daily basis as well as the interest. Once again, if you would have paid and followed the guidelines of the contract you signed, then you wouldn't have any problems.


Submitted by on Tue, 02/15/2011 - 20:05

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This company is listed with the BBB, they can garnish wages (not so much them per say), but they are set up with the legal side of things to go in and actually report your default loans etc for garnishment. Before paying back my student loan I confirmed all information and everything they tell you is 100 percent legal and they are 100 percent a legit business.


Submitted by on Mon, 02/21/2011 - 10:37

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"Any garnishment without court order, found to have caused financial hardship, may ,make the company liable for violation of the Fair Debt Collection Practices Act".
This is completely untrue. The 30 day period before the garnishment is your time to prove you have a hardship if it's not done then garnishment proceeds. There is no violation of FDCPA in this process if the borrower fails to report hardship in 30 days prior to garnishment.


Submitted by on Tue, 02/22/2011 - 18:17

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i had a loan over twenty years old. i have been sending in a request to have the loan discharged. i only went to theschool for three weeks and it closed during the time i was attending. how do i finally get a response from anyone to help me resolve this problem? can someone help me please.


Submitted by on Sat, 03/12/2011 - 09:35

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I have an arrangement with FAMS and have been paying off my defaulted student loans every month for the past 5 months. I just found out that they took my Tax Refund this week. is this legal can they do this even though we have an arrangement and I have not missed a payment?


Submitted by on Mon, 04/04/2011 - 12:18

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I have dealt with them. They are a company that owns student loans. To be honest, they are VERY difficult to deal with. I've gotten into screaming fights with them on the phone because they make paying them difficult.

Good luck.


Submitted by on Wed, 04/06/2011 - 19:13

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Quote:

I have an arrangement with FAMS and have been paying off my defaulted student loans every month for the past 5 months. I just found out that they took my Tax Refund this week. is this legal can they do this even though we have an arrangement and I have not missed a payment?


Yup it is very legal....you in default.....they can take it regardless of any payments made. You probably didnt start paying soon enough to be taken off the offset list.

Quote:
They are a company that owns student loans.


FAMS does NOT own these loans...they work them on behalf of the guarantors and the Department of Ed.


Submitted by SOAPLADY on Wed, 04/06/2011 - 19:32

SOAPLADY

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I have been receiving calls from them for months about a debt owed by SOMEONE ELSE! Every time I call them or have my dad (who is much better at that sort of thing)do it for me, sometimes not so nicely and with lawsuit threats involved, and ask them to leave me alone because I am not the person they're looking for, they say they are taking my number out of their system, but clearly they are doing no such thing. We're on the point of involving lawyers, because I'm sick and tired of getting calls 3-7 times a week about someone else's debt, and legally, they can be sued for harassment because we've informed them that they are not contacting the correct person.


Submitted by on Mon, 04/11/2011 - 17:43

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I received a call from these people and then the phone call dropped. I called them back to figure out what was going on, they said they had nothing under my name or phone #, but if I'd like to give them my SSN and DOB they could pull my file. I am not going to give them that information, if they are who they say they are, they should be able to pull up any records they have with just my name. Furthermore, I'm 99% positive I don't have any outstanding debt, I haven't missed a payment in over 16 years on anything and then out of the blue, I get a call from these jokers. Kinda weird.


Submitted by on Wed, 04/13/2011 - 13:55

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