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Has any one heard of FMS Inc?

Date: Sat, 10/27/2007 - 11:51
Submitted by Lukeskywalker on Sat, 10/27/2007 - 11:51
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I cant believe this. Everything was going so well. I just checked the mail and I got this collection notice from FMS INC. In 1985 I got a student loan for $2,500. It defaulted a few years later and went to an attorney who I was paying for 2 or 3 years and got it down to about $1,000 or so. I filed chapter 7 in 2003 and tried to included this in that. I guess it worked becuase this is the first time I heard about this untill now. It is just that about $5,000 has been added on and I am just stunned, I cant really breath to well now. Has anyone dealt with this company. I cant go through this again.


Thanks finsfan13, its just I thought it all was over, and just within the hour....they want over $6,000 for a 1985 student loan that was $2,500 and has changed so many hands over the years and I know that I paid at least morer than what they are asking now. They said I have 30 days to ask to validate, but it has changed so many hands...the last time I checked/paid it was with an attorney in Chicago who accepted payments and then I went bankrupt, and I never heard from them again. Now its with Accord One Student Loan Trust and or Accts Trans From Hubba with the guaranty agency called HEAF with the collection agency being FMS Inc. I have no ideal who these people are and why they want so much. I really donkt know if I can do this agian, im so tired.


Submitted by Lukeskywalker on Sat, 10/27/2007 - 12:23

Lukeskywalker

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Luke, I read it. Please please please get a validation letter out Monday. You need to find out why the amount keeps going up. Maybe you will be able to dispute some of it. Your first step needs to be that letter right away, though. I can't stress enough how quickly you need to do this. If you don't, you could end up being garnished, and then it will be more, because they will add court and filing fees. I'm not trying to scare you, I am trying to stress the importance. You don't need to be afraid. You can be concerned, but not afraid. Yes, it's a large debt, but validating will buy you some time, show them you want to take care of it, and let you get your case together. It will be ok, I swear.


Submitted by finsfan13 on Sat, 10/27/2007 - 17:18

finsfan13

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I didnt include this in the chapter 7, but I did have to tell the attorney that I was paying my student loan through that I was filing and for some reason, after that in 2003, I never heard from that attorney that I was paying for the student loan. They where not included in it, but was informed of the same.


Submitted by Lukeskywalker on Sat, 10/27/2007 - 18:17

Lukeskywalker

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Here is a copy of a dv letter Luke:

Quote:

Re: Collection Account
Dear Sir/Madam,
After receiving a message to return a call from someone in your Houston office, which I did, about a debt that I was not notified of until this time. At this time I have no information other than your name and address which is located in Denver, CO according to the person I spoke with. I don????????t refuse to pay, but this is a notice that your claim is disputed.
In accordance with the fdcpa, I have the right to request for a validation of my debt. This is asking for proof regarding this and verifying the same.
You must be aware that reporting inaccurate information will result in defamation of character and it would leave a dark patch on my credit report. You are supposed to stop all collection activities including reporting this information on my credit report. I????????m sure you are aware of the fact that non-compliance with this request will lead you to legal trouble.
Please attach copies of the following with the reply:

??????? What the money you say I owe is for
??????? Explain and show me how you calculated what you say I owe
??????? Provide me with copies of any papers that show I agreed to pay what you say I owe
??????? Provide a verification or copy of any judgment if applicable
??????? Identify the original creditor
??????? Prove the Statute of Limitations has not expired on this account
??????? Show me that you are licensed to collect in my state
??????? Provide me with your license numbers and Registered Agent

With regards,

Just re-word it to fit ur situation!
Stay strong Luke and have trust that this WILL indeed work out for u!!
Ang


Submitted by Ang on Sun, 10/28/2007 - 06:12

Ang

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I paid off a debt with them not long ago and had no problem with them whatsoever. I received a notice on a charged-off debt that I knew was mine. They validated it properly and were very good with setting up a payment plan. I worked with one primary person there who was very pleasant...Mike Curry. They also very promptly sent me a paid in full letter and the debt reads paid in full on my credit report. I don't know about other's experiences, but they were very good to me.


Submitted by waterbug811 on Sun, 10/28/2007 - 06:57

waterbug811

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Ya know i always wonder how it is that CA's decide "WHO" to be nice to and work with and who NOT too?!?! My hubby had dealings with a CA who is on bud hibbs worst list and he was gonna settle with them (on a medical) but wanted it PIF. They refused so he told them he'd just pay for it in full so it could be reported that way... Long story short, they ended up taking the settlement and listing it PIF and he gave them our banking acct info and they just took out the settled amt and we never heard from them again. :shock: (this was BEFORE i found DCC)
I'd just like to know how they choose who to be nice too and who to jerk around!
;)
Ang


Submitted by Ang on Sun, 10/28/2007 - 07:02

Ang

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You are not being pushy, you are concerned! That is fine!
I would send the letter to the addy you make payments to, but if you don't feel comfortable with that, give them a call and ask them for the address that they receive correspondence at. You don't need to explain yourself or go into detail, just ask that. even if you call them today, there may be an automated message where you can push a number to hear their mailing address. Worth a shot! Anyway, I think it would be fine to include a copy of the letter.
You'll be ok Luke! You're being proactive!


Submitted by finsfan13 on Sun, 10/28/2007 - 09:41

finsfan13

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Just a note..I have recently went through some of the same hassels with my student loans. Over the period of 2years I have gone through 7....yes 7 creditors who bought my loan.
When I asked how it was that my debt kept going up instead of down I was told that each time the debt is sold the agency selling it tacks on their own fee.
for example...so that they make a minimum of a 25-50 profit on small collections. Hence the cost of that loan keeps going up everytime it is sold no matter how hard u try to pay it down.
Not sure if that helps, but that was the information I was given. I was also told that in some areas it is illegal for a debt that has been sold multiple times to be charged over a certain percentage for collection fees. in other words once it reaches a certain dollar amount and has been soldx amount of times it can go no higher.


Submitted by i2bcsi on Sun, 10/28/2007 - 12:07

i2bcsi

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Wow, thanks i2bcsi I did not know that it cant go higher after a certian amount. It is about 23 years old this student loan and has been through 3 or 4 collections, attorneys. It was only $2,500 dollar student loan and now after paying over 3 or 4 thousdand, they still want over $6,000 more. This is nuts. Im going to send off a validation letter, and I wonder if I should send a copy of everything to my States AG and to Tulsa OK AG, that is where FMS Inc. is at?


Submitted by Lukeskywalker on Sun, 10/28/2007 - 12:19

Lukeskywalker

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Luke. that is the information I was given after my loans had been sold numerous times. I was told that at this point in time I was responisble only for the original debt and a collection fee. I was not responsible for the thousands all these companies had tried to add on. They also said it varied by state etc.
But are these federal student loans? or private student loans? that you are dealing with?


Submitted by i2bcsi on Sun, 10/28/2007 - 13:24

i2bcsi

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Well my honest opinion is this: I dont think they'll respond!! Cuz i can't imagine they can justify all those added on charges! But hey, that's just my opinion!! Also if i were u, i'd add in a cease and desist along with my dv.... just to cover urself for future harassment....
Just get it out and wait n see what happens... (this is the part i hated, the hurry up n wait!) I'm not a very patient person! :shock:
Much luck Luke,
Ang


Submitted by Ang on Sun, 10/28/2007 - 15:06

Ang

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I don't think they can legally charge anything else, the only thing they can get away with is if the original contract allows for a certain percentage interest, but even if that is the case it will be a reasonable interest rate and they have to prove it.

Honestly, you should speak to a lawyer with this one. I have student loans too and I was told that only the feds can garnish you for it...if it is in the hands of a CA they can't, at least not the 'automatic' garnishment....because if it is in the hands of a CA, bought off mind you, then it was written off by the gov loan people and sold to a CA...they no longer care about it.


Submitted by goldenbast on Sun, 10/28/2007 - 22:11

goldenbast

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Yes if it is federal you need to talk to department of education there are several federal programs, deferals etc for those loans. Sorry it took a bit to get back to you I was looking for the information on my fed loan and who to contact for problems with payments. As soon as i find the contact number I will send it :)
Hang in there :)


Submitted by i2bcsi on Mon, 10/29/2007 - 01:13

i2bcsi

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Luke, I read your quick message and here is my two cents.Federal loans have no sol and cannot be discharged in a bankruptcy as far as I am aware of. First validate the debt but do not send them a full cease and desist as they can start administrative wage garnishment. Contact the ombudsman with the department of education to get the correct info on your loan and the procedures needed to rehab the loan to cure the default.While waiting read over the stickies in our student loan section.


Submitted by cajunbulldog on Mon, 10/29/2007 - 04:27

cajunbulldog

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Ok, thank you cajunbulldog. It never went into a chapter 7, my bankrupcy attorney in 2003 just sent a notice of the same to the attorney/law firm, who bought the loan, it never was included, but for some reason that was the last I heard of this, 2003, untill a few days ago.



cajunbulldog, Who is ombudsman?


Submitted by Lukeskywalker on Mon, 10/29/2007 - 18:32

Lukeskywalker

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I wouldn't think they would start garnishment, though, unless you have defaulted on an arrangement with THEM. You say this is a different company than the the one you paid a few years ago? Or is it the same CA? If you set up arrangements, make sure you keep them. Seriously. On a debt this size, regardless of whether it's fed or consumer, one false move and the creditor will start garnishment procedures right away. And Cajun, you are right, you can't put a student loan into a bk.


Submitted by finsfan13 on Mon, 10/29/2007 - 18:39

finsfan13

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