Financial Asset Management Systems or FAMS is a debt collection agency which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.
Financial Asset Management Systems or FAMS is an Accounts Receivable Management (ARM) company and third-party collection agency based in Georgia. FAMS has received consumer complaints alleging violations of the Fair Debt Collections Practices Act (FDCPA) such as failing to verify debts and improper sharing of information. If you have been contacted by FAMS, understand your rights before responding.
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Is Financial Asset Management Systems a scam?
They’re legit. According to the Better Business Bureau (BBB), Financial Asset Management Systems, Inc. is a legitimate collection agency initially founded and incorporated in 1993, and the BBB opened its file in 2002. FAMS is listed as a collection agency, a consumer finance and loan company, and an eviction service. Buzzfile estimates FAMS’ annual revenue at $41.9 million and employs approximately 8 people at its headquarters.
According to its website, FAMS is “a private equity-backed company with an experienced management team…well positioned to make the investments required to achieve top performance for every client.” FAMS is a member of several professional associations, including the Association of Credit and Collection Professionals (ACA international); the Coalition of Higher Education Assistance Organizations (COHEAO); the National Association of College and University Business Officers (NACUBO); and the National Council of Higher Education Loan Programs (NCHELP).
FAMS provides extended business office services, including first-party collections, to businesses who don’t want to worry “about an in-house collection operation.” They also offer full-service third-party collection services that utilize “ongoing communication, sophisticated technology, and disciplined processes,” including skip tracing, default prevention, pre-subrogation, and letter programs.”
Who does Financial Asset Management Systems collect for?
FAMS’ collection agents service accounts for educational institutes; financial services companies; local, state, and federal government agencies; healthcare providers; and telecommunications and media companies.
The FAMS website is predominantly client-facing. There is no information about its compliance policies or training. Their File a Complaint tab provides a web-based from for consumers, but there is no disclaimer or notice of consumer rights and responsibilities, and there are no links or references to consumer protection resources, laws, or agencies.
Who are we? We are Lemberg Law, a Consumer Law Firm
Lemberg Law is a consumer law firm helping victims of collection harassment and abuse. We are ranked A+ by the BBB. We’ve helped more than 15,000 consumers stop harassment and recover money from debt collectors. Harassed? Abused? Misled by a collector? Call our Helpline today! There is no charge unless we win.
How many complaints are there against Financial Asset Management Systems?
The BBB has closed 6 complaints against Financial Asset Management Systems in the past three years, with 3 of them closed in the past 12 months. Since March 2015, the Consumer Financial Protection Bureau (CFPB) has closed 50 complaints against FAMS, and Justia lists at least 5 cases of civil litigation naming FAMS as a defendant.
Financial Asset Management Systems, Inc. 1967 Lakeside Parkway, Suite 402 Tucker, GA 30084 Telephone: (888) 668-6925 Website: https://www.famspayonline.net/
Can Financial Asset Management Systems Sue Me or Garnish My Wages?
It is illegal for a debt collector to make empty threats to sue you or garnish your wages. It is also unlikely FAMS would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
Many of the complaints against Financial Asset Management Systems indicate a tendency toward inaccurate documentation and non-responsiveness. In November 2014, a complainant who was a business owner indicated that FAMS representatives had been “harassing” him, his secretaries, and his human resources department for several years. FAMS representatives were allegedly trying to locate a person with a name similar to that of the complainant, but with a different middle initial, different date of birth, and different social security number. FAMS responded by indicating that they had not received the complainant’s first letter of complaint. Although they had received the “second notice,” they admitted that they had continued to make calls to the complainant despite their records having confirmed that he was not the person they were looking for.
In June 2017, a complainant stated that a Financial Asset Management Systems representative contacted her and demanded that she send them information about her insurance company regarding a medical bill that had gone to collections. The complainant’s financial situation, including tax returns, had been delayed due to FAMS’ inability to move forward with the processing of her delinquency account, allegedly because the complainant had not provided them with all the information about her insurance company that they had asked for. She further alleged that some of the FAMS representatives seemed to have access to her account information, while others indicated they could not access the information because it was in dispute. She also alleged that because she was preoccupied with other matters, she was unable to provide them with the assistance they were requesting, and that their automated telephone system was unresponsive. In response, FAMS indicated that the state-sponsored healthcare provider that placed her account with FAMS for collection had maintained responsibility for reviewing disputes. Although they had received the complainant’s communication regarding her delinquent account, they also claimed that they were unable to access the account while the original creditor was reviewing the disputes she had filed.
Want to Stop Debt Collection Harassment Now?
Federal laws protect you. The Fair Debt Collections Practices Act (FDCPA) regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA).
Can I sue FAMS for harassment?
Yes. If you want to enforce your rights, or recover money for violations — you need to sue. Federal laws provide individuals like you with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
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Can You Help Me Delete Financial Asset Management Systems from My Credit Report?
Chances are good that we can help. Call us today and we’ll explain.
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About the Author:
Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. He has been repeatedly recognized as the “most active consumer attorney” in the country. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. He is the author of Defanging Debt Collectors, a book that teaches consumers how to battle debt collectors and win.
FAMS is calling my family members about a supposed debt collection. Is this legal? They are getting multiple calls, and none of them were ever co-signers or anything on any accounts of mine.
I am writing to you regarding the phone calls I receive at least three times a week from Financial Asset Management Systems over the past year. I avoid talking to the caller to deny my voice from being recorded then exploited by FAMS, and let my call blocker play a pre-recorded message. FAMS has gone from using a 1-800 number to a variety of 1-8XX numbers as a tactic to get people to answer their calls. My accounts are, and have been, current without a missed or delayed payment.
I would like to read about what can be done to end FAMS constant calls. Thank you for your time.
FAMS has been calling my mother and my wife for months now, but oddly, they weren’t reaching out to me. Not sure why, but I eventually grabbed the number from my wife and called them back. Right away they asked for the last 4 digits of my social security number which I refused to give them. The only thing I confirmed was that the address was NOT correct. They were allegedly sending it to the right address but the wrong floor. Anyway, they were claiming I owed $50k (principal), with 24k in interest, bringing my total to 74k, but that they would settle on 22k. That was an immediate red flag for me. If someone legitimately owed them 50k, wouldn’t you think they would try their hardest to get that 50K? I am assuming (but not admitting to the debt) they bought that account at a super low price and are simply trying to recover 22k, which is still a significant amount (though a suspiciously large reduction from the original amount). Again, I refused to acknowledge the debt and asked them to send proof of this debt, other than just FAMS acct ID and then I would have a lawyer look at. The person on the phone became irate, almost confrontational, and begin telling me things like “You know you owe this debt” and “your parents cosigned for you” and “Can you actually pay the full amount? We’re trying to help you pay a lower amount or set up payments” and so on. I kept repeating to send proof to the address they have on file and I would have a lawyer review it. They have yet to send anything outside of an older one they send with no proof other than a FAMS ID Number. This is not showing up on my credit report, nor are they threatening to sue, however, the letter (the old one with the wrong floor) they use some trickery. They aren’t threatening to make a judgment against me, but they state that unless I notify them within 30 days of receiving the notice, disputing the validity of the debt, they will assume the debt is valid. They then stated that if I reply, they will then confirm and then mail me verification of the debt or a copy of a judgment. They also offered to send me the mail and address of the original creditor but did not offer account numbers, agreement letters, my signatures, etc. Nothing on my Navient portal shows this debt other than the federal loans I have with Navient in forbearance. No private loans come up. What can I do now? Should I reply to FAMS? Wouldn’t that make it look like I am in agreement? Wouldn’t that validate who I am, and so on? In addition, the letter states that the law limits how long I can be sued on a debt and due to the age of this debt, that Navient cannot sue. Isn’t that another red flag that they are trying to get payment by intimidation?
I received a call from this company stating that one of my student loans was in default. I have not received any notification about it. It is not on my credit report and no one can tell me anything about it. They threatened to garnish my wages and seize my assets along with the co-signer. I am so confused by all of this. I have all of my student loans in forbearance, deferment, and consolidation. Has anyone else experienced this? What can I do?
My husband entered into a payment arrangement with FAMS to pay back student loans, but there are no payments being reported on his credit report. Navient is saying they don’t have the loan anymore, but his payments are showing in the Navient online portal, but they still showing as him owing the loan Navient sold to FAMS. He can’t get a straight answer as to why his payments aren’t being reported to the credit bureaus, and no one will send him documentation regarding the payment arrangement, or that the payments are going to the loans.