First Financial Asset Management or FFAM 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.
What is First Financial Asset Management?
First Financial Asset Management, Inc. (FFAM) is a third-party collection agency and debt purchasing organization based in Georgia. FFAM has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including threatening to take actions that cannot legally be taken and attempting to collect debts not owed. If FFAM has contacted you about past due financial obligations, make sure you understand your rights before you take action.
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Is First Financial Asset Management a scam?
They’re legit. According to the Better Business Bureau (BBB), First Financial Asset Management, Inc. is a legitimate collection agency, founded and incorporated in February 2002. The BBB established a profile page for FFAM in June 2002. FFAM has been accredited by the BBB since 2007. Buzzfile estimates FFAM’s annual revenue at $12 million and the size of its headquarters staff at 90 employees, with an estimated 150 employees across all locations.
The Consumer Financial Protection Bureau (CFPB) lists all complaints against FFAM under the company name, Strategic Alliances, Inc. (SAI). SAI (www.sainc.biz) “is a professional services, consulting, and business process outsourcing…company that designs, develops, deploys, and delivers tailored, holistic, and integrated business solutions to worldwide small and midsized product and manufacturing companies desiring to sell and distribute their goods through the largest retail outlets in North America.” Buzzfile estimates SAI’s annual revenue at $1.1 million and the size of its headquarters staff at 8 employees.
Who does First Financial Asset Management collect for?
According to its website, the FFAM group of companies is one “of the most recognized financial institutions specializing in accounts receivable management and provides comprehensive solutions for business process outsourcing, accounts receivable management, healthcare revenue cycle management, and receivable purchasing and finance.”
FFAM collects delinquent debts for healthcare service providers; automotive finance lenders; banking and retail credit card lenders; consumer loan providers; education lenders; telecommunication and utility service providers; and government agencies. In addition, FFAM provides insurance subrogation services for automotive; workers’ compensation; property and casualty; and other insurance companies. FFAM 360 Capital operates as the debt purchasing division of FFAM.
The Consumers page of the FFAM website states that FFAM “is committed to providing high quality services to consumers…and encourages consumers to review money management and financial education resources for a better understanding of how to improve their financial future.” This page includes links to the Ask Dr. Debt page of the website for the International Association of Credit and Collection Professionals (ACA International); Credit Karma; the American Financial Services Association Education Foundation (AFSAEF); Mint.com, “an online personal finance software service from Intuit”; and the Receivables Management Association,“an industry trade group offering consumers advice and resources on the successful resolution of consumer credit accounts.” There is also contact information for FFAM’s internal compliance officer. However, there are no links or references to consumer protection laws or enforcement 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 First Financial Asset Management?
As of February 2019, the BBB has closed 43 complaints against First Financial Asset Management Inc in the preceding three years, with 21 complaints closed in the previous 12 months. Most of those complaints cited problems with billing and collections. Since April 2015,the Consumer Financial Protection Bureau (CFPB) has closed 9 complaints against SAI that specifically mention FFAM; the CFPB has closed an additional 64 complaints against SAI and/or FFAM. Justia lists at least 6 cases of civil litigation involving FFAM.
First Financial Asset Management, Inc. 3091 Governors Lake Drive, Suite 500 Peachtree Corners, GA 30071 Telephone:(800) 542-8714 Website: http://1fam.com/
Can First Financial Asset Management 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 ACS 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!
Complaints against First Financial Asset Management frequently cite problems resulting from disputes about the validity of debts and the accuracy of FFAM’s accounting and reporting practices. In December 2018, a complainant stated that she had been contacted 2 months previously by FFAM regarding a hospital bill. The complainant stated that she had made a “ONE- time payment to them in the amount of $25.00 plus a $5.50 processing fee.” She also said that she had told the FFAM representative that she “was on a limited income (Social Security Widow’s Benefits) and that she would contact them regarding additional payments because of her limited income.” Allegedly, after this phone call, the complainant “kept receiving calls daily from FFAM, each time a different person, regarding her account.” She had “told them she had already explained her situation to someone else, and that she would contact them when she was able to make another payment.” However, “each person she spoke to admitted to her that they DO NOT PUT INFORMATION in their system to know whether a customer had been previously contacted by another representative.”The complainant “was furious and told FFAM repeatedly that she would contact them when she was able to make another payment, … more than likely… in January of 2019.” Regardless, on the day she filed the complaint, she had checked her bank account and discovered that FFAM had taken “a payment of $30.00 plus a processing fee of $5.50.”
The complainant stressed that FFAM did not have her “authorization to take this money.” She “disputed this transaction with her card company,” but insisted that FFAM’s “financial practices are way out of line,” citing their practice of taking “it upon themselves to just take your money without your authorization.” In response, FFAM stated that the complainant had two accounts in their office. She had allegedly “established payment… arrangements on” one account but “continued to receive… calls on the” other account. FFAM combined the accounts “to prevent this issue from occurring in the future.” Further, as requested by the consumer, FFAM “canceled the payments she previously established, and removed her telephone numbers from her account.”
In October 2018, a complainant stated that First Financial Asset Management was attempting to collect a delinquent account from a car rental agency that was not valid. The complainant had contacted the car rental agency and was told the account was “paid in full and the claim is now closed on 04/02/2018… yet FFAM stated $161.68 was due per the September 17, 2018 and October 1, 2018 notices.” The complainant requested a cessation of collection activity and wanted to know whether harassment fines should be paid to him. In response, FFAM stated that after researching the complaint, they discovered that the car rental agency “had placed the account in error with FFAM for collections.” FFAM “closed and returned the account in question back to its client for proper closure on their end” and promised that the “consumer will receive no further communication from FFAM.”
First Financial Asset Management Calling You?
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 FFAM 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.
“With your help the nagging collection calls have finally ceased! I was thrilled I was also able to get damages from the collection agency. I am unable to adequately express my joy. I am so thankful I made the call.”
“When I first emailed the office, I was not exactly sure what they could do for me. I had an idea, but they responded back with everything I could expect to take place. I never believed I would be receiving a check, it was definitely a silver lining. I highly recommend them to anyone seeking customer legal services.”
“I just wanted to let you know we received the check from your office on now and I wanted to take some time to inform you that we really appreciate all of your efforts in this matter.”
Can You Help Me Delete First Financial Asset Management from My Credit Report?
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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.