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Business Profile

Collections Agencies

Financial Asset Management Systems, Inc.

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for Financial Asset Management Systems, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see

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Financial Asset Management Systems, Inc. has 8 locations, listed below.

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    Customer Complaints Summary

    • 17 total complaints in the last 3 years.
    • 2 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:06/15/2023

      Type:Billing Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Reference #: ************* I received a letter dated May 5, 2023, from Financial Asset Management Systems **** It incorrectly stated I owe three debts ($17,881.80, $6,702.11, and $2,625.08) for a total of $27,208.99 to Navient. This puts Financial Asset Management Systems **** in multiple violations of the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA). I do not owe this debt. On May 15, 2023, I disputed this debt with a certified mail letter ***** Tracking # **********************). Financial Asset Management Systems **** received this letter on May 16, 2023, but did not respond within the 30-day window. Please see the attached **** tracking.I do not owe a debt to Navient. The Fair Debt Collection Practices Act (FDCPA) states debt collectors can't use false, deceptive, or misleading practices. This includes misrepresentations about the debt, including:* The amount owed * That the person is an attorney if they are not * False threats to have you arrested * Threats to do things that cannot legally be done * Threats to do things that the debt collector has no intention of doing"This is a debt I do not owe, is uncollectible, and Financial Asset Management Systems **** is making threats that legally cannot be done and they don't have intent on doing. Financial Asset Management Systems **** has also committed a series of Fair Credit Reporting Act (FCRA) violations. Please see the attached file for more details and the full version of this dispute.Thank You,*************************

      Business Response

      Date: 06/22/2023

      FAMS will mail a copy of the attached response letter and supporting documentation to the consumer. 

      Customer Answer

      Date: 06/22/2023

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

      Sincerely,

      *************************

    • Initial Complaint

      Date:06/08/2023

      Type:Product Issues
      Status:
      Unresolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I have been fighting with this company since 2012 to present regarding an alleged debt they claimed I owed to them. However, I have contacted them on numerous occasions letting them know I do not owe them, nor have I ever owed any companies. After having the rep from FAMS speak to " a billing manager at ********************* letting FAMS know that I do not owe any past bills. FAMS then switched the debt to my husband's name *************************** saying he owes this money. They have been withholding all our ******** refunds since 2013. I have contacted ******** regarding this company and had a case supervisor named ******* on this matter, she then spoke to FAMS who told her to contact ***. The number they gave was not *** it was again FAMS number. This company has been bullying and harassing me, causing me to go into preterm labor in ***************************************************************************************************************************************** order to collect this debt. After I told her I was hiring a lawyer they then stopped contacting me, after a year I again contacted ******** and was told that FAMS needed to sign a release form in order for me to get my money owed to me. I contacted FAMS regarding this release form, and they told me they had nothing to do with it, that the state is holding the money. As attached you will see letters, I contacted FAMS regarding this money. they then claim that it's not *** I owe the money it's a student loan. I have never taken out any student loans. Fast forward to now, after I thought this was settled and I am getting my money. I was sent another letter from the State, Stating FAMS contacted them again saying i now owe ******** from a ******* refund I was expecting, and another ***** owed on my husband's name stating he owed that amount from the ******* refund, so they took the entire check. I am fedup of this company withholding my state refunds I want all the mney they owe me from 2012 to 2023. please help

      Business Response

      Date: 06/14/2023

      Financial Asset Management Systems, Inc. (FAMS) does not have the authority to withhold, refund, or release your taxes.  This process is entirely administered by the *******************.  However, FAMS provided the dispute and the supporting documentation directly to the ******************* and ******************* for review.   Per *******************, the accounts for both ************************* and *************************** are valid.   FAMS has requested a copy of the itemized statement.  Once received, FAMS will mail a copy of the itemized statement to the consumer. 

      Customer Answer

      Date: 06/14/2023

       
      Complaint: 20156347

      I am rejecting this response because: After personally speaking with ******************* and The ******************* it was known that this debt was invalid and then, only then FAMS passed this debt on to another collection agency which stated the debt was a student loan which they had no proof of, Also on a 3 way call with this agency the *********** and **************** FAMS was told the bills did not exists and the aledge bills they were sending to me was invalid and they were statements from bills that were explanations of Hospital visits. This company are a Bully to innocent people and was told by the State to send a signed release form in order for them to release years worth of taxes due to my husband and myself. 

      Sincerely,

      *************************

      Business Response

      Date: 06/20/2023

      FAMS will mail a copy of the attached response letter and supporting documentation to the consumer. 

      Customer Answer

      Date: 06/20/2023

       
      Complaint: 20156347

      I am rejecting this response because: they have not provided proof of this debt. And they are not accepting my calls either. I was told they are only willing to speak to my attorney by their service rep.

      Sincerely,

      *************************

      Customer Answer

      Date: 06/21/2023

      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID .********, , and find that Mediation is necessary.

      Regards,

      *************************

      Business Response

      Date: 06/22/2023

      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID .********, , and find that Mediation is necessary.

      Regards,

      *************************

    • Initial Complaint

      Date:03/10/2023

      Type:Service or Repair Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I have been receiving calls from Financial Asset Management Systems for several months now. They call at all hours and never leave a message. I have no dealings with this company and request they remove my phone number of ************ from their list. Thank You.

      Business Response

      Date: 03/13/2023

      We referred your account back to the original service provider.    You will have no further contact from our company.  

      Customer Answer

      Date: 03/13/2023

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

      Sincerely,

      ***********************

    • Initial Complaint

      Date:12/06/2022

      Type:Product Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      This is not a complaint. FAMS is not like it's competitors. FAMS cares about helping consumers resolve delinquent accounts and does it with respect.

      Business Response

      Date: 12/14/2022

      Thank you for the compliment.   It is greatly appreciated and will be shared with the organization. 

      Customer Answer

      Date: 12/14/2022

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

      Sincerely,

      *************************************

    • Initial Complaint

      Date:11/21/2022

      Type:Delivery Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Received **** adding $6700 and $11,000 to my old student loan. Wrote them back in September for explanation and have not received one.

      Business Response

      Date: 12/06/2022

      Please see attached response. 

    • Initial Complaint

      Date:11/19/2022

      Type:Billing Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      This company is trying to collect on a Navient student loan debt from 2008 that was rolled into another federal student loan provider for Direct Loan and therefore is not a valid debt. *** told these companies this 100 times and they are still trying to collect it.

      Business Response

      Date: 11/22/2022

      Please see attached response.   

      Customer Answer

      Date: 11/22/2022

       
      Complaint: 18440655

      I am rejecting this response because: I've never received a private loan from Navient, only federal student loans in 2003.  I look forward to the promissory note information.

      Sincerely,

      ***************************

      Business Response

      Date: 12/01/2022

      We mailed a copy of your document via **** on November 22, 2022.  

      Customer Answer

      Date: 12/02/2022

       
      Complaint: 18440655

      I am rejecting this response because:  This "debt" is from ****, which was included in my 2009 Bankruptcy and is 19 years old.  All private student loans were listed in the paperwork as part of my bankruptcy approval.  Federal student loans were not included in my bankruptcy and all were rolled into a Direct Loan that I am currently paying.

      Sincerely,

      ***************************

      Business Response

      Date: 12/14/2022

      *************************** hasn't provided any bankruptcy information.  

    • Initial Complaint

      Date:09/02/2022

      Type:Billing Issues
      Status:
      Unanswered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I received a letter claiming an alleged debt. the debt in question dates back to 2009. the debt is private and doe under statue of limitations. The company is doing this to harass me and attempt to restart the clock on this alleged debt. This is deceptive practice and harassment. I want it to stop and that any alleged debt reported to the credit bureaus be removed.

      Business Response

      Date: 09/06/2022

      The account is out of statute, but *************************** is still responsible for the debt.   Financial Asset Management Systems, Inc. has closed the account, notified and returned the account to Navient. 

      Customer Answer

      Date: 09/08/2022

       
      Complaint: 17901761

      I am rejecting this response because: the business didn't verify that it removed any alleged debt from my credit bureaus and confirmed that in writing

      Sincerely,

      ***************************

    Financial Asset Management Systems, Inc. is NOT a BBB Accredited Business.

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