When confronted with debt collectors, it’s not uncommon to feel overwhelmed or even intimidated. However, it’s important to remember that you have rights as a consumer and understanding and asserting these rights can greatly impact your experience with debt collection agencies.
One such agency is First Financial Asset Management, Inc. (FFAM), which operates as a third-party collection agency and debt-purchasing organization. While they have the authority to pursue unpaid debts, FFAM has faced numerous consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA). These complaints include accusations of making false threats, attempting to collect debts that are not owed, or engaging in other prohibited practices.
If FFAM has contacted you regarding outstanding financial obligations, it’s crucial to be well-informed about your rights and take appropriate action. The FDCPA is a federal law designed to protect consumers from unfair and abusive debt collection practices. It establishes guidelines that debt collectors must adhere to when communicating with you, such as prohibiting the use of threats, harassment, or deceptive tactics.
Knowing your rights under the FDCPA can empower you to respond effectively to FFAM or any other debt collector. For instance, debt collectors are required to provide you with written validation of the debt they claim you owe. This validation should include details about the debt, the original creditor, and your rights to dispute the debt. If FFAM fails to provide this validation upon your request, it may be in violation of the FDCPA.
In addition to the FDCPA, there may be state laws that offer further protection to consumers. Familiarizing yourself with both federal and state regulations can give you a comprehensive understanding of your rights in dealing with debt collectors.
The Legitimacy of First Financial Asset Management
There have been concerns raised by individuals regarding the legitimacy of First Financial Asset Management (FFAM) and whether it operates as a scam. However, credible sources affirm the legitimacy of this company. The Better Business Bureau (BBB) recognizes FFAM as a reputable collection agency that was founded and incorporated in February 2002. FFAM’s profile has been maintained on the BBB’s website since June 2002, and it has been accredited by the BBB since 2007.
FFAM’s financial stability is also noteworthy. Buzzfile estimates its annual revenue to be approximately $12 million, and it employs a headquarters staff of 90 individuals, with an additional 150 employees across its various locations.
It is important to mention that consumer complaints related to FFAM can be found under the company name Strategic Alliances, Inc. (SAI) on the Consumer Financial Protection Bureau (CFPB) website. SAI, operating at www.sainc.biz, is a professional service, consulting, and business process outsourcing company. Their focus is on providing tailored and integrated business solutions for small and mid-sized product and manufacturing companies looking to distribute their goods through major retail outlets in North America. Buzzfile estimates SAI’s annual revenue to be around $1.1 million, and it has a headquarters staff of 8 employees.
While concerns may arise regarding consumer complaints, it is essential to differentiate between FFAM and SAI, as they operate as separate entities. The information provided by reputable sources, such as the BBB and Buzzfile, indicates that FFAM is a legitimate collection agency with a strong standing in the industry.
First Financial Asset Management’s Collection Scope
Have you ever wondered about the scope of First Financial Asset Management’s (FFAM) debt collection activities? According to their official website, FFAM is a distinguished financial institution specializing in accounts receivable management. They offer comprehensive solutions in various areas, including business process outsourcing, healthcare revenue cycle management, and receivable purchasing and finance.
FFAM’s client base is diverse and includes healthcare service providers, automotive finance lenders, banking and retail credit card lenders, consumer loan providers, education lenders, telecommunication and utility service providers, as well as government agencies. They also provide insurance subrogation services for automotive, workers’ compensation, property and casualty, and other insurance companies. Within the FFAM group, FFAM 360 Capital operates as the dedicated debt-purchasing division.
On their Consumers page, FFAM emphasizes their commitment to providing high-quality services. They encourage consumers to explore resources for money management and financial education to improve their financial future. The website provides helpful links to resources such as the Ask Dr. Debt page by 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 consumer advice and resources for resolving credit accounts). Additionally, FFAM provides contact information for its internal compliance officer.
While FFAM offers access to useful resources and emphasizes consumer support, it’s important to note that their website does not directly link or reference consumer protection laws or enforcement agencies. However, understanding the range of collections FFAM handles and their dedication to consumer services can help individuals navigate their interactions with the company and make informed decisions about their financial matters.
Complaints Involving First Financial Asset Management
Curious about the number of complaints against First Financial Asset Management (FFAM)? Let’s delve into the available data. According to the Better Business Bureau (BBB), between February 2016 and February 2019, 43 complaints were closed against First Financial Asset Management Inc. Out of these, 21 complaints were resolved within the last 12 months. The majority of the complaints revolved around issues related to billing and collections. In regards to the Consumer Financial Protection Bureau (CFPB), since April 2015, they have closed 9 complaints specifically mentioning FFAM under Strategic Alliances, Inc. (SAI), along with an additional 64 complaints involving SAI and/or FFAM.
Additionally, when examining Justia, a legal database, there are records of at least 6 civil litigation cases involving FFAM.
These figures provide some insight into the complaints and litigation activity associated with First Financial Asset Management. It’s crucial to consider this information when evaluating your interactions and experiences with the company.
Contact Information for First Financial Asset Management:
- Company Name: First Financial Asset Management, Inc;
- Address: 3091 Governors Lake Drive, Suite 500, Peachtree Corners, GA 30071;
- Telephone: (800) 542-8714;
- Website: http://1fam.com/.
First Financial Asset Management: Can They Sue You?
First Financial Asset Management is prohibited from making false threats to sue you or garnish your wages. Additionally, it is unlikely that they would initiate a lawsuit or wage garnishment for a debt that you may not owe or that they cannot validate. However, it is important to note that debt collection agencies have been known to take debtors to court and pursue wage garnishment after obtaining a default judgment. To protect your rights, it is advisable to consult an attorney prior to any potential legal actions.
No-Fee Lawsuit Help Against First Financial Asset Management
We can assist you in filing a lawsuit against First Financial Asset Management without any fees. Here are some sample complaints:
- Complaint 1:
A complainant reported being contacted by FFAM regarding a hospital bill. Despite making a one-time payment and explaining her limited income, she continued to receive daily calls from different representatives. Each representative failed to note previous contact, leading to frustration and unauthorized withdrawals from her bank account. The complainant disputed the transaction with her card company and criticized FFAM’s financial practices.
FFAM responded by stating that the complainant had two accounts and they combined them to prevent future issues. They canceled her previous payments and removed her phone numbers from her account as requested.
- Complaint 2:
Another complainant stated that FFAM attempted to collect a delinquent account from a car rental agency, which the complainant confirmed had been paid in full and closed. Despite this, FFAM claimed a balance was due and sent notices. The complainant requested an end to collection activity and inquired about potential harassment fines.
FFAM responded by acknowledging the error, stating that the car rental agency had mistakenly placed the account with them. FFAM closed and returned the account to the agency for proper closure, ensuring the complainant would not receive further communication.
Laws Protecting You from First Financial Asset Management’s Calls
When it comes to dealing with collection agencies like First Financial Asset Management, it’s crucial to be aware of the laws in place that protect your rights as a consumer. Federal laws play a vital role in ensuring fair treatment and preventing abusive practices. One such law is the Fair Debt Collection Practices Act (FDCPA), which sets clear guidelines and restrictions on the behavior of debt collectors. Under the FDCPA, collection agencies are prohibited from using abusive language, engaging in harassment, or providing false or misleading information to collect debts.
Additionally, the Fair Credit Reporting Act (FCRA) governs how delinquent debts are reported to credit reporting agencies. This act helps to ensure that accurate and fair information is reflected in your credit reports. If First Financial Asset Management is reporting inaccurate or misleading information about your debts, you have the right to dispute it and seek corrections. Also, there are other federal laws that provide additional protections for consumers. The Telephone Consumer Protection Act (TCPA) restricts telemarketing and the use of automated dialing systems, including robocalls. This law helps to prevent unwanted and intrusive phone calls from collection agencies.
Furthermore, the Consumer Financial Protection Act (CFPA) establishes the Consumer Financial Protection Bureau (CFPB), which works to protect consumers from unfair, deceptive, and abusive practices in the financial industry. The CFPA empowers consumers by providing resources and avenues to address complaints and seek resolution.
By understanding and asserting your rights under these federal laws, you can protect yourself from the unlawful actions of First Financial Asset Management and other collection agencies. If you believe that your rights have been violated, it is advisable to consult with an attorney or contact the appropriate regulatory authorities to seek recourse and ensure your rights are upheld.
Can I Sue FFAM for Harassment?
Absolutely! If you wish to assert your rights and seek compensation for violations, filing a lawsuit is the way to go. Federal laws empower individuals like you to pursue monetary damages in court. For instance, the FDCPA allows violated consumers to recover damages of up to $1,000, along with attorney fees and court costs.
Identifying Possible Debt Collection Harassment
Dealing with debt collection harassment can be distressing and disruptive to your daily life. Fortunately, there are legal measures in place to protect you from abusive and unfair practices. The Fair Debt Collection Practices Act (FDCPA) sets clear guidelines for debt collectors, prohibiting actions such as incessant calls, threats, intimidation, or contacting third parties. If you are experiencing frequent harassment from debt collectors, it’s essential to understand your rights and take action. You have the right to request that the harassment cease, dispute the debt, and even seek legal recourse for violations. By asserting your rights and standing up against debt collection harassment, you can regain control of your financial well-being.
You may have a potential case if any of the following situations apply:
| Debt Collection Harassment |
|---|
| Frequent calls from third-party collection agencies |
| Calls during early mornings or late nights |
| Collection calls at your workplace |
| Contacting family, friends, neighbors, or coworkers |
| Threats of violence, lawsuits, or arrests from debt collectors |
| Attempts to collect more money than you owe |
| Threats of negative credit reporting |
| Intimidation tactics |
| Criminal accusations during collection attempts |
| Use of obscene language during debt collection calls |
| Automated robocalls for debt collection purposes |
If any of these situations apply to you, it is important to take action to address the debt collection harassment.
Client Testimonials
- “Thanks to your help, the persistent collection calls have finally stopped! I was ecstatic to receive damages from the collection agency. Words cannot express my gratitude. I’m so thankful I reached out to you”;
- “When I initially emailed the office, I wasn’t sure what they could do for me. However, they responded with a clear explanation of the process and what I could expect. I never thought I would receive a check, so it was a pleasant surprise. I highly recommend their services to anyone in need of legal assistance”;
- “I wanted to inform you that we have received the check from your office. I want to take this opportunity to express our sincere appreciation for all the effort you put into this matter. Thank you!”.
Conclusion
To protect yourself from potential harassment or unfair practices by FFAM or any other collection agency, consider taking proactive steps. Keep a record of all communication with debt collectors, including dates, times, and the content of conversations. If you believe FFAM has violated your rights, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or consult with an attorney experienced in consumer protection laws.
Remember, FFAM’s goal is to collect on debts, but they must do so within the boundaries set by the law. By being informed about your rights and taking appropriate action, you can navigate the debt collection process with greater confidence and protect yourself from potential abuses.
Mark is an experienced internet entrepreneur and marketer whose career in lead generation started relatively recently but has quickly gained momentum. He/she has in-depth knowledge of internet marketing and customer acquisition strategies.
