Chat with us, powered by LiveChat

Is First Financial Asset Management a Scam?

Introduction

You’re here because you’re worried. You’ve been contacted by First Financial Asset Management, and you’re not sure if they‘re legitimate or a scam. Don‘t worry, we’re here to help. In this article, we’ll dive deep into First Financial Asset Management, and give you the information you need to protect yourself.First Financial Asset Management is a debt collection agency based in Peachtree Corners, Georgia. They‘ve been in business since 2002, and specialize in collecting on delinquent accounts for various creditors. But just because they‘re a real company, doesn’t mean they’re always on the up-and-up. Debt collectors are notorious for using aggressive, and sometimes illegal, tactics to get people to pay up.So, how can you tell if First Financial Asset Management is trying to scam you? And what should you do if you think you’re being targeted by a debt collection scam? Keep reading to find out.

Signs of a Debt Collection Scam

Debt collection scams are all too common. In fact, the Federal Trade Commission (FTC) received over 50,000 complaints about debt collectors in 2021 alone. So, how can you spot a scam? Here are some red flags to watch out for:

- -
  1. The collector refuses to provide written verification of the debt. By law, debt collectors must provide you with written verification of the debt within five days of contacting you. If they refuse to do so, it’s a major red flag.
  2. The collector threatens you with arrest or legal action. Debt collectors cannot legally threaten to have you arrested or take legal action against you without first suing you in court. If a collector makes these kinds of threats, they’re likely a scammer.
  3. The collector demands immediate payment. Legitimate debt collectors will usually work with you to set up a payment plan. If a collector demands that you pay the full amount immediately, especially via wire transfer or prepaid debit card, it’s a sign that they may be a scammer.
  4. The collector asks for sensitive personal information. Debt collectors should already have your basic personal information, like your name and address. If a collector asks for sensitive information like your Social Security number or bank account number, hang up immediately.
  5. The collector contacts you at odd hours or harasses you. By law, debt collectors can only contact you between 8 a.m. and 9 p.m. They also cannot harass you by calling repeatedly or using abusive language. If a collector does this, they’re likely a scammer.
Red Flag What It Means
Refuses to provide written verification of debt Likely a scammer
Threatens arrest or legal action without a lawsuit Likely a scammer
Demands immediate payment via wire transfer or prepaid debit card Likely a scammer
Asks for sensitive personal information Likely a scammer
Contacts you at odd hours or harasses you Likely a scammer

If you notice any of these red flags when dealing with First Financial Asset Management, or any other debt collector, proceed with extreme caution. It‘s possible that you’re dealing with a scammer.

What to Do If You Think You’re Being Scammed

If you think First Financial Asset Management, or any other debt collector, is trying to scam you, here‘s what you should do:

  1. Demand written verification of the debt. If the collector refuses to provide it, or the information they provide seems suspicious, it’s likely a scam.
  2. Check your credit report. If the debt isn’t listed on your credit report, it may not be legitimate. You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once per year at AnnualCreditReport.com.
  3. Contact the original creditor. If you’re not sure whether the debt is legitimate, contact the original creditor directly. They should be able to verify whether they’ve sold your debt to a collection agency.
  4. File a complaint. If you believe you’re being targeted by a scammer, file a complaint with the FTC, your state Attorney General’s office, and the Consumer Financial Protection Bureau (CFPB). These agencies can investigate the company and take legal action if necessary.
  5. Consider hiring an attorney. If you’re being harassed by a debt collector or you believe you’re the victim of a scam, consider hiring a consumer protection attorney. They can help you understand your rights and take legal action against the collector if necessary.
Step What to Do
1 Demand written verification of the debt
2 Check your credit report
3 Contact the original creditor
4 File a complaint with the FTC, state AG, and CFPB
5 Consider hiring a consumer protection attorney

Remember, you have rights when it comes to debt collection. Don‘t let a scammer bully you into paying a debt you don’t owe or giving up sensitive personal information.

Your Rights Under the FDCPA

The Fair Debt Collection Practices Act (FDCPA) is a federal law that protects consumers from abusive, unfair, and deceptive debt collection practices. Under the FDCPA, debt collectors MUST:

- -
  • Identify themselves as debt collectors and notify you that any information obtained will be used to collect a debt.
  • Provide written verification of the debt within five days of contacting you.
  • Stop contacting you if you request it in writing.
  • Sue you in the county where you live or where you signed the contract that created the debt.
  • Limit their contact with you to between 8 a.m. and 9 p.m.

Debt collectors CANNOT:

  • Harass, oppress, or abuse you.
  • Lie or use deceptive practices to collect a debt.
  • Contact you at work if you’ve told them not to.
  • Contact third parties about your debt, except to get your contact information.
  • Threaten you with arrest or legal action without first suing you in court.

If a debt collector violates your rights under the FDCPA, you can sue them in federal court. If you win, the collector may have to pay you damages, attorney‘s fees, and court costs.

Debt Collectors MUST Debt Collectors CANNOT
Identify themselves as debt collectors Harass, oppress, or abuse you
Provide written verification of the debt within 5 days Lie or use deceptive practices
Stop contacting you if you request it in writing Contact you at work if you’ve told them not to
Sue you in the county where you live or signed the contract Contact third parties about your debt, except for contact info
Limit contact to between 8 a.m. and 9 p.m. Threaten arrest or legal action without a lawsuit

Knowing your rights is the first step to protecting yourself from debt collection scams. If a collector violates your rights, don’t be afraid to take action.

Get Debt Relief Today

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
Leo
$500,000 MCA Restructured Over 3 Years
"Thanks for helping me in literally 24 hours"
Jason
$250,000 SBA Loan Offer in Compromise
"Great choice for business owners who need a trustworthy partner"
Mary
$350,000 MCA Restructured Over 2 Years

In The Media

Delancey Street CEO discusses ways to reward employees
Delancey Street CEO discusses the benefits of franchising on Forbes.
Delancey Street CEO discusses management on AMEX.
Got a UCC Lien from a Business Loan? How to Remove It Once Repaid

  Got a UCC Lien from a Business Loan? How…

California Debt Relief Lawyers

California Debt Relief Lawyers: Your Guide to Financial Freedom Navigating…

California Business Debt Settlement

Comprehensive Guide to California Business Debt Settlement Navigating the landscape…

New York Student Debt Relief Lawyers

New York Student Debt Relief Lawyers: Your Comprehensive Guide Student…

Arkansas Debt Consolidation

Arkansas Debt Consolidation: Your Path to Financial Freedom Navigating the…

Delancey Street simply gets it. You're talking to experts.
Steven Norris
Get Help Today

Ready To Get Started?

If you have questions, feel free to shoot us an email, or fill out our live chat.

Schedule Consultation