Asset Audit/Investigation or threat

[vegas911]

Haven't paid credit cards in about 12 months and am waiting for income and advances to drop off before filing. I got a call from FINANCIAL ASSET MANAGEMENT SYSTEMS, INC . They asked if i was going to voluntarily pay back my debt or suggest to creditor to pursue it.

I told him i wish I could pay, but funds are not available.

I think it may be another CA scare tactic, but wasn't sure if I should be expecting to be served or not.

Any ideas?

TIA

[justbroke]

At 12 months, creditors need to hunker down and start looking for assets and prepare to sue you. The Statute of Limitations o credit cards is 4 years of less in most States.

This just means that they are prepared to start the process to get a judgment against you. They don't usually waste their time (money) on trivial amounts, so you must owe them a good chunk of change.

In the end, it's not a scare tactic, because under the FDCPA rules, they can't threaten you with anything they aren't prepared to actually do. (Although some of them violate this and do use it as a scare tactic).

No worries though. You have time to file because you haven't even been served yet.

[jktrading]

I get a lot of calls where they ask me if I am going to "voluntarily" repay them. I then ask, what is the other choice? Is there a way that you can make me pay involuntarily? Then I get a moment of silence on the phone and then they say....well, yes we can force you to pay us.... Really? How does that work? Long pause again...well, well, we have ways... Oh like what? Well we can turn it over to out legal department and they will handle it. Then I ask, are they going to make me pay involuntarily? Well they can sue you...So your going to sue me? No, I didn't say that I said we 'could'. So now your threatening to sue me? No, I didn't say that I said we could. Well if yousay you 'could' then you are telling me you can sue me, right? We no I didn't say we are going to sue you...well either you are or are not what is it??? I want to know!!

LOL..it goes on till they all flustered and hang up or I tell them...please do sue me and I am still not going to pay, please mark this as a refusal to pay.

Edit

[jktrading]

I get a lot of calls where they ask me if I am going to "voluntarily" repay them. I then ask, what is the other choice? Is there a way that you can make me pay involuntarily? Then I get a moment of silence on the phone and then they say....well, yes we can force you to pay us.... Really? How does that work? Long pause again...well, well, we have ways... Oh like what? Well we can turn it over to out legal department and they will handle it. Then I ask, are they going to make me pay involuntarily? Well they can sue you...So your going to sue me? No, I didn't say that I said we 'could'. So now your threatening to sue me? No, I didn't say that I said we could. Well if yousay you 'could' then you are telling me you can sue me, right? We no I didn't say we are going to sue you...well either you are or are not what is it??? I want to know!!

LOL..it goes on till they all flustered and hang up or I tell them...please do sue me and I am still not going to pay, please mark this as a refusal to pay.

Why even talk to these people? It does absolutely nothing that I can see to even bother. Seems to me you're only training them.

[allavdj]

Maybe it's good for a laugh, especially if the phone call is causing no stress on your end?

To the OP:

Financial Asset Management is a total bottom feeder in the world of CA's. They probably -will- do an asset search, but if you don't have any assets (like me) they will likely sell it off to another bottom feeder. I got a letter from them threatening legal action and that they were doing an asset search, two months later it was sold.

[magyar123]

As I mentioned on other threads like this: Close you bank account(s) ASAP. If your pay gets automatically deposited get your employer to issue you paper checks , cash them, and pay your bills with money orders.
You might not around of your wages being garnished if these bozos get a judgment, but if they do an assett search they won't find any bank accounts to rob you of.

[Loose Cannon]

How can they find a bank account in an asset search? Can they do so legally now that there are laws against pretexting?

[StartingOver08]

How can they find a bank account in an asset search? Can they do so legally now that there are laws against pretexting?

Well, according to DirecTV, a creditor that I had paid off several months before BK, the OC (in this instance DirecTV) keeps a record ON FILE of every form of payment (bank account or debit card or credit card) you ever paid with during the course of your "contract". Even if you specify not to keep the number on file. If you fail to pay the any outstanding invoice, according to DirecTV, they will go back against each and every form of payment to satisfy the debt!! Now, I do not know if that actually happens because I had paid them in full - but it scared the heck out of me.

My point is - if one of the creditors does it - they probably ALL keep that info on file. That is why it is a good idea to move your accounts when filing BK too - otherwise it is just too easy for them to get funds first, then ask you later! JMO.

[magyar123]

How can they find a bank account in an asset search? Can they do so legally now that there are laws against pretexting?

Basically they go on a fishing expedition. They get a blanket court order to find out where you bank. Once they get that they'll contact every bank in your neighborhood - they figure that your bank branch is more or less half an hour drive from where you live. They'll go to these banks, serve them the blanket order and then the branch manager or CSR would have to either say "yes" or "no". If "no" at the first bank then they'll try another one.

[Loose Cannon]

Basically they go on a fishing expedition. They get a blanket court order to find out where you bank. Once they get that they'll contact every bank in your neighborhood - they figure that your bank branch is more or less half an hour drive from where you live. They'll go to these banks, serve them the blanket order and then the branch manager or CSR would have to either say "yes" or "no". If "no" at the first bank then they'll try another one.

Don't OC's or CA's need a judgment before they can do that? Or can they get a court order before filing lawsuit to dredge up information to determine whether or not it would be worthwhile to file lawsuit?

[2live]

I'd like to know as well. My attorney said I could keep my money in the bank as creditors trying to get at it would need to file judgement first and that takes time, which then we could move to file asap instead of waiting till March.

[allavdj]

Well you want to give them good training by letting them pick on people that can't or don't know how to defend themselves. With me, I know my stuff and if you want to call it "training" fine, to me I call it life and it keeps one more collector tied up for a while and losing money dealing with me. The longer I can keep them on the phone the more money these lose. So you really think its training them talking to me and not trying to get grandma to hand over her social security check cause they tell her shes going to jail unless she pays?

What you don't understand since you so new, is that I am baiting them. Its not training its getting them to say things that are illegal FDCPA violations and then slamming then with the violation and pointing out how they just violated the law. Either way, I could are less what you think. I will spend my time "training" every collector that calls.

Actually...you both joined at the same time...you just post more :P

[Bell30656]

I also rather enjoy conversations with bottom feeding debt collectors. Of course, now that I've actually filed... the calls have ended.

[BigJohn]

I filed and they still keep calling. I still don't answer.