- Report: #64921
Report - Rebuttal - Arbitrate
Complaint Review: Arcadia
Arcadia2208 Highway 121 Ste 100 Bedford, Texas U.S.A.
Arcadia Financial TranSouth Olympic Financial Ltd consumer fraud ripoff Bedford Texas
*Consumer Comment: Similar situation
*REBUTTAL Individual responds: Arcadia Transouth Is A Rip Off And Rude
My vehicle was totaled in an accident three years ago. I didn't know anything about GAP insurance and owed Arcadia a balance of approximately $2800. I offered a payoff settlement of$1400 lump sum. They countered with a $2100 payoff, lump sum. There was no way I could pay $2100 all at once and suggested a payment plan of $50+dollars a month. Arcadia would not accept my offer. Under a payment arrangement, Arcadia would accept nothing less than$145/month at 17% interest.
In November 2001, I was contacted by a Pinnacle Financial, a collection agency, which agreed to accept a payoff of $1400 for the original $2800 debt, which Arcadia Financial turned down in 2000. I have since paid $1100 and had every intention of paying the remaining $300. However, I was notified by Pinnacle in March 2003 that Arcadia would be pulling all of its accounts. I asked if my account was going to another agency or just back to the Arcadia and what impact would this have on our agreement.
He said he didnt know but would try to see if theyd accept the $1100 as a payoff. I tried on several occasions to contact my rep at Pinnacle but to no avail. It was difficult but I was finally able to contact the collection agency at another reps number (all the reps have different 800/877 numbers). The person I spoke to would not give me any information on my account history or who at Arcadia I should contact. They wouldnt even let me speak to a supervisor or give their companys main contact number.
In mid-July 2003, I contacted Arcadias collection department. Although Arcadia acknowledges my agreement with Pinnacle, I was told that they would not honor my agreement ($1400 payoff) because I have not made any payments since March 2003. How was I to make payments when neither Arcadia or any other entity bothered to contact me regarding where to send payments (i.e. the billing company or the billing address). I honestly thought that maybe they accepted the $1100 as payoff.
My call apparently prompted some action on their part. Arcadia has now sent me a very confusing yet detailed account history. On that same afternoon I received a bill from a new collection agency, Commercial Recovery Systems (CRS), stating that the $3475 listed as charged-off on my credit file (08/01) is now $3150, even though Ive paid over $1100. (I guess I should just be happy its been reduced a bit).
Because the Pinnacle Financial was operating as a representative, on behalf of Arcadia, it is my belief that Arcadia cannot unilaterally change the terms of the agreement.
By misrepresenting the true status of my account and not honoring the terms of my agreement, with their agent, Arcadia is acting in bad faith and is violating both federal and state debt collection laws, as well as the Fair Credit Reporting Act.
This report was posted on Ripoff Report on 07/29/2003 08:04 PM and is a permanent record located here: http://www.ripoffreport.com/r/Arcadia/Bedford-Texas-76021-5981/Arcadia-Financial-TranSouth-Olympic-Financial-Ltd-consumer-fraud-ripoff-Bedford-Texas-64921. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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