• Report: #440985

Complaint Review: Financial Recovery Services

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  • Submitted: Sun, April 05, 2009
  • Updated: Wed, July 15, 2009

  • Reported By:colorado springs Colorado
Financial Recovery Services
www.fin-rec.com Edina, Minnesota U.S.A.

Financial Recovery Services after they bought charge off they made offer to settle for 330 and have con't to withdraw that "one time amount" every month. Edina Minnesota

*Consumer Comment: Seriously?

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I had a credit card debt charged off. Original debtor was conoco. I was told buy Financial Recovery Servicies that they bought debt.

FRS called and were rude to my wife's business and we settled for $330.00. This was a total complete settlement and they were to send confirmation by mail.

Instead, FRS has con't to withdraw that amount each month.

colorado springs, Colorado

This report was posted on Ripoff Report on 04/05/2009 10:45 AM and is a permanent record located here: http://www.ripoffreport.com/r/Financial-Recovery-Services/Edina-Minnesota-55435/Financial-Recovery-Services-after-they-bought-charge-off-they-made-offer-to-settle-for-330-440985. 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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#1 Consumer Comment


AUTHOR: The Voice Of Reason - (U.S.A.)

First of all, words do have meaning. YOU are the debtor ... Connoco was the original CREDITOR.

Second, and not that there is any relevance to the matter, but I seriously doubt that FRS purchased your debt. It is a 3rd party collection agency which means they work to collect debts that you owe to someone else, not to FRS. Regardless, it doesn't matter because you apparently owe the bill whether it is to FRS or their client. However, the fact you would allege something like this shows that you are simply throwing mud at the wall and hopeing something sticks.

Under the FDCPA FRS would mail you a notice approximately 7-10 days prior to the date each postdated check is deposited. Have you received those notices? Why wouldn't you call FRS and inquire why they are taking another check if you believe the accounts is settled? Why wouldn't you place a stop payment on the check once you received notice they were going to make another deposit?

What is the amount of the debt? If FRS took several payments of $330 then clearly the debt was at least $1000.00 (i.e. 3pmts of apprx 330). I doubt that they offered to settle the debt for less than 40 percent of the balance. If they did, then you should have requested that the offer be place in writing prior to making any payment at all on a settlement.

All in all - I think you are just making up a story. It lacks credibility for several reasons.
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