Arcadia Financial Svcs Associates Financial Svcs TranSouth Financial Corp Olympic Financial Ltd consumer fraud ripoff Bedford Texas .....

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 didn’t know but would try to see if they’d 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 wouldn’t even let me speak to a supervisor or give their company’s main contact number.

In mid-July 2003, I contacted Arcadia’s 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 I’ve paid over $1100. (I guess I should just be happy it’s 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.

Pat
Houston, Texas
U.S.A.

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