Report: #64921

Complaint Review: Arcadia

  • Submitted: Tue, July 29, 2003
  • Updated: Tue, November 23, 2004
  • Reported By: Missouri City Texas
  • Arcadia
    2208 Highway 121 Ste 100
    Bedford, Texas

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

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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 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.

Houston, Texas

This report was posted on Ripoff Report on 07/29/2003 08:04 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Similar situation

AUTHOR: Henry - (U.S.A.)

I am encountering a similar situation with Arcadia. I am at the end of my term, 70 long and grueling months. I have managed to rack up $3800+ in finance charges over late fees that I think are criminal. Unfortunately when I purchased my car they shoved the ream of paper in my face, being it was the end of the evening and end of month.. I feel I was railroaded into a 17.93% loan. In conjunction with the dealers, companies like Arcadia prey upon us and sell us into these loans. When I asked about late fees, I was told "its just like any late fee..probably a few bucks, no big deal." The big deal is they nail you to the cross with compounding late fees and astronomical interest rates, knowing you were a risk to begin with, but this is what these predators thrive on, our misfortune. In my case they want their $3800+ lump sum, they don't care where the money comes from. I asked, "I don't have that kind of money to pay like that, do you expect me to rob a convenience store?" I did not get an answer, just a "You need to find some way to come up with the money sir." In the meanwhile the $3800+ continues to compound daily an no one at that company really cares what happens, they are continuing to rack up charges so what do they care. Their customer service reps are rude and try to bully you when they talk to you on the phone.. they call me constantly from their offices in North Carolina, Texas and Minneapolis, no one seems to know what the other is doing.. they just want their money. I am not going out without a fight though, I plan on taking out a website dedicated to their predatory business ethics and allow everyone who has been screwed by them to make their story known so other individuals can have more information before they end up like us.. I sincerely hope the webmaster will allow others to see the link so that consumers will be aware they are not alone and have a place to voice their story as well. I wish I was able to go to Rip-Off Report before this nightmare happened to me..
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#2 REBUTTAL Individual responds

Arcadia Transouth Is A Rip Off And Rude

AUTHOR: Karen - (U.S.A.)

I have found the people at Arcadia to be very rude and unprofessional. I requested a itemized statement and was told I had just recieved my statement in the mail to look at it! I tried ti explain that it did not have on it what I needed and and she got very rude. The amount they were saying I owed went from $400 to $600 then to $900 in a matter of min's. Then she hung up on me. I have never been treated like that by any company.
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