Financial Asset Management Systems, Inc., has been calling and leaving messages threatening legal action over a debt that they purchased for pennies on the dollar. I had been paying off the debt to another collection agency until the first collection agency (MRS Associates) quit sending regular statements and quit allowing me to pay online. Of course, MRS Associates were more than happy to send nasty letters if I was one day late on their imaginary due date. When I notified MRS Associates that I would not tolerate their behavior, they sold the debt again, this time to Financial Asset Management Systems, Inc. I have exercised my right under the FDCPA to request validation of the debt and instructed them to cease and desist until they validate the debt.instead of honoring my request for validation and cease and desist, they continue to call and try to pressure me into making payment arrangements over the phone. Any payment arrangement would have to be made in writing, provided they do indeed validate the debt. Given that third party debt collectors purchase charge-offs for pennies on the dollar, their only goal is to make a nice commission for their collector.
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