To set the scene: I am a 13 year credit consumer, I have NEVER made a late payment on any outstanding balance in my entire credit history, and have ALWAYS paid more than my minimum.By most people's standards, I might be considered THE example of responsible credit use.
Unfortunately, in this current economic climate, even fantastic credit consumers are getting their interest rates increased by their creditors. As is the case with myself. B of A, who a majority of my credit is through, decided on a whim that they NEEDED to increase my cc rates by a whopping 10%!! Of course, I can refuse the increase, which I did, but essentially all that means is stop using your credit card. Because if you do use your cc after their notice, your interest rates immediatly jump up that 10%. Needless to say, I was unhappy.
Enter stage right: AMS Financial contacted me, and although I am not one to listen to what any saleman has to say, AMS sounded legitimate and seemed to have a comprehensive plan to lower my cc rates. Margie Taylor (senior financial advisor) explained that the service would cost $900, BUT, since I was such an outstanding credit consumer, that I wouldn't even have to pay the $900 up front, they would simply make it dissolve into my current debt payments with the program they have designed. For that $900, they said they could save me up to $12,000 in overall interest, but GUARANTEED no less than $2,500, or all of my money, EXCEPT $200, would be immediatly refunded.
Well, after I was all signed up, and had received my paperwork package in the mail. I was put into contact with Amber, an account specialist. This person did seem to work in earnest to get my cc rates down. Unfortunately, their method was one already exhausted by myself, which is CALLING your creditors, and ASKING them to lower your rates. Needless to say, that approach was ineffective. They did continue trying to pursue other options to remedy my situation. But, to no avail. Regardless of the methods used by AMS, they were ABSOLUTLY UNABLE TO DO ANYTHING WITH MY CREDITORS TO BETTER MY SITUATION!!!
After this realization, I explained to Amber that I appreciated the hard work done on my behalf, but since they were unable to help me, (and mind you, this is after THREE seperate attempts from them) That I would like my refund. I was told that she would leave a note with customer service, BUT, she was required to pass my information along to ANOTHER specialist that may have some other options.
After having my information passed along to Jason (the ONLY Jason that works there), and having my refund temporarily put on hold (or so I'm thinking), AMS sends me a packet consisting of 9 bar graphs and pie charts that all say the EXACT same thing, plus a "debt reduction schedule" that is done in triplicate. The "debt reduction schedule" is simply a piece of paper stating my current debt, a list of my minimum payments for each card, my interest rate, and the amount of time until I'm out of debt. So, basically telling me everything I'm already aware of.
Needless to say, by this time, I was past the end of my rope. I contacted AMS to talk to Jason regarding the packet sent from them. I continued calling for 2 WEEKS to try and reach Jason, finally after calling on Jan. 29th, I was put on the phone with Josh, per Jason's request. Josh attempted to explain the bogus "debt reduction schedule", yet was unable to actually tell what the schedule intailed. I explained to him, that by my understanding, the only thing they were telling me was to stop using my credit cards altogether, and continue to make the minimum payments until I was out of debt, in @ 5.86 years. I further explained that this was common knowledge, and I didn't need to pay them $900 to tell me what I already know. More importantly, I explained that the reason that I had signed with their company was because they promised to LOWER MY INTEREST RATES TO HELP ALLEVIATE MY DEBT, not tell me stop using my cards.
After reaching yet another impass with an AMS representative, I insisted on being put on the phone with Jason. Jason continued to insist that AMS had fulfilled their obligation to me, and refused to offer a refund. I again explained what I had discussed with Margie Taylor, and the services I was promised AMS would provide on my behalf, and how AMS had been unable to fulfill their end of our agreement. Jason maintained. I then requested that they bring up the phone call between myself and Margie. Conviently enough, that portion of the call is not recorded, BUT, my verification process is. I insisted on hearing ANY and ALL conversations pertaining to me. They reluctantly produced my verification process, where Holly (legal dept.) clearly stated everything that my intial conversation with Margie did.in that AMS promises to work with your creditors on your behalf to LOWER YOUR INTEREST RATES, and although they cannot guarantee what the exact rate will be, they do GUARANTEE a savings of AT LEAST $2,500. If they cannot provide the lowered interest rates and the savings therewith, they will refund all but $199 of my processing fee. Jason and myself BOTH sat and listened to this phone conversation. And although it clearly states what services they provide, and their refund policy, in the end Jason just kept insisting that the paperwork provided to me by them was adequate and fulfilled their obligation to me. I then spoke to Jason's superior, Gabriel, explained the situation, asked for my money to be refunded, and his response to me was, "No."
At this point, I came to the realization that I was being scammed and was wasting my time pursuing this through AMS. I contacted my local B of A to dispute the charge, and was told by the person on the phone that I was over the 10th person SHE HAD PERSONALLY talked to regarding AMS and their scam. Mind you, this is ONE B of A associate, at ONE call center who had experienced this.
Needless to say, AMS Financial is nothing more than predators looking to prey on innocent people that are simply trying to be responsible for their personal debt and are looking for a way out given the current practices of credit companies. They are the lowest form, and should be irradiacated.
Here's to a class action lawsuit to get rid of these guys!!!
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