NCO Financial Systems Complaint - Settlement Fraud
Stay away from these people. They are aggressive and fraudulent. Any payments you give them will simply disappear with making any difference on the balance of your account, and any settlement you make with them will later turn into a payment instead of a settlement.
I should first mention the situation that lead up to my frustrating and long-running skirmishes with NCO. In 1999 I took out a loan for a truck driving school. The financers of this loan were, in themselves, questionable. Over the next couple of years this company would operate under several different names (among them Student Loan Services) and from several locations. Dealing with them was frustrating and we never really got anywhere with paying down the loan.
Thank God (we thought) that Wells Fargo bought the loan from them. We expected to finally get this thing straightened out and out of our hair. We contacted Well Fargo and were told to wait on a statement before beginning to make our payments to Well Fargo. We were told this on several occasions when we called back to ask why we hadn't received a statement. Well, a few months later they called us and told us that we were two payments behind and had to make a payment of $300+ to catch it up. We did this, and then made regular payments for about six months. Then Wells Fargo told us that they had turned the account over to a collection agency over the $300+, in spite of the fact that we caught it up and had made payments for six months. Oddly enough they never offered us any of those payments back.
Anyway, this brought us to NCO Financial Services.
We had long running skirmishes with NCO. Their tactics were aggressive and none of the payments we made toward the balance we supposedly owed made any difference on the balance of what we owed. Out of desperation, and tired of throwing money down a proverbial well, we agreed to a settlement of $2,900. This was agreed to, foolishly, over the phone. And thought we were promised a settlement statement, we never received one. At least we had the foresight of paying by check instead of by credit card.
A few weeks later NCO called and said that we still owed $400 on the account. I told them to send us a statement showing the balances and explaining why after a $2,900 settlement we still owed $400. They never sent the statement and we didn't hear from them for a while. NCO never removed the account from our credit report, but after challenging it with Experian it was marked as settled on my credit report.
A few months ago we heard from NCO again. Now they're saying that although they offered us a settlement, it was rejected by "the bank." They offered us ANOTHER settlement of $2,000+.
This is ongoing, and I simply refuse to deal with them any further. I consider their phone calls to be harassment and have already consulted a lawyer in regard to filing a lawsuit if this now ancient account shows up on my credit report again.
In my opinion, NCO Financial Systems should be shut down. Their tactics are aggressive and harassing, and they have perpetuated fraud on us, and apparently on person after person. I am stunned that they were not shut down by the powers that be years ago.
- Kevin Lovelace