Financial Asset Management: Systems, Types & Benefits

Financial Asset Management
Image source-Banking Hub

Financial Asset Management is the business of managing financial assets to meet the goals of a client. It typically deals with managing a client’s assets and, at the same time, minimizing the risk to achieve a goal. Taking care of our assets is important. We will be discussing what financial asset management systems mean and their types, which include freedom financial asset management, first financial asset management debt collection, and first financial asset management student loan. Every business needs to keep track of its financial records, and that is why the intervention of financial asset management is necessary.

What is Asset Management?

Companies that possess properties and assets are in dire need of someone to manage them, and that is how the concept of asset management was created. Asset management (AM) refers to the systematic approach to operating, developing, upgrading, and effectively maintaining assets while avoiding risks. Asset management is a common term in the financial sector.

What are the types of Asset Management?

  • Digital Asset Management (DAM)
  • Fixed Asset Management (FAM)
  • IT Asset Management (ITAM).
  • Enterprise Asset Management
  • Financial Asset Management.
  • Infrastructure Asset Management.

Benefits of Asset Management

  • It minimizes risks.
  • It improves the financial  status of a company
  • It recovers asset 
  • Skip tracking
  • Asset management
  • It improves efficiency.

Financial Asset Management?

Financial asset management refers to the management of financial wealth through the use of financial instruments to grow the invested capital. It can also refer to the process of managing procurement, developing an investment strategy, controlling budget and cost, and handling cash bonds and stocks. Financial asset management guides and maintains the financial asset. A financial asset can be a loan, but only from the point of view of the lender because they are a liability that is owned by the party offering the loan. In this case, lenders pay them to collect their debt.

Financial Asset Management Systems

Financial asset management systems is a debt collection agency.  It is headquartered in Atlanta. FAMS operates its call center in Georgia. 

FAMs offer services to 

  • Industries
  • Education
  • Government
  • Healthcare
  • Telecommunication market

About Financial Asset Management Systems

Financial Asset Management offers services like third-party collection, first-party collection, skip tracing, and default prevention. They also supply extended services and office services to businesses that don’t want to stress about an in-house collection operation. 

They report a group account in your report. In fact, they purchase debt forgotten by the first lender at a coffee rate and they come after you to require the debt.

They are also paid by lenders to come after you for an old debt. They attempt to communicate with you via email or phone calls 

Violations Against FAMS

FAMs have faced legal action for breaking the Fair Debt Collection Practices Act, which forbids harassing, capricious, and deceptive tactics in debt collection. They primarily work with clients who pay a fee. Working with the right credit repair business can help you avoid the harm to your credit history caused by collections, which can lower your credit score and stay on your credit record for up to seven years even if you pay the obligation.

It is also doubtful that FAMS would try to sue you for a debt that you don’t owe or that they can’t prove you owe. However, it is common knowledge for debt collection companies to summon debtors to court and seize wages following a ruling by a judge. An intelligent course of action would be to speak with a lawyer before this occurs.

How to Know Financial Asset Management Systems Are Violating Your Right

  • You get several phone calls a week from debt collection agencies.
  • You frequently get calls from debt collectors.
  • A debt collection agency is calling you at work.
  • Debt collectors are contacting your workplace, friends, family, and neighbors.
  • You are being threatened by collectors with violence, a lawsuit, or even arrest.
  • A debt collector tries to collect the money you owe.
  • Threats of bad credit reporting are being made against you.
  • A collection agency tries to scare you
  • There are allegations against you of criminal activity.
  • Using vulgar language while trying to collect a debt.

First Financial Asset Management

First financial asset management is a collection agency hired to collect an old debt. This organization also manages assets for other companies.

When you fail to make payments on debts or bills, the creditor will hire a corporation to assist them in recovering the debt payments from you. In this case, they’ll contact you to coerce payments in any way they can.

Although they are unnecessary, they might have a negative impact on your credit history. For instance, collections of accounts from debt collectors on your credit report will cause your score to drop the maximum amount of 100 points.

They can remain on your credit score for as long as seven years—unless you get them removed. It’s hard to get rid of a debt collector’s account from your credit report. But it is done by being diligent and understanding your rights under federal law.

About First Financial Asset Management

First Financial Asset Management is a medium-sized debt collection agency that was incorporated in Georgia in 2010. Their corporate office, which employs roughly 90 people, is located in Peachtree Corners, Georgia. They require roughly 150 workers to cover all of their locations. Additionally, they go by the moniker “Strategic Alliances, Inc.” Typically, they collect debts on behalf of hospitals or insurance firms. But they also work in other sectors of the economy. They provide services for bankruptcy recovery, dead or probated accounts, and legal recovery. FFAM estimates its yearly revenue at $12 million.

First Financial Asset Management: How to Handle It

Most likely, you want FFAM off your credit record and for them to stop calling you. Here are the four actions you must take if that is the case.

#1. Recognize Your FDCPA Rights

Most people who have come into contact with FFAM are not aware of the FDCPA or their legal rights. You don’t need to speak with a lawyer to understand your rights as a consumer. You simply need to conduct some research. When communicating with clients It is mandatory for debt collectors to follow a set of rules.

The Fair Debt Collection Practices Act (FDCPA), a piece of federal legislation passed in the 1970s, contains the regulations that apply to this situation. The FDCPA aims to prevent debt collectors from mistreating, harassing, threatening, or lying to their clients in order to obtain payments. Unfortunately, a lot of debt collectors tend to break these laws because they believe that their clients are not aware of their legal rights. For this reason, you should learn about and comprehend your FDCPA rights. As soon as FFAM contacts you, take action.

The FDCPA states that the debt collector is prohibited from:

  • Report false information about the debt.
  • Attempt to incur debt after the statute of limitations has passed
  • reject a demand for debt verification.
  • harass you or anyone else about the debt.
  • Use vulgar or offensive language
  • Threaten to press charges against you
  • they lie to you when they contact you

If you have had any of the above problems when dealing with First Financial Asset Management, you should file a complaint with the CFPB or seek legal counsel.

#2. Validate debit request

You can verify your debt to ensure that they have all the necessary details regarding it. It is a privilege provided to you by the FDCPA that forbids you from paying back a debt based on false information. Moreover, you can submit a dispute with the credit bureaus to have the account deleted from your record if it turns out that they were reporting inaccurate information. On a technicality, many people manage to avoid paying their debts in this way. You may have heard that you shouldn’t ignore a debt collector because doing so will prevent you from asking them to verify your debt. Only the first 30 days following communication from First Financial Asset Management are assured of the right to request validation. You will forfeit your ability to vouch for their accuracy if you choose to ignore them.

#3. Ask for professional credit repair help.

If you are looking to improve your credit history, the first place you ought to start is by removing any collection accounts from your credit report. FFAM could also be one of several negative marks, so it’s important to spot them and take them away as soon as possible. However, Some people do not know what a negative mark looks like or might not be comfortable increasing against a debt collector on their own. 

In this case, it’s going to benefit you to contact a credit repair company. Credit repair companies are industry professionals that are skilled at negotiating deletions with debt collectors and boosting credit scores. They’ll take over the communication with FFAM so you don’t have to worry about saying the incorrect thing. Some credit repair companies are better than others, so it’s essential that you find the best one for your needs and budget.

#4. Negotiate a Settlement

You are liable to pay back your loan if FFAM can verify it. However, just because you must repay the obligation doesn’t mean you have to lose something. Use this as an opportunity to work out a settlement with First Financial Asset Management. Specifically, make a pay-for-delete agreement with them. Many people will convince a debt collector to remove a collection account from their credit report in exchange for payment. After all, it’s a win-win situation for everyone. You get a damaging account removed from your official record, and FFAM gets payment on the account. You will likely need to negotiate with them all the same.

How to Negotiate a Pay-for-Delete with First Financial Asset Management

Start by offering them half of the total balance in exchange for the account. Work your way up until you reach an amount that they are comfortable with. The next step is to get FFAM to agree to the terms in writing. Draft a contract that both parties can review and sign. Make sure that you do not pay them a cent until you get their signature on the contract. After you have their word in writing, make your first payment on the debt. This should also set the deletion process in motion, and the collection account should be removed from your credit report within a month. If you notice that First Financial Asset Management is still listed on your report after 30 days, contact them and remind them of the contract you signed. This should get them to hustle and remove the entry.

Freedom Financial Asset Management

Freedom Financial Asset Management, LLC operates as an asset management company. The Company also specializes in providing comprehensive consumer advocacy services. Freedom Financial Asset Management serves customers in the United States. Their sector is financial. They are located at 2114 East Rio Salado Blvd Tempe, AZ 85002 United States.

Freedom Financial Asset Management LLC operates as an asset management company, that specializes in providing comprehensive consumer advocacy services. They serve customers in the United States. Their official site is www.freedomplus.com. Furthermore, Freedom Financial Asset Management LLC offers services as a private client and family office investment manager, third-party fund distribution to institutions across Europe and the Middle East, and managed fund solutions in guernsey, Abu Dhabi, and the Cayman Islands.

Financial Asset Management Systems Student Loan

A student loan is a form of financial aid intended to help students access the higher education

A debt collection agency is responsible for managing student loan through a financial asset management system. They have been under contract for the department of education since 1997 for default recovery, income-contingent payment plans, and wage garnishment while they worked with some state guaranty agencies to collect and resolve defaulted FFELP student loans and default aversion.

Additionally, they also provide collection services for private student loans. The financial asset management system for student loan also aids the government and private institutions in helping students with loans pay effectively. Financial asset management system student loan can communicate with you in various ways, which include phone calls, spam emails, and text messages. When dealing with debt collection agencies like financial asset management systems student loans, it is advised to seek legal advice from financial counselors.

Conclusion

A financial asset can be a loan, but only from the point of view of the lender because they are a liability that is owned by the party offering the loan. When a lender has a contractor or even an IOU, this contract can be converted to cash when the borrower has a loan that is not a financial asset but an equity instrument.

Financial assets are liquid because they can be sold easily, but they can also lose value over time. An individual or company with high liquidity has enough assets to meet its financial obligations. A business’s financial assets are found in the form of account receivables and notes receivable. They include stocks, bonds, cash balances, bank deposits, and investment portfolios. The financial assets are cash and bonds because they have the lowest rate of return. Financial asset companies take into account the financial records of a client to access their assets.

FAQs

What is financial asset management?

FAM is the business of managing assets of eligible clients, using financial instruments.

What is First Financial Asset Management?

FFAM functions as a debt collection agency, they manage funds for clients and collect debts.

What are the 4 types of financial assets?

Financial assets refer to liquid assets that derive their value from contractual claim or ownership of an underlying asset and they include cash, stocks, bonds, mutual funds, and bank deposits.

  1. COLLECTION AGENT: Job Description, Roles & Responsibilities
  2. Financial Freedom: A Detailed Guide to Help you Achieve it in 2022 (+ quick tips) )
  3. Financial freedom quotes: Best compilations to help you earn
  4. Average Collection Period (ACP): Formula, Calculations & Importance(
  5. Top 12 steps to financial freedom in 2022(+financial freedom books)
0 Shares:
Leave a Reply

Your email address will not be published.

You May Also Like