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Regular Contributor
Posts: 242
Registered: ‎12-11-2012
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NCO Financial System Questions??

I was wondering if anyone had any experience with NCO Fin System. I had a collection account that's been paid off in 2008 but still sits in my file. Has anyone had any luck getting this removed with a "GW" letter and if so can you PM me the address. Thank you in advance.

New Member
Posts: 9
Registered: ‎01-01-2013
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Re: NCO Financial System Questions??

I have had two separate experiences with NCO Financial, one good, one bad. 

 

1. My wife had an AAFES Star Card sent to them for collections. She set up a payment plan to pay it off in 14 payments, all of which were automatically deducted from our checking account. After the 14 payments were paid, they stopped pulling the payments and we assumed all was well. We found out differently when we filed our tax return the next year and AAFES used the Tax Offset Program to take it for an outstanding balance. AAFES stated that they only received 9 of the 14 payments from NCO financial and that left a balance and they naturally had added thousands in late fees, collection fees and any other fee they could make up to fatten the balance back up. Even after sending them my bank statements showing the payments were pulled by NCO Financial, AAFES did not care. They told me to sue NCO Financial, who they hired and who did collect 14 payments of $485 from our account. It took us over a year to fix the problem and we never got a dime of that money back. They do this because they know hiring an attorney to get your money back would cost you more than the couple grand they stole from you and quality consumer attorneys are almost impossible to find.

 

2. My second experience was due to an unpaid federal student loan. When I defaulted, it was sent back to my home state and they used a different arm of NCO Financial to collect on defaulted student loans. In this instance, federal law worked in my favor and that is why I think this was a far more favorable experience. The government requires that student loan debtors are given an opportunity to rehabilitate their student loan through a loan rehabilitation program. You set up affordable payments with NCO Financial that are automatically pulled from your account. After nine "timely" (their wording) payments, the remaining balance is given to a regular lender and you pay the remainder off with that lender and your loan is considered rehabilitated. They then remove the default status from your credit report. The lates don't get pulled off, but the default does. This was a very positive experience for me and I almost have my student loan paid off. 

 

What your experience would be is a roll of the dice. If you do work with them, I’d get everything in writing. In example one, we did everything over the phone with them. Always get it in writing before giving them a single penny. In example two, everything was in writing. That may have been the difference on top of the federal requirement. 

Regular Contributor
Posts: 242
Registered: ‎12-11-2012
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Re: NCO Financial System Questions??

Yes I would say that was a bad experience for you and absolutely you have to get everything in writing. These collection company's don't seem to care if you paid more or if they made a mistake, all they care about is getting their money without doing any leg work. Well thanks for the heads up with this company. My situation is this account is paid off since 2008 and I'm gonna write them a "GW" letter to hopefully have them remove it. I talked to a rep and she said it takes 7 years for it to fall off by it self but I can't wait that long specially in the rebuilt process. I'll keep you updated on what happen. Thanks

Regular Contributor
Posts: 165
Registered: ‎04-04-2008
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Re: NCO Financial System Questions??

All I did was dispute online and they got removed

Regular Contributor
Posts: 127
Registered: ‎07-09-2012
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Re: NCO Financial System Questions??

All I did was send them a DV CMRRR, and they folded within a week. (This was on an unpaid Time Warner Cable account, I have since paid the OC directly to ensure this will not pop up with another CA)

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: NCO Financial System Questions??


Airdog89 wrote:

I have had two separate experiences with NCO Financial, one good, one bad. 

 

1. My wife had an AAFES Star Card sent to them for collections. She set up a payment plan to pay it off in 14 payments, all of which were automatically deducted from our checking account. After the 14 payments were paid, they stopped pulling the payments and we assumed all was well. We found out differently when we filed our tax return the next year and AAFES used the Tax Offset Program to take it for an outstanding balance. AAFES stated that they only received 9 of the 14 payments from NCO financial and that left a balance and they naturally had added thousands in late fees, collection fees and any other fee they could make up to fatten the balance back up. Even after sending them my bank statements showing the payments were pulled by NCO Financial, AAFES did not care. They told me to sue NCO Financial, who they hired and who did collect 14 payments of $485 from our account. It took us over a year to fix the problem and we never got a dime of that money back. They do this because they know hiring an attorney to get your money back would cost you more than the couple grand they stole from you and quality consumer attorneys are almost impossible to find.

 

2. My second experience was due to an unpaid federal student loan. When I defaulted, it was sent back to my home state and they used a different arm of NCO Financial to collect on defaulted student loans. In this instance, federal law worked in my favor and that is why I think this was a far more favorable experience. The government requires that student loan debtors are given an opportunity to rehabilitate their student loan through a loan rehabilitation program. You set up affordable payments with NCO Financial that are automatically pulled from your account. After nine "timely" (their wording) payments, the remaining balance is given to a regular lender and you pay the remainder off with that lender and your loan is considered rehabilitated. They then remove the default status from your credit report. The lates don't get pulled off, but the default does. This was a very positive experience for me and I almost have my student loan paid off. 

 

What your experience would be is a roll of the dice. If you do work with them, I’d get everything in writing. In example one, we did everything over the phone with them. Always get it in writing before giving them a single penny. In example two, everything was in writing. That may have been the difference on top of the federal requirement. 


I wouldn't let this go.  AAFES should not have pursued it seeing you have proof NCO recieved the money.  NCO failed to meet their contract with AAFES by not giving them the money.  AAFES should be suing NCO along with you.

Have you tried going up the chain with AAFES?

 

Regular Contributor
Posts: 242
Registered: ‎12-11-2012
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Re: NCO Financial System Questions??

Can you PM me that info? Thanks

Moderator
Posts: 13,892
Registered: ‎04-15-2011
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Re: NCO Financial System Questions??

Airdog I believe your situation requires legal counsel.  I would get an attorney for that one.

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Established Contributor
Posts: 758
Registered: ‎04-26-2012
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Re: NCO Financial System Questions??

In response to your question..
NCO was great about removing with a GW letter for me.
CS 728- 01/13 from 554-12/11
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Established Contributor
Posts: 758
Registered: ‎04-26-2012
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Re: NCO Financial System Questions??

I would also attempt to dispute, look for any incorrect info ie: address, account number etc..
They should remove after a dispute.
CS 728- 01/13 from 554-12/11
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