Is First Financial Asset Management a Scam?

Legal Expert
Sarah Edwards, BS

Sarah Harris is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: First Financial Asset Management is not a scam but a real debt collection company that handles a variety of industries. However, that doesn’t mean that the company always collects real debts. If you’ve been contacted by a First Financial debt collector, ask them to validate your debt. If you've been sued for debt, file an Answer quickly using SoloSuit to protect yourself against a default judgment. Then, offer to pay a portion of the debt as a settlement to clear your name of the debt for good.

Are you being chased by collectors from First Financial Asset Management? If so, your best option might be to negotiate a lower settlement amount. But before you do anything, you’ll need to take steps to assert your rights and verify that the debt is yours. Here’s how to resolve your debt quickly and painlessly.

Sued for debt? Resolve it through debt settlement.

What is First Financial Asset Management?

First Financial Asset Management, also known as FFAM360 Capita, is a debt purchasing and collections agency that offers services for every stage of the collections process, including pre-charge off contact, skip-tracing, bad debt collections, and legal action.

Who does First Financial Asset Management collect for? Quite a few companies, spanning multiple industries, actually. If you’ve been contacted by the company, it’s because you have an unpaid debt that the company has been contracted to collect.

First Financial Asset Management reviews

First Financial Asset Management has dozens of consumer complaints listed with the Better Business Bureau, and the Consumer Financial Protection Bureau (CFPB) lists even more complaints on its online database.

Many complaints allege that First Financial Asset Management has continued to contact people about debt that had been previously resolved. This shows the importance of verifying your debt before moving forward.

Check out a real First Financial Asset Management review below:

Contact the First Financial Asset Management phone number

First Financial Asset Management’s phone number is (404) 523-0411 or toll-free at (800) 542-8714. You can also contact the company through the contact form on the company website, by emailing directly at info@1fam.com, or via mail at 3091 Governors Lake Drive, Suite 500, Peachtree Corners, GA 30071 (see photo of office building below).

Have you received a summons regarding a lawsuit? Watch this brief video to learn how to respond:

Protect yourself from aggressive debt collectors like First Financial Asset Management

Are you being hassled by debt collectors from First Financial Asset Management? As a consumer, you’re protected by the Fair Debt Collection Practices Act (FDCPA). This federal statute prohibits debt collectors from activities that include:

Contacting you more than once per day.
Calling you before 8 a.m. or after 9 p.m.
Failing to identify themselves as debt collectors.
Contacting your friends, family members, or coworkers about your debt.
Threatening you with arrest for unpaid debts.
Using offensive or vulgar language.
Contacting you even after receiving a Cease and Desist Letter.
Declining to validate your debt.

You can report any violations of the above terms by contacting the Federal Trade Commission (FTC) using the FTC website or by calling 877-382-4357. You may also report First Financial Asset Management using the CFPB’s website or by calling 855-411-2372.

Respond to a lawsuit quickly

What if you’ve been sued? If you have, the time to act is now. In some cases, you’ll have only two weeks to file an Answer with the court. This document indicates your willingness to fight the lawsuit.

Failing to file this document by the deadline can result in a default judgment against you. If this happens, you’ll lose your ability to negotiate a lower settlement. The court may also award First Financial Asset Management with legal fees or debt collection fees.

Start drafting your Answer today with SoloSuit.

Negotiate a lower debt settlement

While it may be possible to fight your debt in court, your best option is usually to negotiate a lower settlement. After all, debt collectors are often willing to accept a lower payment to avoid a protracted legal battle. Here’s how to negotiate a better settlement.

Verify your debt

Before you do anything else, you need to determine that the debt is actually yours. Request that First Financial Asset Management send you a Debt Validation Letter, which will include important details such as:

The name of your original creditor.
The date of the original debt.
The amount of the original debt.
The amount of debt remaining.
The date and amount of previous payments (if any).

Most importantly, a Debt Validation Letter should include information clearly tying you to this debt. If First Financial Asset Management cannot do this, you may stand a better chance in court. But if the company demonstrates debt that’s clearly yours, the better option is to settle for a lower amount.

Send a settlement offer through SoloSettle

SoloSuit offers a tool called SoloSettle, which makes it easy to send an initial settlement offer. This offer initiates the negotiation process and helps you decide on a mutually agreeable settlement.

How much should your first offer be? This is up to you, but it’s generally best to agree to pay 60% of the original amount. First Financial Asset Management may or may not accept this, but if not, it will present a counteroffer through SoloSettle that will help you work toward a final settlement amount.

Let’s look at an example.

Example: Steve wasn’t sure that First Financial Asset Management was a real company. But the notice he got about the lawsuit got his attention. He wasn’t sure what to do until a friend recommended SoloSuit. Steve was able to file an Answer quickly, which bought him time to verify that the debt was his. Unfortunately, Steve learned that he owed money on a credit card. But by using SoloSettle, Steve made an offer to pay 60% of the original amount. First Financial Asset Management declined this offer but agreed to a settlement of 63%, which Steve gratefully accepted. Today, Steve is working his way out of debt and looks forward to rebuilding his credit.

Get your settlement agreement in writing

Once you reach a settlement, make sure to get the agreement in writing. Doing so will prevent dishonest debt collectors from seeking a default judgment after you reach an agreement.

Likewise, save your correspondence, including emails, letters, and other documents. These will also provide documentation of the negotiation process and protect you against errors or changes in your settlement agreement.

Start using SoloSettle today to resolve your debt quickly.

Move on from debt

Is there life after debt? There can be. And very often, the key to that life is found in the negotiation process. This will not only resolve your debt but also allow you to pay off a smaller amount. If you want to escape debt, start the negotiation process with SoloSettle.

Settle with SoloSettle

Make an Offer

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Debt collector guides

Are you being contacted by a debt collector? We’re making guides on how to resolve debt with each one.

Arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Bankruptcy

Bankruptcy is a great way to legally resolve debt, but it's usually best to consider it as a last resort. Here are some bankruptcy guides to help you decide which debt resolution option is best for you.

Check your case status

Don’t have time to go to your local courthouse to check the status of your case? We’ve created state guides on how to check the status of your case throughout the US, complete with online search tools and court directories.

Credit

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt, along with other credit-related resources.

Debt collection FAQs

Find answers to some of our the most commonly-asked questions about debt collection below.

Debt collection documents and templates

If you're dealing with debt, these documents and templates will help you respond, protect your rights, negotiate, and resolve your debts.

Debt relief

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt settlement

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created state guides on debt settlement. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

Eviction

Facing an eviction? The following guides will help you navigate your situation with confidence.

Federal debt collection laws

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Legal aid

Helping people find access to justice is at the heart of Solo's misison. If you're dealing with a legal debt issue, the following guides will help you through it.

Medical debt

Having a health challenge is stressful, but dealing with medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Personal finance

Learn how to manage your finances and overcome crushing debt. Check out our personal finance guides below.

State debt collection laws

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote guides on each state’s statutes and more.

Stop collection calls

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Wage garnishment

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in your state, plus other wage garnishment resources.

The Debt Hotline

Hosted by Team Solo, The Debt Hotline breaks down debt and personal finance topics with help from attorneys, financial experts, and industry pros. We respond to real questions to help you navigate debt with knowledge and courage.

Other debt resources

It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.

"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather

Get Started