- Report: #742172
Complaint Review: National Asset Management LLC - Moon Twp Pennsylvania
Reported By:
Outraged31 -
, Nationwide, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
National Asset Management LLC
PO Box 840, Moon Twp, PA 15108 Moon Twp, 15108 Pennsylvania, United States of America
Phone:
412-424-0250
Web:
http://www.nationalmanagement.net
Categories:
Business Rating:
(0)
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National Asset Management LLC Predatory Company Moon Twp, Pennsylvania
We hired this collection agency for our company's past due accounts. In 6 months they collected about $240 for us. Due to a violation of one of their 21 clauses, they cancelled our account and charged us a percentage of all accounts given to them, not what they collected on but the total amount of all of the accounts. After the account was cancelled, the demand letter for about $10k was sent in 5 days. Pretty fast work.
They use the internet as their point of contact and signing up for their services is all done over the internet as well. They also use the internet for their terms of service agreement, which doesn't open on the 7 computers I've tried to open it on. We agreed to their terms of service without ever reading it and upon acquiring them, they simply send an email welcome, no package including a contract is ever sent. This was a grave error in judgement.
After 6 months of assigning them accounts, they cited that our company had violated one of the 21 clauses that make up their "contract" and cancelled our account, removing the possible $50k in past due debtors we placed with them and charging us a percentage of ALL accounts (not just ones they actually collected on) assigned to them. They hide behind lawyers that make threats to report you for sanctions from the FTC unless you pay them the full amount. We hired a lawyer to deal with them.
Our contract lawyer failed to negotiate a settlement with them due to their lawyers refusing mediation and pushing a lawsuit instead (within a month of seeking representation). They will force the owner to travel to the podunk town they're located in to seek representation for a lawsuit. In the end they ended up settling for about half of the aforementioned amount after daily threats to our lawyer that they will seek litigation in a court of law.
The bottom line is that they collected $240 for us and made about $80 in commisions from actually doing their job, albeit poorly, but after siccing their lawyers on us, they made about $6k from our account. Pretty good income caused from some poor sucker clicking a terms of service check box.
Upon reporting them to the BBB, they respond using lawyer letterhead and the BBB removes the posts, this must be the reason they don't have more complaints against them for their predatory practices. Remember, lawyers in a collection agency will work against you as well as for you when hiring a collection agency. We learned the hard way.
They use the internet as their point of contact and signing up for their services is all done over the internet as well. They also use the internet for their terms of service agreement, which doesn't open on the 7 computers I've tried to open it on. We agreed to their terms of service without ever reading it and upon acquiring them, they simply send an email welcome, no package including a contract is ever sent. This was a grave error in judgement.
After 6 months of assigning them accounts, they cited that our company had violated one of the 21 clauses that make up their "contract" and cancelled our account, removing the possible $50k in past due debtors we placed with them and charging us a percentage of ALL accounts (not just ones they actually collected on) assigned to them. They hide behind lawyers that make threats to report you for sanctions from the FTC unless you pay them the full amount. We hired a lawyer to deal with them.
Our contract lawyer failed to negotiate a settlement with them due to their lawyers refusing mediation and pushing a lawsuit instead (within a month of seeking representation). They will force the owner to travel to the podunk town they're located in to seek representation for a lawsuit. In the end they ended up settling for about half of the aforementioned amount after daily threats to our lawyer that they will seek litigation in a court of law.
The bottom line is that they collected $240 for us and made about $80 in commisions from actually doing their job, albeit poorly, but after siccing their lawyers on us, they made about $6k from our account. Pretty good income caused from some poor sucker clicking a terms of service check box.
Upon reporting them to the BBB, they respond using lawyer letterhead and the BBB removes the posts, this must be the reason they don't have more complaints against them for their predatory practices. Remember, lawyers in a collection agency will work against you as well as for you when hiring a collection agency. We learned the hard way.
1 Updates & Rebuttals
SB
New York,New York,
United States of America
Terms and service
#2Consumer Comment
Sat, September 15, 2012
As a professional I read the terms of service offered by this company. They charged you no fees and invested their money on your behalf. They assumed liability that the accounts you placed were valid. It appears that you may have placed accounts that were invalid, vindictive and expected results that were not consistent with the industry average.
You cant just place accounts free of charge, have a company invest their own funds on your behalf then cancel the accounts. They should have not settled with you, but sued you for the full amount of damages and liability they incurred due to your negligence.
