- Report: #132329
Complaint Review: Federated Financial Services - Deerfield Beach Florida
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Author Confirmed
Why?
Federated Financial Services
3275 W. Hillsboro Blvd., #110 Deerfield Beach, 33442 Florida, U.S.A.
Phone:
954-571-8103
Web:
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Federated Financial Services ripoff Misleading and ripped off Deerfield Beach Florida
Woe is me! Way back in June of 1999 I began what I believed to be an honest relationship with Federated Financial Services in helping me to make payments to two credit card companies that I owed. I wanted to consolidate and make good on my debts. I was told by Federated Financial Services that the finance charges would be "frozen" by the credit card companies and that interest charges would be lowered. I was also told they could set me up with a payment plan for only $281.00 a month and have my debts paid in 44 months and restore my credit.
I began the payment process In June of 1999 to FFS and was faithful in making the payments each and every month. After 13 months of making the $281.00 a month payment, I was told that I needed to increase my monthly payment by $30.00 to stay in agreement with the TWO credit card companies.
Being a little angry, but also wanting to repay my debt to the credit card companies I agreed to the additional $30.00 payment bringing my monthly payments to $311.00. For the next twenty (20) months I paid (faithfully) $311.00. One of the credit card companies was sending me a statement each month, the other was not.
After making all of these payments on time (and faithfully) through Federated Financial Services, I telephoned them when I received a statement from one of the credit card companies showing that I had paid my balance in full and actually had a credit balance of overpayment for $1.56
I was told that I should reduce my payment to $109.00 a month for the remainder of the time left (meaning the last few months with this second credit card company). I inquired about a statement from the second credit card company and what I was told BLEW ME AWAY.
I was told by the representative at Federated Finacial that I owed $3,186.00 YET! When I entered this agreement with First Federated Financial in June of 1999 the balance that I owed to this second credit card company was $4,776.00! I quickly calculated what I had paid them over the past 37 months and came up with $2,310.00. HOW COULD THIS BE???
Because I had never received a statement from the credit card company that was receiving my on time monthly payments, I calculated that I still had a balance of approximately $850.00 NOT $3,186.00!!! You can imagine the shock! I asked what this was all about??? I was then told by a rather sheepish employee that...after all of these months of making this payment that my account had been sold to a collection agency and that the credit card company had never agreed on "freezing" the finance charges or accepting terms of settlement!! He then told me that since it was charged off that I should discontinue making the payments and disregard any attempts by collection agencies in the future.
3 years of faitfullness and at NO TIME was I informed that my payment to this company wasn't even putting a DENT in my debt as I had been led to believe.
I was also told by Federated Financial Services that I would receive one month of my payments back at the end of the 44 month contract for paying each month on time, as an incentive/reward. Being that the first credit card was paid in full before 44 months and that I was told to discontinue payments to the second company, I was not entitled to the "incentive/reward" of my first payment of $281.00
Today my credit report shows a charge off by this company. I have recently received a letter from a collection agency that is informing me that I owe more than the $3,000.00 debt to this second credit card company and that they intend to collect it through a lawyer in my state.
I was mislead and ripped off for more than 3 years by Federated Financial,leaving me with a HUGE debt. What was meant to be a repayment and repair to my credit history has turned into a nightmare. It began in 1999 and here I am in worse shape in 2005!
Margaret
Las Vegas, Nevada
U.S.A.
Click here to read other Rip Off Reports on Federated Financial Services
I began the payment process In June of 1999 to FFS and was faithful in making the payments each and every month. After 13 months of making the $281.00 a month payment, I was told that I needed to increase my monthly payment by $30.00 to stay in agreement with the TWO credit card companies.
Being a little angry, but also wanting to repay my debt to the credit card companies I agreed to the additional $30.00 payment bringing my monthly payments to $311.00. For the next twenty (20) months I paid (faithfully) $311.00. One of the credit card companies was sending me a statement each month, the other was not.
After making all of these payments on time (and faithfully) through Federated Financial Services, I telephoned them when I received a statement from one of the credit card companies showing that I had paid my balance in full and actually had a credit balance of overpayment for $1.56
I was told that I should reduce my payment to $109.00 a month for the remainder of the time left (meaning the last few months with this second credit card company). I inquired about a statement from the second credit card company and what I was told BLEW ME AWAY.
I was told by the representative at Federated Finacial that I owed $3,186.00 YET! When I entered this agreement with First Federated Financial in June of 1999 the balance that I owed to this second credit card company was $4,776.00! I quickly calculated what I had paid them over the past 37 months and came up with $2,310.00. HOW COULD THIS BE???
Because I had never received a statement from the credit card company that was receiving my on time monthly payments, I calculated that I still had a balance of approximately $850.00 NOT $3,186.00!!! You can imagine the shock! I asked what this was all about??? I was then told by a rather sheepish employee that...after all of these months of making this payment that my account had been sold to a collection agency and that the credit card company had never agreed on "freezing" the finance charges or accepting terms of settlement!! He then told me that since it was charged off that I should discontinue making the payments and disregard any attempts by collection agencies in the future.
3 years of faitfullness and at NO TIME was I informed that my payment to this company wasn't even putting a DENT in my debt as I had been led to believe.
I was also told by Federated Financial Services that I would receive one month of my payments back at the end of the 44 month contract for paying each month on time, as an incentive/reward. Being that the first credit card was paid in full before 44 months and that I was told to discontinue payments to the second company, I was not entitled to the "incentive/reward" of my first payment of $281.00
Today my credit report shows a charge off by this company. I have recently received a letter from a collection agency that is informing me that I owe more than the $3,000.00 debt to this second credit card company and that they intend to collect it through a lawyer in my state.
I was mislead and ripped off for more than 3 years by Federated Financial,leaving me with a HUGE debt. What was meant to be a repayment and repair to my credit history has turned into a nightmare. It began in 1999 and here I am in worse shape in 2005!
Margaret
Las Vegas, Nevada
U.S.A.
Click here to read other Rip Off Reports on Federated Financial Services
2 Updates & Rebuttals
Cindy
MESA,Arizona,
U.S.A.
Federated Financial Services Bridge Led Us to Financial Disaster
#2Consumer Comment
Sun, March 13, 2005
We also decided to enroll in Federated Finacial Services credit card debt consolidation program as we were being drowned by bills. Several months into FFS program we obtained several letters from our creditors stating (NON PAYMENT).
We contacted Federated Financial and informed them of our concerns and they simply stated for us to ignore them as we were on their program. Their staff neglected to inform us that our first payment of $331.99 was not going to reduce our debt, but was an actual FEE FOR SERVICES RENDERED even though Federated Financial Services advertised as a NON-PROFIT.
Furthermore, since FFS was charging fees, about a 1/4 of our banking institutions i.e. credit card companies did not accept/rejected their program having our credit cards also go straight to COLLECTION WITHOUT OUR KNOLLEGE as we blindly made payments.
We got on the internet and began to research Federated Financial Services. We have never seen a Director of a company behave in such an unprofessional manner, nor display such unprofessionalism. It is a clear reflection into the day to day operations of Federated Financial Services.
The first thing that we are going to do is file a complaint with the ATTORNEY GENERAL AND THE DISTRICT ATTRONEY'S CONSUMER PROTECTION DIVISION AT THE WEBSITE BELOW:
http://www.eatoncounty.org/prosecutor/proslist.htm
Then we are going to send a copy to the Better Business Bureau
http://www.bbb.org/
David
BULLHEAD CITY,Arizona,
U.S.A.
We believe you Margeret
#3Consumer Comment
Thu, March 10, 2005
After seeing thier desperate attempts to throw a smoke screen up on the internet about Ed Magedson smoking a joint over 30 years ago it is very clear this is a company to avoid at all costs. Clearly once again the consumers have identified a corrupt and unwanted company. As more and more reports come in it becomes exceeedly more apparent that Federated Financial Services negative and childish stabs at Ed Magedson and the Rip Off Report is just a smokscreen trying to take away from the real issue that Federated Financial Services is just a company out there victimizing consumers.
