Advanced Financial Company
Advanced Financial Company (Advanced Financial) provides financial services including billing and payment processing, accounting and administration, portfolio management reporting, and delinquency collection services. Advanced Financial specializes in mortgage loan, auto loan, and homeowner's association account servicing. Advanced Financial is based in Carlsbad, California.
The Consumer Financial Protection Bureau (CFPB) is a government agency charged with protecting consumers from unfair, deceptive or abusive debt collection practices. The CFPB has received consumer complaints against Advanced Financial regarding its unlawful debt collection practices. Consumers complain that Advanced Financial engages in the following unfair and abusive debt collection practices:
- Attempting to collect debts not owed by the consumer;
- Attempting to collect more than what is owed; and
- Refusing to validate or provide proof of a debt.
According to one consumer, Advanced Financial attempted to collect more than the debt owed by charging exuberant fees. Advanced Financial was attempting to collect not only the debt owed, but also a collection fee that equated to more than fifty percent (50%) of the debt.
Pursuant to the Fair Debt Collection Practices Act (FDCPA) and the Rosenthal Fair Debt Collection Practices Act (RFDCPA), a debt collector or creditor cannot collect more money than what is owed. Occasionally, a debt collector is permitted to collect interest on a debt, but only when that interest was expressly authorized by the original agreement creating the debt, or permitted by law.
Given that Advanced Financial was attempting to collect more than what was owed or authorized by the original agreement, the matter was resolved to the satisfaction of the consumer.
Creditors and debt collectors should be held accountable for these unethical and unlawful practices. If you are being harassed or subjected to any of these, deceptive, or abusive debt collection practices, it is time to hold Advanced Financial accountable. Please contact our office for a free, no obligation consultation at 1-800-219-3577.