Premium Asset Services, LLC or PAS is a third-party collection agency based in Southern California. PAS has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including threatening to take actions that cannot legally be taken and using false or misleading information in an effort to collect a debt. If you have been contacted by this debt collector , make sure you understand your rights before taking action.
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According to the Better Business Bureau (BBB), Premium Asset Services, LLC is a legitimate collection agency founded and incorporated in 2011. The BBB does not indicate when it established its profile page for PAS . PAS is listed as a collection agency with an estimated staff size of only 1 employee.
A basic internet search using an internet search engine and the term, “Premium Asset Services,” does not reveal a domain registered specifically to PAS. The BBB’s profile page for PAS includes a website link, but that link leads to the website for Platinum Holdings Group, LLC (PHG) at www.platinumholdingsllc.com. In addition, a search for PAS in the Consumer Financial Protection Bureau (CFPB) database returns results for Platinum Holdings Group, LLC. The BBB states simply that PAS “offers debt collection services.”
The website for PAS consists of only one page and indicates they have “over 100 years of combined experience in the debt collection industry… and were founded with a commitment to high ethical standards by providing an empathetic approach to debt recovery.” In addition, there is contact information, a web-based contact form, and a logo indicating affiliation with the International Association of Credit and Collection Professionals (ACA International).
As of May 2018, the BBB has given PAS a rating of B. The BBB has closed 38 complaints against Premium Asset Services in the preceding 3 years, with 3 complaints closed in the past 12 months. Most of those complaints alleged problems with billing and collections. As of March 2015, the Consumer Financial Protection Bureau (CFPB) has closed 22 complaints against PAS, all of them attributed to PHG. Justia lists at least 4 cases of civil litigation involving PAS.
Premium Asset Services, LLC
2414 S. Fairview, Ste. 210
Santa Ana, CA 92704
Telephone: (714) 316-2740
It is illegal for a debt collector to threaten to sue you or garnish your wages. It is also unlikely PAS would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
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Absolutely. Here are some Sample Case filed in Federal Court
In September 2016, in United States District Court for the Middle District of Pennsylvania, a judge issued an Order in a case alleging Premium Asset Services had violated certain provisions of the FDCPA. In this case, the plaintiff had received a collection notice from PAS regarding a delinquent debt. The plaintiff did not believe the information in the letter was accurate and wanted to dispute the debt with PAS. However, the letter failed to notify him that he “must…dispute the debt in writing to obtain verification, and/or…make a request in writing to obtain information regarding the name and address of the original creditor.” As a result, he charged PAS with a violation of the FDCPA’s requirement that collection agencies notify consumers of their rights with regard to debt validation. The court upheld the plaintiff’s charges and found that PAS’s letter violated the FDCPA. In addition, the plaintiff requested that the case be certified as a class action, so that other consumers who had received similar letters would also be compensated for the violation. During the September 2016 hearing, the judge reviewed the plaintiff’s petition for class action certification, found that it met all the legal requirements necessary for certification, and ordered PAS to mail notification to all consumers who had received letters similar to the letter cited by the plaintiff. The judge also scheduled an additional hearing to determine “final approval…and the requests for fees and expenses.”
In a related case in April 2016, in the United States District Court of Appeals, the founder of Premium Asset Services appealed a conviction for a charge of bankruptcy fraud in violation of 18 U.S.C. Section 157(3), for which he was sentenced to 15 months in prison. In an earlier case, PAS ’s founder was brought to trial after having purchased a home in Texas and indicating on a loan application that it would be his primary residence. A year later, a Nevada lawyer specializing in business and trust formations helped him create business entities through which ownership of the Texas property was shuffled. The first entity he created was PAS, for which he acted as the primary beneficiary and trustee. After a series of similar real estate deals and bankruptcy filings involving perjury and fraudulent misrepresentation, his financial scheme was revealed, and the court informed him of its decision to pursue criminal prosecution. As a result, although the court affirmed the founder of PAS’s right to appeal the decision, it disagreed that any legal errors had been committed and refused to overturn his conviction.
The Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) are enforced by the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB).
The FDCPA regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt.
The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA). The complaint above illustrates how these laws can be extremely effective tools to hold accountable collection agencies who fail to adhere to their provisions.
These laws also provide individuals with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
Seek legal assistance to find the relief you may be entitled to if you are having difficulty resolving disputes with a debt collection agency
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are receiving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors and even one of these has happened to you, we can help. We will fight for your rights.
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The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200 NOW.
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