APM Companies

Is APM Companies trying to collect a debt from you? Learn more about this collection agency.

Variations on name: APM Financial Solutions, Account Portfolio Management LLC

Addresses:
3325 Street Rd Ste 220 Bensalem, PA 19020

PO Box 33797
Denver, CO 80233

Other Basic Info:

Number of Years in Business: 3

Incorporated by: Michael Chiodo, Mary Weil

Better Business Bureau Report Summary

We researched the Better Business Bureau reports on this company as of February 15, 2012 and did not find any data on APM Companies.

Comments about APM Companies

Read complaints from other consumers about this debt collection agency:

Release of debt or settlement letter 
I agreed to settle a debt in Sept 2009 for an old credit card. I was threatened with being sued, or garnishment of wages. I was 6 months pregnant and scared …

Can they garnish my wages? 
Employee was very demanding. She wanted my account number and a certain amount of money & gave me 2 hours to come up with it.



State and Federal Regulatory Actions (FTC, State Attorney General)

Attorney General McGraw Recovers $7.9 Million for West Virginians from NJ Lawyer Hecker and APM Collection Agencies

CHARLESTON – West Virginia Attorney General Darrell McGraw today announced a settlement with Laurence A. Hecker, a New Jersey lawyer, and several out-of-state debt collection agencies that Hecker represents known as the APM Companies resulting in more than $7.9 million dollars in cancelled debts for West Virginians.

McGraw’s Consumer Protection Division entered into an agreement with Hecker and his two affiliated Pennsylvania collection agencies, APM Financial Solutions, LLC, and Account Portfolio Management, LLC. The settlement requires the cancellation of $7.9 million dollars in charged-off credit card debt that Hecker and the APM Companies attempted to collect from 1,922 West Virginia consumers. The companies also paid $45,000 toward customer refunds and consumer education and agreed to delete the debts from credit records.

McGraw’s office began investigating them in 2006 after receiving complaints from West Virginia consumers who reported they were threatened with lawsuits and excessively pressured to pay alleged debts. To further embellish the lawsuit threat, Hecker sent letters to consumers on his law office stationery to demand payment of the debts. The Attorney General’s investigation revealed that the majority of the collection attempts were for "time-barred" debts, i.e., debts so old that the statute of limitations to sue had expired and lawsuits were therefore barred by law.

The Attorney General’s Office also discovered that Hecker and the APM Companies – which were attempting to collect debts in West Virginia without being licensed or bonded as required by state law – were demanding payments without any proof that they owned the debts or of the amounts owed other than a computer spreadsheet.

"The credit card industry and predatory lenders have sometimes saddled West Virginia consumers with exorbitant debts," Attorney General McGraw stated. "This unfortunate situation has now evolved into a multibillion-dollar debt-buying industry in which unlawful tactics are used to coerce consumers to pay debts they may not owe with funds they do not have.
"I will not allow consumers facing dire financial circumstances to be crushed by abusive collection practices. My office will continue our vigorous efforts to enforce the law against unscrupulous collection agencies and debt buyers."


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