Sued by Midland Funding, Portfolio Associates, CACH, LVNV or Cavalry SPV?
Bradenton Debt Defense LAW firm
"Junk Debt Buyers" buy debts that have been charged off by the original creditor. Sometimes debts are purchased and sold several times. The 5 most common debt buyers who file lawsuits in Florida are Midland Funding, Portfolio Associates, CACH, LVNV and Cavalry SPV. Debt buyers usually pay 2-5 cents per dollar of debt purchased - only 20 to 50 dollars per thousand dollars of debt. They commonly purchase thousands of accounts at the same time and sue the parties they believe owe the debt. Thousands of lawsuits are filed in Sarasota and Manatee Counties every year by debt buyers. Midland Funding's parent company, Encore Capital Group filed nearly 450,000 lawsuits in the US in 2008. It is important that you have a skilled Bradenton Debt Defense Law Firm to help you fight back.
The absolute WORST thing you can do if you are sued by one of these companies is to ignore the lawsuit. That is EXACTLY what they want you to do because they will win by default. Once a creditor obtains a default judgment they can:
- Garnish your wages
- Take money from your bank account
- Place a lien on your house
- Take property you have or acquire such a a car
Their business model is to file as many lawsuits as possible and collect on as many as they can with the smallest possible expense.
- This business model works - approximately 90% of these lawsuits result in default judgment because the person being sued does not respond.
- This business model is profitable - over $770 million in revenues for Encore Capital Group in 2013.
- This business model is reckless - Portfolio Recovery's vice president for collections testified as to how they verified that the amounts sued for by Portfolio were correct; "We don't. Ninety percent of our cases are default judgments. We show the judge the math and if no one disputes, we get our judgment"
A JUDGMENT COULD HAUNT YOU FOR 20 YEARS
If you think "I don't need to worry about this because I don't have any wages, money, a car or a house," PLEASE think again. Do you hope to have these things in the next 20 years?
It is much easier to defend or settle the case before a judgment. A judgment can only be set aside under very limited circumstances. And once the creditor gets a judgment, they don't warn you before they freeze your accounts, start garnishment proceedings or place a lien on your house or car.
We'll fight for you!
Junk Debt Buyers do not want to get into a legal battle and they certainly don't want you to hire an attorney. Many times the debt collector does not have the documents they need to prove the case at trial. Sometimes they file the case after the statue of limitations has run.
Many times it is obvious upon a quick reading of the documents filed in the lawsuit that the debt collector will have serious problems proving it's case. In some cases, the debt collector may have violated Florida or Federal law. When this happens they may liable for money damages and fees and costs to defend the lawsuit.
At David Holland Law, as a Bradenton Debt Defense Law Firm, we focus on debt defense and will aggressively defend your rights. We are offer a free consultation during which we will discuss possible defenses you may have to any debt buyer lawsuits against you and other debt problems you may have. When you call you will either speak immediately to me, or my legal assistant will schedule a time for me to call you back at your convenience. We take calls until 7pm on weekdays and 9 - 3 on Saturdays. If you prefer to meet face to face we can do that during regular business hours at our main office in Bradenton or by appointment in Sarasota or Port Charlotte. Contact us, your Bradenton Debt Defense Law Firm, today for your free phone or in-office consultation!!