Debt buyers typically have very little information about the debts they buy. Generally they acquire limited electronic information about the debt from the seller, but often do not have a copy of a signed contract, the charge slips, the application for the credit card, or a written assignment of the claim. Claims are frequently inflated, with interest and fees compounding monthly over a great number of years without any accounting for the huge growth in the balance.
Bad Debt Buyer Assistance
Bad Debt Buyers are a new breed of economic scourge that has arisen in the past few years. Bad Debt buyers acquire accounts from creditors or other debt buyers who sell charged-off accounts for pennies (as low as 1/3 of a cent) on the dollar. In less than 12 years, the gross amount of debt sold to Debt buyers has increased nearly a hundredfold, from $660 million in to $97 billion.
Debt buyers most often are unable prove ownership of the account they seek to collect; unable to prove contractual privity with the consumer; unable to prove a written contract; unable to the specific terms of the alleged credit card debt.
Debt buyers institute debt-collection suits against consumers in the hopes that they will represent themselves, or will not answer at all.
- Arrow Financial
- Asset Acceptance
- Cavalry Portfolio
- Cavalry SPV I
- Equable Ascent Financial
- Midland Funding / Financial
- Portfolio Recovery
- Unifund
- NCO Financial Systems, Inc.
- LR Credit, LLC
- LVNV Funding
- or any other collection service
How to deal with Bad Debt Buyers?
- Call the law office of Richard Groves at (602) 230-0995 for free consultation OR
- Fill out the form to the right and tell us which debt buying company you are dealing with
Attorney Richard Groves is very experienced in working with all debt buying companies. He is very experienced in handling clients situations with debt buyer very quickly and efficiently.