A debt buyer is a company or organization that purchases defaulted debt from creditors for pennies on the dollar. Debt buyers purchase hundreds or thousands of delinquent accounts in one transaction, generally for a fraction of the face value of the debt. Once the debt buyer acquires your debt from a credit card or loan company, it stands in the shoes of the original creditor. As such, the debt buyer attempts to collect the entire amount owed, including late fees and finance charges resulting in significant profits to the debt buyer.
The Woods Law Firm, LLC regularly defends debt buyer lawsuits in Connecticut in both the small claims court and the Superior Court. Some of the more prominent debt buyers include, but are not limited to:
- Portfolio Recovery Associates, LLC
- CACH, LLC
- Cavalry SPV I, LLC
- Sherman Acquisitions, LLC
- Credit Management Corporation, Inc.
- LVNV Funding
- Asset Acceptance Corp.
- Arrow Financial Services, LLC
- Midland Funding, LLC
- RAB Performance Recoveries
- The Bureaus, LLC
Debt buyers often lack substantiating documentation about the debts they pursue in court. In order to prevail on a claim for defaulted debt in Connecticut, debt buyers must establish ownership of the debt and the validity of the debt, among other things. More often than not, they are unable to, and, instead, resort to harassment or other illegal tactics such as misrepresentation to collect debts.
The Woods Law Firm, LLC understands the methods that debt buyers and collection attorneys use to collect debts. If you have been contacted by a debt buyer concerning an alleged debt, contact The Woods Law Firm, LLC today for a free case evaluation.