Cavalry Portfolio Services is one of the largest debt buyers in our country. In fact, they file more debt collection lawsuits than some of the biggest banks in the country. If you’re being sued by Cavalry Portfolio Services, it’s important to understand your rights and what you can do to protect yourself.
This article will discuss the debt buyer, how to get Cavalry off of your credit report, what to do if you’re being sued by them, and more. Then, we’re going to explore your options and touch on dealing with debt collectors in general. So, read on for all the information you need to know about settling debt with Cavalry Portfolio Services, Inc. and their affiliated companies.
Who Is Cavalry Portfolio Services, Inc.?
Cavalry Portfolio Services, Inc. is a debt buyer. That means they purchase unpaid debts from other companies for a fraction of the amount owed. They then try to collect on those debts to earn a profit. So, naturally, their goal is to buy low and collect high.
If you’re wondering why you see Cavalry, or a variation of their name (such as Cavalry SPV, Cavalry SPV I LLC, or Cavalry SPV ii), it’s likely because they’ve purchased a charged off debt.
Once Cavalry Portfolio Services, Inc. has acquired a debt, they have a few options that they can exercise right away or in the future. To name a few, they may:
- Collect on the debt directly
- Hire a third-party collection agency to pursue collections
- Place the account with a law firm for collection and/or litigation
- Do nothing
- Resell the account to a different debt buyer
Is Cavalry Portfolio Services, Inc. a Legitimate Debt Collection Company?
Yes, Cavalry Portfolio Services, Inc. is a legitimate company. In fact, Cavalry Portfolio Services, Inc. is one of the largest debt buyers in the United States.
Just because they are a legitimate organization doesn’t mean you should let your guard down, though. We are a consumer rights law firm, and we encourage you to treat any call or letter asking you for money with a healthy amount of skepticism. The scammers of the world are known to piggyback off of other companies.
Double and triple-check to be sure you are truly communicating with the real Cavalry Portfolio Services, Inc. before providing any personal information and falling prey to a scam. If it truly is a call, letter, or lawsuit from Cavalry Portfolio Services, Inc., they are indeed a legitimate debt buyer.
What’s the Relationship between Cavalry Portfolio Services, Inc. and PRA Group, Inc.?
There are several companies within the Cavalry ecosystem. For example, when you have a debt that has been purchased by Cavalry Portfolio Services, Inc., you may also see Cavalry SPV, Cavalry SPV I LLC, or Cavalry SPV ii on collection letters, your credit report, or legal documents if you’re being sued.
With all these companies intertwined, it can get a bit tricky.
Rather than untangle the corporate web behind Cavalry Portfolio Services, Inc., suffice it to say that Cavalry is a debt buyer who also acts as its own debt collector.
Their various subsidiaries each play a role in their business processes. All have a deviation of the core “Cav” within their names and, for the most part, you’ll primarily see Cavalry Portfolio Services, Inc. and PRA Group, Inc.
What Is the Relationship between Cavalry Portfolio Services, Inc., Citibank, and Other Creditors?
Cavalry Portfolio Services, Inc. purchases unpaid debt from lenders like CitiBank, Lending Club, and others.
Once a debt has been purchased by Cavalry Portfolio Services, Inc., it is their right to try to collect on that debt. The original creditor no longer owns the debt, and all communication regarding the account will take place between you or your debt settlement attorney and the new owner of the debt or their collector.
Why Is Cavalry Portfolio Services, Inc. on My Credit Report?
When Cavalry Portfolio Services, Inc. becomes the new owner of your debt, their name will often appear on your credit report alongside the collection account. Their remarks may include their contact information, how long the account will remain on your credit report, and the account status, such as unpaid, paid in full, or settled.
Under the Fair Credit Reporting Act, they are able and expected to report accurate and verifiable information. If it is not accurate, if they cannot verify the information, or if it is not a valid debt, you may be able to remove Cavalry Portfolio Services, Inc. from your credit report by disputing the remark. You’ll want to ensure the error is corrected with each of the three credit reporting agencies: Transunion, Experian, and Equifax.
How to Remove Cavalry Portfolio Services Debt from Your Credit Report
Although their internal policies are always subject to be changed, Cavalry Portfolio Services currently displays information regarding removing their remarks from your credit report. Essentially, their current policy is to remove paid and settled debts from your consumer credit report.
If you believe you owe the debt and want to remove Cavalry Portfolio Services debt from your credit report, you can repay the debt in full or negotiate a settlement. After about 60 days, which is likely to allow time for your payment to clear, they state that they will remove the account from your report.
National Legal Center can negotiate a settlement with Cavalry Portfolio Services and ensure they follow through on any legal obligations they may have to remove the account from your credit report.
What Should I Do If I Receive a Letter or Call from Cavalry Portfolio Services, Inc.?
If you’re receiving calls or letters from a debt collector at Cavalry Portfolio Services, Inc., or any collection agency, there are actions you can take and rights that protect you as a consumer in debt.
Begin by reading the Attorney’s Guide to Reading a Collection Letter. This will explain the core elements of the letter you received and the laws that collection agencies need to follow when sending letters about collection accounts.
Then, determine your next steps.
Are you sure you owe the alleged debt to Cavalry Portfolio Services, Inc.? If not, you might consider sending a debt validation letter. With a bit of research and legwork, you can attempt to do this on your own. If you’d like a free consultation with a law firm familiar with disputing debts, contact our team here at National Legal Center.
If you are sure the debt is valid, can you afford a payment plan to resolve or settle the account? Make sure any arrangement is affordable and doesn’t leave you falling behind on other obligations.
National Legal Center negotiates with companies like Cavalry Portfolio Services, Inc., every day. Complete this short form to discover options to resolve debt with Cavalry Portfolio Services, Inc., and any other creditors you may have on your credit reports.
Is Cavalry Portfolio Services, Inc. a Debt Collection Agency?
Yes and no. Cavalry is a debt buyer. They purchase debt, and then they have their debt collectors call in an attempt to collect the debt. The fact that they own the debt does raise questions on whether they are technically a debt collection agency. The title of being a “debt collector” brings along many requirements under the FDCPA.
If you feel you’ve been harassed or like your rights have been violated by debt collection companies, National Legal Center is here to help.
Can Cavalry Portfolio Services, Inc. Sue Me?
Yes, Cavalry Portfolio Services, Inc. may be able to sue you for the debt you owe. A debt collection lawsuit can be a frightening experience that you should take seriously. If Cavalry Portfolio Services decides to sue you, it is important to speak with an attorney as soon as possible.
Failing to respond to a summons can result in a default judgment being entered against you. At that point, you’re susceptible to having wages garnished, money taken from your bank account, seizure of personal assets, and more.
National Legal Center offers a unique consultation specific to individuals facing lawsuits to discuss your case and determine the best course of action for you.
Should You Negotiate a Settlement with Cavalry Portfolio Services, Inc.?
When Cavalry Portfolio Services, Inc. is contacting you about a debt, negotiating a settlement is one option to resolve the debt.
A settlement is where you pay less than the total amount owed on the debt, either in a lump sum or over several monthly payments. Once you pay Cavalry Portfolio Services, Inc., the account is reported to the credit bureaus as settled in full (or similar), and they should not take further action.
If Cavalry Portfolio Services, Inc. has filed a debt collection lawsuit, and you’re considering settlement, things change a bit. Of specific importance is the timing of the settlement.
For example, if the settlement occurs after Cavalry Portfolio Services, Inc. issued a summons, you’ll want to make sure you know whether the court hearing was canceled. If not, you may still be expected to appear in court, even if only to share the details of the settlement.
If you settle a Cavalry Portfolio Services, Inc. lawsuit after a judgment was entered, you’ll want to have documentation that confirms they will file a satisfaction of judgment with the court.
While you can ask the representative at whatever law firm is handling the matter for Cavalry Portfolio Services, Inc., it’s crucial to remember that they are not your attorneys!
Instead, they represent the other party, so it’s good to be skeptical and confirm anything they tell you. After all, their job is to collect the most funds possible on the accounts they handle.
Negotiating a settlement is an excellent way to resolve a debt. Just make sure to cross your t’s and dot your i’s.
Tips for Negotiating a Settlement with Cavalry Portfolio Services, Inc.
Here are some tips for negotiating a settlement with Cavalry Portfolio Services, Inc., or any other debt collection agencies:
- Negotiate a settlement you know you can afford. Don’t over-commit yourself and fail to complete the terms of the arrangement.
- Obtain a letter outlining the terms of the agreement, including the amount to be paid and the payment due date.
- Follow the letter’s instructions. If the settlement agreement is $4,089.05, pay that, don’t pay $4,089! If it is due by the 28th, paying on the 30th doesn’t cut it—if you need an extension on a settlement, you also need a new letter.
- Maintain your documents. If the account surfaces in the future, you’ll be glad to have a copy of your settlement letter and proof that you paid it as agreed.
How Can a Debt Settlement Attorney Help?
Receiving a summons on a debt you owe to PRA is a serious legal matter. It can lead to a judgment, wage garnishment, a lien against your home, and more. Your best move is to consider hiring a debt relief lawyer to help protect your rights and ensure you aren’t taken advantage of or make mistakes during legal proceedings.
If you decide to work with an attorney, they’ll likely look at your entire financial situation and work to find an affordable resolution for you and minimize your legal risks. They may also identify alternate legal strategies to deal with the debt.
Did you know a debt settlement attorney can help even if you’re not facing a lawsuit?
You don’t have to wait until you receive a debt collection summons to begin working on a solution. By working with a lawyer familiar with debt-related matters, you can minimize the chances of a debt collection lawsuit happening in the first place.
Can the Fair Debt Collection Practices Act Help with a Debt Collection Lawsuit?
A debt collection company often walks a very fine line when getting a consumer to repay a collection account. Most collection agencies are cautious about following the laws that oversee debt collections, such as the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), and other consumer protection laws. However, sometimes an untrained or unruly debt collector can violate your rights.
Among many other things, a debt collector may not:
- Share inaccurate information during phone calls
- Provide legal advice
- Lie about what type of legal action they can take
- Misrepresent the debt
- Pursue time-barred debt without proper notification
- Disclose your debt to third parties
If a representative of a debt collection agency has violated your rights, and you are facing a debt collection lawsuit, you may be able to file a counterclaim against them.
A successful counterclaim on a debt collection lawsuit can lead to many outcomes. For example, it may result in the dismissal of the lawsuit brought against you, a waiver of the debt owed, the removal of the account from your credit reports, money damages to you, etc.
Contact Information for Cavalry Portfolio Services, Inc.
If you have an account owned by Cavalry Portfolio Services, Inc., it helps to know how to contact them. To obtain confident contact information, you may want to go to the company’s website, your credit report, or the Better Business Bureau.
Below is the contact information for Cavalry Portfolio Services, Inc.
Cavalry Portfolio Services, Inc.
1 American Lane, Suite 220
Greenwich, CT 06831-2200
National Legal Center negotiates with debt buyers and debt collection agencies regularly. Complete this short form to discover options to deal with a summons from Cavalry Portfolio Services, Inc. and any other collections account you may have.