Cavalry Spv I LLC known as Cavalry Portfolio Services is a debt collection company that buys debt from big banks in America for a lesser amount and tries to collect them from debtors on the full balance.
If they are on your credit report, this means Cavalry believes you owe them a debt. They are known to report the debtor to three national credit bureaus which can significantly hurt your credit score.
Who is Cavalry Spv I LLC?
Cavalry Spv I LLC is a debt collection agency that is notorious for purchasing unpaid debt from banks and other companies and collecting it from the debtors.
Dealings of Debt Cavalry Spv I LLC
Typically, they deal in five types of debt:
- Credit card debt
- Utility debt
- Auto finance debt
- Payday loans
- Telecommunication debt
If they believe you owe them money, they will likely reach out to you via email or phone call. This demanding call won’t be the only thing hurting your sentiments. But the collection account will probably show up on your credit report, running your credit score, and your credibility along with it!
A bad credit score simply means that you will have trouble acquiring loans and tending to important financial matters.
What to do if Cavalry Portfolio Services contact you?
The call from cavalry can come out of nowhere, taking you off guard and making you wonder whether you even owe them anything.
Cavalry usually contacts debtors or consumers to recover unpaid debts that are owed to their clients. However, the information they have about your debt is not always accurate. Or your debt may no longer be collectible given that it has surpassed the statute of limitation.
So, what can you do if Cavalry contacts you demanding money that you don’t owe them? Well, for starters, you should know that there is The Fair Debt Collection Practices Act (FDCPA) that protects your rights in such matters!
Here are two things you can do if Cavalry contacts you:
- Send them a letter verifying your debt status
- Consult a good debt relief law firm to decide your next course of action
How to Remove Cavalry Portfolio Services from Your Credit Report?
It’s possible to identify the mistakes in your account and remove Cavalry SPV from your credit report. But you need to meet some requirements to be eligible for this removal:
- The information on your account needs to be fraudulent, incorrect, or errored.
- The information is not fixed even after reporting and waiting for an appropriate period.
There is a high possibility of mistakes making their way into your credit report. In fact, a survey suggests that more than 79% of credit reports often need to be corrected.
So, don’t lose your cool if you see Cavalry showing up on your credit report. There are ways to remove them and get your report clean again.
How to win against Cavalry SPV I LCC?
You have three options when you receive a call from Cavalry: negotiate your debt, respond to the lawsuit, or file a complaint against them!
Let’s discuss each of your options and find out if they apply to your situation.
1. Negotiate your debt
Like most debt collection agencies, Cavalry also contacts their debtors for negotiations. It’s stated on their website that they understand the circumstances and hardships that can cause consumers to not pay their debt.
Therefore, they make personal calls to negotiate your debt repayment. But unfortunately, this negotiation benefits the company more than you. Remember, Cavalry isn’t the original creditor and they purchase debts from someone else–at much cheaper prices. So, they have all the incentives while negotiating repayment with you!
You need to be on your guard during this negotiation to avoid paying a hefty interest. Mostly, companies like Cavalry don’t settle for anything less than 70%.
Expert tip: there are debt negotiation agencies that can help you negotiate your debt more quickly. They know what repayments original creditors have accepted in the past, so they make offers based on that. If you aren’t very good at negotiating, hiring a professional might be your best bet!
2. Respond to the lawsuit
If Cavalry Portfolio Services has filed a lawsuit against you, it’s important that you respond to the court’s call. Ignoring the lawsuit will only strengthen the company’s case and help them win it by default.
Remember that Cavalry isn’t the original creditor, so they mostly don’t have access to any records. They file the case based on hearsay which strengthens your position. The company needs to actually win the case to garnish your bank account.
Therefore, it’s important to hire a good consumer lawyer and respond to the summons. There are hundreds of defenses you can make, but not responding to the court’s order puts you at risk of losing and making hefty payments!
3. File a complaint
Consumers in the past have filed complaints against Cavalry to the Consumer Finance Protection Bureau. You can also do the same if you believe the company is violating any of your rights during the collection process.
Here is a list of things Cavalry Portfolio Services can’t do to collect debt:
- Call at unprofessional hours
- Make unjust demands
- Impersonate an attorney or government official
- Contact at work
- Threaten to arrest
- Use abusive language
- Call your friends, family, or neighbors
Who Does Cavalry Portfolio Services Collect For?
Here are 10 entities that Cavalry Spv I LLC is known to collect debts for:
- Bank of America
- Chase
- Wells Fargo
- Citibank
- Discover
- Capital One
- American Express
- Barclays
- US Bank
- Synchrony Bank
They usually partner with major creditors like Bank of America and Chase. But since the company is huge, it purchases debt from a variety of creditors including utility companies, small banks, and loan sharks!
However, it’s impossible to determine whose debt they are collecting as this information is always confidential. So, I can’t give you an accurate answer and list all the names of creditors they collect for.
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How to File for Lawsuit Against Cavalry Portfolio Services?
So, imagine this – you find yourself in a bit of a pickle, getting a lawsuit from a company called Cavalry Portfolio Services.
Yeah, sounds intense, right? I’ve got your back. Here’s what I’d do if I were in your shoes:
1. Collect Documentation
First things first, gather all the papers related to this debt, any emails or letters from Cavalry, and any other proof you’ve got.
We need to have our facts straight.
2. Know Your Rights
You’ve got rights, my friend.
Ever heard of the Fair Debt Collection Practices Act (FDCPA)? It’s your shield. Understand what it says – knowledge is power.
3. Research Attorneys
Now, it’s time to look for someone who’s got your back – a Debt Collection Lawsuit Defense Attorney.
These are the pros who know the game.
4. Schedule Consultations
Schedule a sit-down (or a Zoom call) with potential attorneys.
They often do these chats for free. Lay out your situation and see if they’re the right fit.
5. Evaluate Legal Fees
Lawyers aren’t cheap, right?
Ask about their fees upfront. Some work on a win-first-get-paid-later deal, others charge by the hour.
6. Provide Information
Open up to your chosen lawyer about everything – the lawsuit, your money situation, and any bumps in the road. Full disclosure is key here.
7. Discuss Defense Strategies
Discuss strategies with your attorney. Are we challenging the debt, disputing amounts, or crying foul play on the rules? Plan the defense.
8. Negotiate or Settle
Your lawyer might try to negotiate with Cavalry Portfolio Services for a sweet settlement. It could mean paying less or waving bye-bye to the case.
9. Prepare for Court
If no deal is reached, brace yourself for court. Your attorney will be your guide, helping you prep for hearings and sorting the legal stuff.
10. Attend Court Proceedings:
Regularly check in with your lawyer, respond to any legal emails, and show up where you’re needed.
