Have you received a threatening letter or email from a company named LVNV? How about from Portfolio Recovery Associates or Cavalry SPV? These are just a few of the companies involved in the secondary debt market. If you have been in debt, you have probably encountered debt buyers or debt collection agencies like these.  Every day, throughout the State of Florida, consumers are receiving notices from companies like these that claim a debt is owed to them. The problem is most people have never heard of the company that is contacting them.

At least once a week I speak to a consumer who tells me: “I got this in the mail and I don't have any idea who these people are but they say I owe them money.” The problem is most folks don't know what to do. They realize they may owe someone some money but how on earth can you be sure that the folks sending you the letter or email aren't just scammers out to get your hard-earned money? The answer is simple: contact the professionals at Holland Law Group. We are experts in debt defense and understand the challenges facing consumers who find themselves in this position. We can determine if the debt is indeed legitimate and then explain what can be done in your favor.

Let's start by explaining what secondary debt is. A secondary debt is one that was purchased on the secondary loan market, either from the company that originally held the debt or another company that purchased it. The company that sold your debt is under no obligation to inform you of the sale. In fact, the debt could have been sold multiple times, making it more difficult for the consumer to confirm or deny whether a debt belongs to them or if the amount is accurate.  In fact, a recent Federal Trade Commission study found that out of one million disputed debts, only 51% were accurately verified by the collection agencies. The study also found that some collection agencies were still trying to collect on debts that were time barred by what is called the statute of limitations.

In most secondary debt cases our clients end up paying nothing to the companies who claim to own the debt. But how is this possible? These debt buyers rarely receive all of the documents related to the debt, including statements or records related to disputes consumers may have made related to the account. Given the absence of these records and other important information, a skilled attorney can ensure a positive outcome in the consumers favor against the secondary debt buyers.

Do you understand your rights? Don't wait to take action when a lawsuit is filed against you. Without a strong advocate in your corner, companies like these can get a monetary judgment in court against folks who otherwise would owe nothing.  Whether you live in Miami, Orlando, Tampa, Jacksonville, or anywhere else in Florida, we can help with your debt collection problems.  Call us for a free consultation!