Credit card companies are the absolute worst. Wait, I take that back. The people that buy debt accounts from credit card companies are the absolute worst. You may have received calls and letters from these third parties debt collectors or the law firms that represent them. The three biggest third party debt collectors are Cach, LLC, Midalnd Funding LLC and LVNV Funding LLC. We have experience dealing with these companies, so if you’ve been called, received a letter or been sued by any of these companies or other third party debt collectors, give us a call to speak with a Forney Debt Defense Attorney.
Our experience defending debt lawsuits.
As mentioned, our firm has a lot of experience defending lawsuits filed by these debt collectors. In the last year alone, we saved our clients a combined $188,170.50 through settlements and dismissals. We currently have many other pending cases in which we’re defending lawsuits filed by these debt collectors.
Why do you need a lawyer to defend your lawsuit?
To understand how our Forney debt defense lawyers can help you, it’s helpful to understand how these debt collectors operate. So allow me a minute to explain.
Third party debt collectors typically buy accounts that are charged off by credit card companies. Your Chase card, Citibank card, or any other credit card with a mainstream credit card company is “charged off” when payments stop on the account. That typically happens once the credit card company has gotten plenty of money out of you via interest, fees and penalties. But because of all those extra charges, you can’t get your balance paid off. That’s when the credit card companies sell the account to a third party. They sell it to them for next to nothing because, like I said, they already got their money from you.
So these third party debt collectors buy the debt for next to nothing. But by hiring a Forney debt collection defense attorney, we can help you cut into their profit margin and save you some money in the process. You see the debt collector is hoping you never hire an attorney and never file an answer to their lawsuit. That way they can get a judgment against you for the full amount of the balance. But as soon as you hire an attorney and file an answer, you’re cutting into their profit margin. They have to pay a law firm to work on the account, and if you file hire an attorney, we’ll make ’em work.
Or at least we’ll threaten to make them work. The threat of inccurring more legal fees usually facilitates a settlement. To give you an example, let’s say a debt collector buys an account with a balance of $5,000 for $500. If you never hire an attorney and file an answer, they can probably get a default judgment for about $1,000 legal fees. That means they’ve “made” $3,500. But if you hire an attorney and make them incur more legal fees,their profit decreases with every hour of legal fees they incur.
There is obviously a lot more to this. We can look at the details of your case and determine if it’s possible to get your case dismissed. Or if it’s a good idea to potentially take your case to trial. If settlement isn’t the best option for you, we’ll gladly fight the debt collectors to the bitter end for you. But settlement is the most common result of these types of cases. And settling a case is a lot easier and more advantageous with a Forney debt defense lawyer on your side.
Give us a call today at (972) 564-4644 to set up a initial consultation with a Forney debt defense lawyer. We’d be happy to sit down and discuss the specifics of your case and the options available to you.