When Cavalry Portfolio Services makes contact regarding a debt they claim you owe, it’s essential to understand who you are dealing with. Knowing your rights within the debt collection process is just as critical, helping you avoid potentially deceptive practices. This article provides a comprehensive overview of Cavalry Portfolio Services and actionable steps to take if they reach out to you.
Who is Cavalry Portfolio Services? A Deep Dive
Cavalry Portfolio Services, operating also as Cavalry SPV I, LLC, is a prominent debt collection agency. They specialize in purchasing and collecting debts, often from major financial institutions like Chase and Bank of America, who are typically the original creditors. Cavalry openly states their leadership in acquiring “non-performing consumer loan portfolios.”
Essentially, Cavalry Portfolio Services functions as a debt buyer. They purchase various types of debts, including:
- Credit card debt
- Payday loans
- Auto finance debt
- Utility company bills
- Telecommunication service debts
The business model of Cavalry Portfolio Services and similar debt collection companies involves purchasing debts from original creditors for significantly less than the face value. Despite this reduced purchase price, they attempt to recover the full original balance from debtors.
It’s important to be aware that if Cavalry Portfolio Services believes you owe a debt, they likely have already reported this to major credit bureaus. This can negatively impact your credit report and subsequently lower your credit score.
For official correspondence or inquiries, Cavalry Portfolio Services can be reached at:
Cavalry Portfolio Services
1 American Lane
Suite 220
Greenwich, CT 06831-2200
Phone: (866) 483-5139
Their previous business address was:
500 Summit Lake Drive, Suite 400
Valhalla, New York 10595
It is generally advised to exercise caution when directly contacting debt collection agencies. It’s a common practice for these agencies to record calls, and interactions can sometimes be complex to manage without proper preparation.
Legal Actions Against Cavalry Portfolio Services
Cavalry Portfolio Services has faced legal scrutiny, including a notable class-action lawsuit related to violations of the Telephone Consumer Protection Act (TCPA). This lawsuit, which reached a settlement exceeding $24 million approved on October 13, 2020, alleged that Cavalry Portfolio Services contacted consumers without obtaining prior consent, a practice explicitly prohibited by the TCPA.
Furthermore, other proposed class-action lawsuits have been filed against Cavalry Portfolio Services. These lawsuits contain allegations of:
- Misrepresenting or contradicting consumers’ rights to dispute debts.
- Omitting crucial information from debt collection letters.
- Setting false deadlines for accepting settlement offers.
- Attempting to collect debts without the necessary state licenses.
These legal challenges highlight the importance of understanding consumer rights and the regulations governing debt collection practices.
Understanding Consumer Complaints Against Cavalry Portfolio Services
As of December 28, 2023, Cavalry Portfolio Services holds a rating of A from the Better Business Bureau.
However, the customer reviews on the BBB platform present a different picture. Cavalry Portfolio Services is rated 1 out of 5 stars based on 14 reviews. The BBB also reports a significant volume of complaints, with 347 complaints closed in the last three years and 195 within the last 12 months.
The Consumer Financial Protection Bureau (CFPB) Consumer Complaint Database contains substantial records related to “CAVALRY INVESTMENTS, LLC,” totaling 3,450 entries. A significant portion of these, 2,885 complaints, are specifically categorized under “debt collection.”
This data suggests a considerable number of consumers have experienced issues with Cavalry Portfolio Services, particularly in the realm of debt collection practices.
Action Steps if Cavalry Portfolio Services Contacts You
Cavalry Portfolio Services’ primary method of operation involves sending debt collection letters and making phone calls to recover debts owed to their clients. If you are contacted by them, taking the following steps is crucial:
Firstly, demand debt validation from Cavalry Portfolio Services. It is your right to ensure the debt is legitimate and accurate. Creditor information can be outdated or incorrect. Furthermore, debts can become time-barred due to statutes of limitations, rendering them legally unenforceable. The Fair Debt Collection Practices Act (FDCPA) offers protection against unfair debt collection tactics, yet violations still occur. Requesting a debt validation letter is a critical first step to verify the debt’s validity.
Secondly, seek guidance from a debt resolution law firm. Obtain personalized advice tailored to your specific situation. Engaging with a law firm like Tayne Law Group offers assurance that your debt issues are managed effectively and professionally.
Experienced debt resolution teams can often negotiate settlements with debt collectors like Cavalry Portfolio Services, potentially saving you a substantial amount compared to the original debt balance. Working with a knowledgeable debt relief law firm provides confidence that your financial matters are being handled with expertise in the debt collection industry.
For a free, no-obligation consultation to discuss your debt situation and explore available options, you can call 1-866-890-7337 today. Discover how professional assistance can make a significant positive difference in resolving your debt concerns.
Frequently Asked Questions about Cavalry Portfolio Services
Q: Who does Cavalry Portfolio Services collect debts for?
A: Cavalry Portfolio Services acts as a debt collection agency for a variety of creditors. These typically include credit card companies, healthcare providers, and other businesses that have extended credit or services.
Q: Is Cavalry Portfolio Services a legitimate company?
A: Yes, Cavalry Portfolio Services is a legally operating and legitimate debt collection agency.
Q: Who owns Cavalry Portfolio Services?
A: Cavalry Portfolio Services is a privately held company, and specific ownership details are not publicly disclosed.
Q: How can I contact Cavalry Portfolio Services customer service to discuss my account?
A: You can reach Cavalry Portfolio Services customer service through their official website or by using the phone number provided in the contact information section above.
