How to Negotiate Debt With Crown Asset Management

Crown Asset Management (CAM) is a professional debt collection agency. They buy old debts and file lawsuits to collect them.

Getting sued can leave you feeling anxious and overwhelmed. You need to know your legal rights when contacted by debt collectors like Crown Asset Management.

You can raise affirmative defenses that may help you win the lawsuit. You can also negotiate a settlement that works for both parties.

Here’s everything you need to know about Crown Asset Management and how to respond to their lawsuit.

What Is Crown Asset Management and How Does It Work?

Crown Asset Management specializes in buying old debts from other companies. They purchase these charged-off debts at a substantial discount.

Their business model is simple. They buy delinquent debts for pennies on the dollar. If they collect the debt, they make money.

Filing lawsuits against consumers is a strategic move. They rely primarily on “business record affidavits” to prove their case.

If you receive a collection lawsuit with such an affidavit, don’t give up. Our partner Solo helps you make the right defense the right way.

How to Negotiate With Crown Asset Management

Ready to contact Crown Asset Management to negotiate the debt? Here are proven debt negotiation tips from attorneys:

• Only mention bankruptcy if it’s a real option for you
• Explain your financial struggles clearly to creditors or their attorneys
• Share evidence of your limited ability to pay
• Offer a realistic settlement amount and expect a counteroffer
• Junk debt buyers often settle for 10-35% of the original amount
• Original creditors may accept 50-75% of what you owe
• If you suggest a payment plan, make sure it fits your budget
• Be honest about your finances because creditors know your situation

You can negotiate these settlements yourself. You can also use our partner Solo to handle negotiations online without phone calls or court hearings.

Is Crown Asset Management Legitimate?

Crown Asset Management is a legitimate company. The Better Business Bureau has accredited them since 2004.

They maintain an A+ rating with the BBB. They purchase consumer portfolios from credit cards, consumer loans, and auto loans.

CAM seeks to follow all state and federal regulations. They comply with the Fair Debt Collection Practices Act (FDCPA).

CAM works with outsourced collection agencies and law firms. They invite consumer feedback on how these agencies treat you.

Knowing your rights under the FDCPA protects you. You can take appropriate steps if CAM or any outsourced agency oversteps legal boundaries.

Your Rights Under the FDCPA

The Fair Debt Collection Practices Act (FDCPA) protects consumers from unfair debt collection practices. Knowing your rights makes you better equipped to fight back.

According to the FDCPA, debt collectors cannot do the following:

• Contact you after 9 p.m. or before 8 a.m.
• Attempt to collect a debt that doesn’t belong to you
• Threaten legal action and arrest
• Call after you request them to stop
• Lie and pretend to be lawyers
• Contact your family, friends, or coworkers about your debt

If you encounter harassment or abuse from any debt collector, report it. Call the FTC at 877-382-4357 or submit a complaint to the CFPB.

How to Respond to a Crown Asset Management Lawsuit

You understand your rights as a consumer. Now you’re in a good position to respond to a collection lawsuit.

First and foremost, do not ignore the lawsuit. Ignoring a lawsuit means you will lose by default.

Many debt collection agencies hope you won’t respond. Inaction allows them to win a lawsuit and obtain a Default Judgment.

With a default judgment, Crown Asset Management can garnish your wages. They can put liens on your property and freeze your bank account.

The first step to beating Crown Asset Management is responding with a written Answer. Our partner Solo can help you respond fast.

Six Steps to Answer a Crown Asset Management Lawsuit

When Crown Asset Management sues you, you receive a court Summons and Complaint. The Summons is the official notice that you’re being sued.

The Complaint lists all the specific claims against you. You have up to 35 days to respond, depending on your state.

Follow these six tips to draft an Answer to your debt collection lawsuit:

1. Keep Your Answer Brief

The Answer is a brief document. It isn’t the place to tell your life story.

Be as straight to the point as you can be. Stick to the facts of the case.

2. Never Admit Debt Liability

The Complaint comes with numbered paragraphs. Respond to every paragraph with one of three options.

You can deny, admit, or deny for lack of knowledge. Lawyers advise you to deny, deny, deny.

Let the plaintiff prove your responsibility for the debt. Don’t make their job easier.

3. Include Your Affirmative Defenses

Affirmative defenses are reasons why the plaintiff is wrong to sue you. Assert your affirmative defenses for each paragraph.

Common defenses include: you don’t owe the debt, you already paid part of it, or the statute of limitations has expired.

You can also require the plaintiff to provide proof of the debt.

4. Use Standard Court Formatting

Court documents need to be formatted in a certain way. An Answer includes your name, physical and email address, and case information.

Include the name of the court, the plaintiff’s identity, case title, and case serial number. The spacing and page format should follow professional standards.

5. Include the Certificate of Service

The certificate of service is a brief document. It contains the court name, plaintiff name, and the date you’re sending it.

If the plaintiff has an attorney, serve the attorney and not the company directly.

6. Sign the Document

The document is null and void without your signature. A signature means you accept the document as true.

You may print and sign manually or sign electronically before mailing.

After you’ve drafted your Answer, file it with the court. Send a copy to the attorneys representing Crown Asset Management.

You can file your Answer via mail, in person, or through electronic filing. Send a copy to the opposing attorney via USPS-certified mail with return receipt requested.

What Happens After You File Your Answer

Filing an Answer protects your position in the lawsuit. But it’s not the end of the journey.

You have a responsibility to show up for all scheduled hearings. You must attend the trial if it proceeds that far.

Ideally, after you file an Answer, you can reach a settlement agreement. The matter will then be officially closed.

Many debt collectors prefer to settle rather than go to trial. Suing consumers in court is time-consuming and expensive for them.

Settle Your Crown Asset Management Debt for Less

You can settle the debt for less than what you originally owed. You can start this process after Crown Asset Management validates the debt.

You can even negotiate after they’ve initiated a lawsuit against you. Settlement negotiations can happen at any stage of the process.

Our partner Solo offers tools that help you draft a settlement offer online. You can respond to counteroffers through the platform.

When both parties agree on a settlement amount, you can pay securely. No phone calls or court appearances required.

Debt collectors often prefer quick settlements. A settlement allows both parties to reach a satisfactory resolution without lengthy court battles.

Example: How Janet Beat Crown Asset Management

Janet lives in California and got sued by Crown Asset Management. The lawsuit was for an old credit card debt of $800.

After doing research online, she learned Crown Asset Management purchased the debt for $10. Now the collectors were trying to get her to pay the full amount.

She used our partner Solo to draft and file an Answer document. She denied all of Crown Asset Management’s claims and asserted her affirmative defenses.

After a few weeks, Crown Asset Management couldn’t prove their claims. They didn’t receive the correct documents from the original creditor when the debt transferred.

Crown Asset Management decided to dismiss the case. Janet won without paying a dime.