How To Deal With Cavalry SPV I LLC Collection Calls
Cavalry SPV I LLC is a legitimate debt collection agency that buys consumer debts from original creditors. When they contact you, validate the debt first to ensure accuracy. You can dispute incorrect information, negotiate a settlement for less than you owe, or set up a payment plan through a credit counseling service.
Get Payment Plan HelpCavalry SPV I LLC (Cavalry Portfolio Services LLC) is a legitimate debt collection agency. They focus on consumer debts like credit card balances. If Cavalry SPV I LLC is contacting you, validate the debt first.
Once you verify that the debt belongs to you, choose how to respond. Your main options are disputing the debt if information is incorrect or negotiating a settlement. You can pay less than you owe and resolve the matter.
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Lower My PaymentsWhat Is Cavalry SPV I LLC?
Cavalry SPV I LLC is a debt collection agency based in Greenwich, Connecticut. The company is also known as Cavalry Portfolio Services. If you receive a debt notice from either name, the information applies to both.
Here is their contact information:
- Website: https://www.cavalryportfolioservices.com/
- Phone number: 1-866-483-5139
- Address: 1 American Ln Ste 220, Greenwich, CT 06831-2563
Your debt may end up with Cavalry if the original creditor can’t collect payment. Banks like Wells Fargo, Citibank, or Chase may sell your past-due account. After their own collection efforts fail, the original creditor sells your debt to collectors.
Why Is Cavalry SPV I LLC Contacting Me?
If Cavalry contacts you, a lender has sold a debt you owe. Credit card companies like Capital One often sell delinquent accounts. Now Cavalry is continuing collection efforts.
Since Cavalry now owns your debt, you’ll work directly with them. Any negotiation or repayment plan happens with the debt collection agency.
Is Cavalry Legit?
Yes, Cavalry SPV I LLC is a legitimate debt collection company. However, they have quite a few customer complaints against them. Check the Better Business Bureau (BBB) and Consumer Financial Protection Bureau (CFPB) for details.
According to the BBB, more than 350 consumers filed complaints against Cavalry. These complaints cover the past three years as of early 2024. One consumer claimed Cavalry contacted them but didn’t provide documentation after request. A debt collector not giving sufficient information is a common Fair Debt Collection Practices Act violation.
The FDCPA is a federal debt collection law that protects you. It prevents harassment and unlawful behavior from third-party debt collectors. If you believe a debt collector violated the law, report them to the CFPB. You can even sue for compensation.
How Do I Know if I’m Being Scammed?
If someone claiming to represent Cavalry contacts you, don’t assume it’s legitimate. Some scammers use names of real debt collection agencies to trick you. They’ll typically ask for sensitive information like bank account numbers or Social Security numbers. A legitimate debt collection agency would already have your information.
Always validate your alleged debt and ask for more information. Validating the debt is the best way to avoid a debt collector scam. You can report scammers to the Federal Trade Commission (FTC). The agency specializes in protecting consumers’ rights.
Do I Have To Pay Cavalry SPV I LLC?
The first thing you need to do is verify the debt. Debt collectors sometimes have inaccurate information about the amount you owe. They may also have wrong information about who you owe. You can protect yourself by making sure Cavalry gave you a debt validation notice.
Read the notice carefully to verify that:
- The debt is an actual debt that you owe
- The debt collector genuinely owns the debt
- The amount of debt is accurate
If you haven’t received a debt validation letter, request one. You can also send Cavalry your own debt verification letter.
Step 1: Send a Debt Verification Letter
If you haven’t already received a debt validation letter from Cavalry, request one. You can also send your own debt verification letter.
A debt validation letter is correspondence from the debt collector. It includes basic information about a debt they’re trying to collect from you. By law, a debt collection company must send you one. They must do so before or within five days of first contacting you. They must also give you a 30-day window to dispute the debt.
During the 30-day debt dispute window, the collection agency can’t continue collection efforts. Phone calls, letters, and emails must stop. If they aren’t able to verify your debt within 30 days, you don’t pay. Check your credit report and dispute any errors with the major credit bureaus.
If the debt collectors can verify your debt within 30 days, decide what to do next. Your next steps depend on whether you agree with the amount.
Step 2: Decide What To Do Next
If the debt collector verifies that you owe the debt, choose how to respond. The three main options are:
- Dispute the debt
- Negotiate or settle the debt
- Ignore the debt (not recommended)
Option 1: Dispute the Debt
If you disagree with the amount or other details, dispute the debt. You can dispute the debt with Cavalry and with the three major credit bureaus. The three major credit bureaus are Experian, Equifax, and TransUnion.
Under the Fair Credit Reporting Act (FCRA), you have rights. You can get a free copy of your credit report from each bureau. You can do so once every 12 months.
The FCRA also gives you the right to dispute errors. You can remove incorrect entries from your credit report using the 609 Credit Dispute Letter.
Option 2: Negotiate the Debt and Make a Settlement Offer
If paying the debt in full isn’t an option, negotiate a debt settlement. You’re not alone if full payment isn’t possible. Most people can’t pay the full amount.
Most creditors will settle for 40% to 60% of the original amount owed. You can start with a low percentage, even as low as 25%. Be willing to meet at 50% to 60%. Starting low could help you avoid paying the highest percentage.
You do have leverage in this situation. A debt buyer purchases debt from the original creditor for pennies on the dollar. They’re willing to negotiate because they usually profit even if you pay less.
Negotiating a successful settlement with Cavalry may seem intimidating, but it is possible. Our partner Cambridge Credit Counseling can help you create a debt management plan and negotiate lower payments.
Can You Negotiate Every Past-Due Debt?
No, you can’t negotiate every past-due debt. But negotiation is usually an option for most common past-due consumer debts. Negotiable debts include credit card debt, medical bills, personal loans, and payday loans.
Debt that’s backed by collateral isn’t usually negotiable. Mortgages and car loans fall into this category. If you default on these loans, the lender can foreclose or repossess.
Federal student loans also aren’t negotiable. But if you’re struggling to make payments, there are several student loan forgiveness options.
Tax debt, on the other hand, is usually negotiable. But the IRS has its own system for negotiating debt owed.
Option 3: Ignore the Debt (Not Recommended)
While this is technically an option, ignoring the debt is not recommended. Dealing with debt and collectors like Cavalry is overwhelming. It’s normal to want to ignore everything and hope it goes away.
Unfortunately, ignoring the debt collector won’t make the debt go away. Often, it will increase your stress and cost you more in the end.
But take heart, you can handle this situation. If you’re reading this article, you’re learning your rights. You’re taking your power back.
What Happens if I Ignore Cavalry SPV I LLC?
The worst thing you can do if a debt collector contacts you is ignore them. Ignoring a debt collector can:
- Hurt your credit score
- Cost you more due to interest charges, fees, or court costs
- Create an opening for the debt collector to sue you
If you get sued and lose, the debt collector can get a court order. They can garnish your paycheck or bank account.
While negative information falls off your credit report after seven years, the debt doesn’t disappear. Agencies can continue collection efforts if the statute of limitations hasn’t run out.
The best thing you can do for yourself is take action. You can resolve the situation with Cavalry and win.
Can Cavalry Sue Me?
Unfortunately, Cavalry SPV I LLC can sue you. Lawsuits usually won’t be their first step. But if collection efforts go unanswered, Cavalry may eventually bring a debt collection lawsuit.
Whether you’ll get sued depends on several factors, such as:
- Your state’s wage garnishment laws
- How long your debt has been in collections
- The amount you owe
If a collector sues you, you will receive a summons and complaint. These are official court documents that notify you of the lawsuit. The documents are usually delivered to you in person. It’s important to respond to the lawsuit or face serious legal consequences.
If you’re worried about responding on your own but can’t afford a lawyer, help is available. Our partner Solo can help you draft an answer letter for a small fee. They’ve helped over 280,000 people respond to debt lawsuits.
Know Your Rights and Take Action
Cavalry is a legitimate debt collection agency that collects consumer debt. If they contact you, validate the debt first. Then decide what action to take. Know your rights and remain confident. You do have choices and you can resolve the matter.
Whether you choose to dispute the debt, negotiate a settlement, or work with our partner Cambridge Credit Counseling for a payment plan, you’re not alone. Taking action now protects your financial future and gives you peace of mind.