Being sued for debt collection can be a daunting experience, especially if you have never heard of the company suing you. If you have been served with a First Portfolio Ventures II, LLC lawsuit, you might wonder if it is a scam and what steps you should take next. Below, we provide information about First Portfolio Ventures II, LLC, why they might be suing you, and how to handle a debt collection lawsuit.
At Warren & Migliaccio, we help individuals across Texas facing financial difficulties and debt collection lawsuits. Contact us online or call one of our offices to schedule a consultation to discuss your situation. We are happy to review your case and discuss steps you can take to protect your best interests.
Is First Portfolio Ventures II, LLC a Scam?
First Portfolio Ventures II, LLC is not a scam. However, we understand why it may seem like a scam. You may have never heard of First Portfolio Ventures II, LLC. Worse, when you search for it online, you cannot find a website. Its lack of a visible online presence can make it seem suspicious to those facing a lawsuit. Even so, it is a legitimate debt buyer.
What Is First Portfolio Ventures II, LLC?
First Portfolio Ventures II, LLC is a debt-purchasing company. It buys defaulted credit card and loan accounts from the original creditors. It purchases these accounts for a fraction of the outstanding balance and then attempts to collect the full amount owed. Since it buys the debt at a discount, any amount it collects above its initial investment is considered profit.
Unfortunately, outside of being a debt buyer, there is not much information about First Portfolio Ventures II, LLC online. However, because its registered agent is Robert Chalavoutis, it is likely a subsidiary of FFAM360 Alliance. FFAM360 Alliance is a company in the “credit and collections space” based in Peachtree Corners, Georgia.
It does not have a registered surety bond with the Texas Office of the Secretary of State. Without a surety bond, it cannot engage in debt collection in Texas. Instead, it hires bonded law firms to pursue debt collection on its behalf.
For example, it often works directly with the law firm Javitch Block LLC. Javitch Block LLC is a registered Texas debt collector with an office in Richardson, Texas.
Why Is First Portfolio Ventures II, LLC Suing Me?
If First Portfolio Ventures II, LLC is suing you, it is likely because they have purchased a defaulted credit card or loan account with your name on it. It believes you owe it money. Once it has acquired your account, it may attempt to collect the debt by filing a lawsuit against you in court.
A common practice of debt buyers like First Portfolio Ventures is to purchase defaulted accounts in bulk. Then, it files mass lawsuits against the account owners with the goal of not hearing from them. It wants a default judgment against you and other consumers, which may happen if you fail to respond to the lawsuit or appear in court.
With a default judgment, First Portfolio Ventures would legally be entitled to the money even if you have solid defenses or do not owe it. Then, it could pursue bank garnishments, property liens, or property seizure to get the money from you.
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What to Do if First Portfolio Ventures II, LLC Sues You
One of the most important steps you can take to protect yourself against First Portfolio Ventures II, LLC is to respond to its lawsuit. You must file a formal response, called an Answer, with the court handling your case.
Most importantly, you must file it within a certain amount of time to avoid a default judgment. Generally, this time limit is very short, and you may only have 14 days to file it from the day you were notified of the lawsuit. You can see our guide to responding to a debt collection lawsuit here.
We recommend consulting with an experienced debt defense attorney from our firm. An attorney can be invaluable assistance in many ways and increases your chance of reaching a favorable case resolution. From the beginning, an attorney can help you with your Answer, so you do not have to worry about mistakes or missed deadlines. Our Texas debt collection defense attorneys can also help you by:
- Challenging the lawsuit and demanding proof of the debt and debt ownership
- Assessing the validity of the claims against you, including looking for any errors or weaknesses that could be grounds for case dismissal
- Helping you understand your legal options so you can make educated decisions about the case
- Representing you through negotiations or litigation to help you reach a favorable case resolution
What Are Potential Case Outcomes in a Debt Collection Lawsuit?
There are several possible outcomes in a debt collection lawsuit, including:
- Default judgment. A default judgment may occur if you ignore the lawsuit. In this case, you would lose the case and legally owe the money.
- Case dismissal. The case may be dismissed if you successfully challenge the debt’s validity or First Portfolio Ventures’ right to sue.
- Settlement. You may be able to negotiate a settlement with First Portfolio Ventures if that is the best option for your situation. You may be able to reach a settlement that is less than the alleged amount owed and establish a payment plan that works for you.
- Judgment. A judgment may occur if you decide to fight the lawsuit in court. If you have strong defenses against the claims, you may be able to win the case. If the court rules in favor of the debt buyer, a judgment will be entered against you.
- Bankruptcy. Bankruptcy is a form of alternative debt resolution. It may be an option to explore if you face significant financial difficulties.
Schedule a Consultation With Our Texas Debt Defense Lawyers
We understand that facing a lawsuit from First Portfolio Ventures II, LLC may feel overwhelming and stressful. However, it is essential to remember that you have legal rights and options. You do not have to deal with the lawsuit alone.
Do not hesitate to reach out to our debt resolution attorneys for assistance. With offices in Dallas and Richardson, we handle debt collection defense cases all over Texas. Call us or contact us online to schedule your consultation today. We are happy to discuss your situation and how we can help you.
