Being sued for debt collection can be an intimidating experience, especially if you are unfamiliar with the company suing you. If you have received a lawsuit from First Portfolio Ventures II, LLC, you may be wondering if it’s a scam and what steps you should take next. In this article, we will provide you with information about First Portfolio Ventures II, LLC, explain why they might be suing you, and give guidance on how to handle a debt collection lawsuit.
Is First Portfolio Ventures II, LLC Legitimate?
First Portfolio Ventures II, LLC is a legitimate debt buyer, although we understand why you may have doubts. It is possible that you have never heard of this company, and when you search for it online, you cannot find a website. The lack of a visible online presence may raise suspicion. However, First Portfolio Ventures II, LLC is a real debt purchasing company that buys defaulted credit card and loan accounts from original creditors. They purchase these accounts at a discounted price and then attempt to collect the full amount owed.
Understanding First Portfolio Ventures II, LLC
Apart from being a debt buyer, there is limited information available about First Portfolio Ventures II, LLC online. However, it is likely a subsidiary of FFAM360 Alliance, a company based in Peachtree Corners, Georgia, specializing in the “credit and collections space.” Although First Portfolio Ventures II, LLC does not have a registered surety bond with the Texas Office of the Secretary of State, they are still able to engage in debt collection in Texas by hiring bonded law firms to pursue collection on their behalf. One such law firm they work with is Javitch Block LLC, an established Texas debt collector.
Why is First Portfolio Ventures II, LLC Suing You?
If First Portfolio Ventures II, LLC is suing you, it is because they have purchased a defaulted credit card or loan account with your name on it. They genuinely believe that you owe them money. Their common practice is to buy defaulted accounts in bulk and then file mass lawsuits against account owners, hoping that many individuals will not respond. They seek a default judgment against those who fail to respond or appear in court. With a default judgment, First Portfolio Ventures II, LLC would legally be entitled to the money, even if you have valid defenses or dispute the debt. They may then pursue bank garnishments, property liens, or property seizure to recover the funds.
What to Do if You’re Sued by First Portfolio Ventures II, LLC
When facing a lawsuit from First Portfolio Ventures II, LLC, it is crucial to respond promptly to protect your rights. You must file a formal response, called an Answer, with the court handling your case within the specified time limit, typically 14 days from the date of notification. Responding within this timeframe is essential to avoid a default judgment. We strongly advise consulting with an experienced debt defense attorney who can assist you throughout the process. An attorney can help you draft an effective Answer, ensuring that you meet all deadlines. They can also challenge the lawsuit and demand proof of the debt and debt ownership, assess the validity of the claims against you, and represent you in negotiations or litigation to help achieve a favorable resolution.
Potential Outcomes in a Debt Collection Lawsuit
In a debt collection lawsuit, several outcomes are possible. A default judgment may occur if you ignore the lawsuit, resulting in a loss and a legal obligation to pay the debt. However, it is also possible to have the case dismissed by successfully challenging the debt’s validity or First Portfolio Ventures II, LLC’s right to sue. Another option is to negotiate a settlement with First Portfolio Ventures II, LLC, which may involve paying a reduced amount and establishing a manageable payment plan. If you decide to fight the lawsuit in court and have strong defenses, you may have a chance of winning the case. Alternatively, if you face significant financial difficulties, bankruptcy could be an alternative approach to resolving your debts.
Seek Guidance from our Texas Debt Defense Lawyers
We understand that receiving a lawsuit from First Portfolio Ventures II, LLC may be overwhelming and stressful. However, it is essential to remember that you have legal rights and options available to you. You do not have to face the lawsuit alone. Contact our debt resolution attorneys at Warren & Migliaccio, serving clients throughout Texas, to schedule a consultation and discuss your situation. We can provide the guidance and support you need to navigate your debt collection defense case. Don’t hesitate to reach out to us for assistance today.