Who is CVI SGP CO Acquisition Trust?

Debt lawsuits are filed every day in Broward County, but some debt collectors are more likely to file than others. CVI SGO Co Acquisition Trust is one of the most aggressive debt collectors in the Sunshine State, and throughout the entire country. If you have received notice that this company is suing you, it may be tempting to ignore it. Or, you may be so consumed with worry you do not know what to do next.

Both of these reactions are natural, but it is important to know that ignoring a lawsuit does not make it go away. A debt defense lawyer in Broward County can advise you on the possible defenses in your case, and the next steps to take.

Who is CVI SGP CO?

CVI SGP CO Acquisition Trust is a debt collector and like other companies that purchase debt from creditors, they buy debts from credit card companies, auto dealerships, medical centers, and more, for very small amounts.

Debt collectors such as CVI SGP CO only pay a very small amount for the debt they purchase, usually between two and five cents on the dollar. This means they can purchase a debt worth thousands of dollars for $100 or less. The original creditor does not think they will ever recover anything from the debt and so, they are happy to receive something rather than nothing. Once a debt collector owns the debt, anything they recover is then purely profit for them.

Some debt collectors are more aggressive than others, and CVI SGP CO is one that very actively pursues debt lawsuits. In 2019, the company filed more than 500 cases every week against borrowers. Their operating model dictates that they file as many lawsuits as possible so they can collect as many as possible for the smallest price. If you have been notified that you are being sued by CVI SGP CO, or the company has started harassing you over a debt, it is imperative that you speak to a Broward County debt defense lawyer today.

What Happens if CVI SGP CO Wins Their Case?

Many consumers that cannot repay their debt think nothing will happen if the collection companies pursuing them wins their lawsuit. Too many people rely on the old expression, “You cannot get blood from a stone.” Unfortunately, while you think nothing may happen if CVI SGP CO wins their case against you, that is simply not true. Although you may not think you can afford to repay the debt, the courts will likely view it differently.

If CVI SGP CO wins their case against you, they will likely be able to take a number of different actions against you. These may include:

• Garnish your wages
• Withdraw funds from your bank account
• Seize your property
• Place a lien on your home

Fortunately, these actions are not inevitable, even if CVI SGP CO has filed a lawsuit against you. There are defenses available in these lawsuits, and a debt defense lawyer in Broward County can advise on what those are.

How to Defend Against a CVI SGP CO Acquisition Trust Lawsuit

You may think it is a hopeless situation when you learn of a lawsuit filed against you by CVI SGP CO Acquisition Trust. There are many defenses available, but it is important to speak to a debt defense lawyer who can advise on what those are, and which one is most applicable to your case. The most common defenses in these lawsuits are as follows:

• Respond: Responding to a lawsuit is not enough of a defense alone to ensure CVI SGP CO cannot take legal action against you. However, if you do not respond, they will likely obtain a default judgment against you, after which they can take legal action. In Florida, you have 20 days to respond to the lawsuit so it is crucial that you speak to a lawyer immediately to devise the best response.
• Contest the service: When CVI SGP CO files a lawsuit against you, they must serve you with the official documents. In Florida, there are very specific requirements placed on this service and if the debt collector does not follow them accordingly, you can challenge it as a defense to your lawsuit. Keep in mind though, that this defense is usually temporary. The debt collector can fix the error and serve you again with the lawsuit.
• Challenge the company’s right to sue: In order to sue you, CVI SGP CO must have the legal right to do so. The burden of proof is on the company to show that you owe the debt, the amount you owe, and that they own the debt. This is not always as straightforward as it seems. Before a debt collection lawsuit is filed, the debt has often changed hands many times, as debt collectors buy from original creditors and other debt collectors. Paperwork may have gotten lost along the way, which serves as a very common defense in these lawsuits.
• Statute of limitations: Like most lawsuits in Florida, those involving debt collection are governed by a statute of limitations, or time limit. That time limit in Broward County is five years from the date of the last payment. If that time limit has expired, the debt collector can still try to collect on the debt, but they no longer have the legal right to take action against you.
• File a countersuit: If CVI SGP CO engaged in unfair and unlawful practices, you can file a countersuit against them. For example, under the Fair Debt Collection Practices Act, debt collectors cannot call you repeatedly in one day, call at certain hours, or speak to other people about your debt. If they took these actions, or any others that are against the law, you can file a lawsuit against them to recover your losses and statutory damages.

Our Debt Defense Lawyer in Broward County Helps Consumers Like You

If CVI SGP CO Acquisition Trust has filed a lawsuit against you, our Broward County debt defense lawyer can help. At Loan Lawyers, we have helped thousands of people win their lawsuits against debt collectors, and we want to help you, too. Call us today at (954) 523-4357 or contact us online to schedule a free consultation.