Velocity Investments, LLC (VI) is an Accounts Receivable Management company based in New Jersey that specializes in third-party debt collection. VI has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including improper conduct or sharing of information and failure to verify debts. If you have been contacted by this debt collector, make sure you understand your rights before responding.
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According to the Better Business Bureau (BBB), Velocity Investments, LLC was founded in 2002. The BBB established a profile page for VI in 2005. VIis listed as a collection agency. Buzzfile estimates VI’s annual revenue at $1.3 million and the size of its headquarters staff at 10 employees.
According to its website, VI is “a comprehensive accounts receivable management (ARM) company focused on working with consumers to find satisfactory resolutions to outstanding debts.” VI “combines… strong expertise in customer service and consumer-focused collection solutions with…technologically advanced and compliance-based management systems across…a network of account resolution specialists located in all fifty states.”
VI provides “outsourced legal collection solutions for credit grantors, debt buyers, hospitals, utility companies, and other owners and originators of consumer receivables.” In addition, VI’s suit scoring technology “employs a sophisticated decision model to help determine which accounts are ready for legal action, based on balance, jurisdiction, economic data and trends, demographic information, and experience ratings.” Their pre-litigation collections division can “reduce court costs, increase net back, and identify cases where litigation is impractical.” In addition, VI employs an attorney network with “the skills, resources, and expertise of more than 60 experienced, reputable collection law firms” and a bankruptcy recovery program “to protect the client’s interest in the bankruptcy.” VI also acts as a debt purchaser.
VI’s Resources page provides federal- and state-mandated legal notices and a web-based contact form to submit complaints. Their Consumer Information page includes links to the Debt Buyers Association consumer information page; the Ask Dr. Debt site, hosted by the International Association of Credit and Collection Professionals (ACA International); and links to information about identity theft and consumer protection on the Federal Trade Commission (FTC) website.
The BBB has closed 8 complaints against Velocity Investments in the preceding 3 years, with 3 complaints closed in the past 12 months. Almost all of those complaints alleged problems with billing and collections. Since April 2017, the Consumer Financial Protection Bureau (CFPB) has closed 1 complaint. Justia lists at least 20 cases of civil litigation involving Velocity.
Velocity Investments, LLC
1800 State Route 34, Ste. 404A
Wall Township, NJ 07719-9147
Telephone: (732) 556-9090
It is illegal for a debt collector to threaten to sue you or garnish your wages. It is also unlikely Velocity would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
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Absolutely. Here are some Sample Cases filed in Federal Court
Complaints against Velocity Investments commonly cite problems resulting from disputes about the validity of debts and the accuracy of billing and accounting. In March 2017, a complainant indicated that she had been receiving billing notices from VI “for a debt that … she does not have, and the company is unable to explain where it is coming from.” According to the complainant, she received a collection notice stating that she owed $951.46 for a bill with an original creditor she did not recognize. She had recently purchased a house, so she had been reviewing her credit reports for the previous 3 years and had not seen the delinquent item until recently. When she contacted the original creditor, they referred her to VI. When she contacted Velocity Investments, she was told that her “account was acquired from” a different original creditor. However, when she called the new original creditor, she “was told that her account was acquired from” yet another creditor. She indicated that “NO ONE… knows where this balance came from and yet several different parties are all trying to collect it from” her. She also stated that she had “worked incredibly hard on…her credit with several different mortgage lenders and advisors, and this debt would have been settled a long time ago if it was legitimate.” In response, VI indicated they were investigating this account for possible fraud… and that they had reached out to the seller/creditor of this account, who was unresponsive and did not provide further documentation when requested. Due to this, Velocity has decided to close this account.”
In May 2016, a complainant indicated that he had called VI “about…his resolved account” after VI had “filed a civil judgement on…him for a credit card account that was a fraud.” The complainant indicated that the delinquency had been resolved in his favor, and that he had asked VI to remove his name “from the… civil court judgement.” According to the complainant, the VI representative said she would address his concern, but that “it will take 2 weeks for the whole process.” She said there was no need to call them back, but the complainant stated that after 3 weeks of not hearing anything, he contacted VI again and “was shocked that …they hadn’t done anything.” In response, VI stated that they “had been waiting for comment from the original creditor on this account.” In addition, “after communication between the original creditor and the consumer, …the creditor… repurchased the portfolio from Velocity.” VI indicated that the “account is now closed in VI’s office, and any… inquiry must be taken to” the original creditor. Velocity Investments stated their attorney had filed a motion to vacate the judgement against the complainant but were unable to provide any further details.
The Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) are enforced by the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB).
The FDCPA regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt.
The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA). The complaint above illustrates how these laws can be extremely effective tools to hold accountable collection agencies who fail to adhere to their provisions.
These laws also provide individuals with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
Seek legal assistance to find the relief you may be entitled to if you are having difficulty resolving disputes with a debt collection agency
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are receiving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors and even one of these has happened to you, we can help. We will fight for your rights.
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The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200 NOW.
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