[MUSIC] Hi there. Michael Bovee with
Consumer Recovery Network. Thanks for tuning in to
DebtBytes, our YouTube channel. Today, I want to talk about
dealing with a debt buyer, Cavalry Portfolio. Cavalry is one of
the larger debt buyers. And they’re somewhat similar to some of the other largest
debt buyers in the country. In that they do and will try and
collect on their own debt. You can reach out to them and
resolve an account. But they also use
outside agencies, third party collection agencies,
to collect on their debts. Cavalry is active in the courts. Maybe not as active as some
other purchasers, but you can certainly be sued by Cavalry
or an attorney for Cavalry. And let me clarify
what I just said. Cavalry isn’t necessarily having
their own internal attorneys that are on their
payrolls sue you. There’s a large amount network
of debt collection law firms across the country that
they can just happen to. And use those resources to sue
you and those and pay them for that. So when you’re dealing with
Cavalry, ideally it would be good to resolve a debt with
them prior to any litigation. Or after the statute
of limitations for your state to
legitimately sue you and the courts to collect
from you has passed. If you have that option,
your settlement percentages are usually gonna be 40% and
under, okay, a lot of times. And then if you’re dealing with
litigation with Calvary, and I do have a video,
a couple of them actually. You can click on the link and
enter into another video about dealing with
litigation stage collection. And if it’s Calvary, your targets aren’t gonna be
much different than when you’re sued by almost anybody really. 50% is a very optimistic number
to shoot for in settling litigation files, whether
you’re in active litigation, or a judgement against you,
and you’re now, only now in a position to
resolve a debt with Cavalry. Sometimes you’re gonna have to
settle for higher than half. A lot of the times what
you’re able to settle for, whether it’s litigation or not,
is gonna be dictated by how collectible you’re
viewed by them. So if Calvary is looking at your
file, or a debt collector for Calvary is looking at your file. They almost all have real time
access to your credit reports. They can develop a, I guess
a collection score, okay, so not necessarily a credit score,
but a collection score. Imagine a scale, 0 to 100. Somebody who’s paying
a mortgage, and a car, and their student loans, and three
other credit cards on time, is gonna be very
high on that scale. Somebody who doesn’t have
a mortgage, maybe a car payment, and has five collection accounts
and that’s really all that’s on their credit report, they’re
gonna score a little lower. And then you can have dialogue
with a debt collector that changes their opinion of
how collectible you are, because what your credit report
may not show is this that you have all these
medical issues. And or you’re not working or
lost your job, cut hours, went to part time, going back
to school or what have you. So settling debts with a debt
collector like Calvary is not only possible, it
actually should be your target. In the fact that your original
creditor has been not paid long enough for them to sell off
the debt in the first place. So your credit is
already damaged. You’re not going to get
any additional points or favor by paying a purchased
debt off in full. So my opinion because of that,
is to try and negotiate the best
savings that you can. You need your money more than
Calvary needs your money. So when you’re negotiating
a debt with them, it’s just about as similar
to negotiating with almost any debt buyer you can
find, other than the fact that it’s going to change with each
agency they place the debt with. It’s going to change with
how old your debt is, and it’s going to change
based on whether or not this was a litigation file,
active or post judgement. So those are the things
that’ll be the variables. In the comments below, I dedicate feedback to anybody
posting on our YouTube channel. So I’m available if you wanna
post a little bit about your situation. Share with me the balance that’s
owed or the approximate balance. When you last paid the original
creditor on that account, whether or not you have other
collections unresolved and you’ll get some dedicated
feedback from me about what to do, how to do it. And I’ll see you
on the next video. [MUSIC]