We are excited to share that Paramount Law has successfully obtained the dismissal of a substantial debt collection lawsuit in Oklahoma County. The lawsuit, filed by Velocity Investments LLC, targeted a consumer from Cleveland County and claimed a debt of $5,647.98. The original creditor of this debt was Upstart/Cross River Bank, from whom Velocity Investments LLC purportedly purchased the debt.
Velocity Investments, a New Jersey-based company, is known for its aggressive strategies in acquiring and collecting delinquent consumer debts. They often buy these debts at a fraction of their original value and then pursue consumers through legal action, seeking full repayment.
In this particular case, filed on November 20, 2023, the consumer smartly reached out to Paramount Law for representation. This move was critical in preventing a default judgment by the Cleveland County Court in favor of this well-known debt buyer. Our team challenged Velocity Investments’ attorneys to provide proof of the legal purchase of the debt. Their refusal to do so led to Love Beal and Nixon withdrawing the lawsuit in just nine days.
The scenario with Velocity Investments is a common one in the world of debt collection. These companies purchase defaulted debts for significantly less than their original amounts, then attempt to recoup the full amount through legal action. However, they often lack the necessary documentation to support their claims, making it challenging for them to prevail in court.
If you’re facing a lawsuit from Velocity Investments or any similar entity in Oklahoma, having a skilled Oklahoma debt lawsuit defense lawyer by your side is crucial. At Paramount Law, we specialize in defending consumers against such lawsuits. Our experienced attorneys will request the necessary documentation from the debt buyer to substantiate their claims. Frequently, these companies lack the appropriate backup documentation, making it unlikely for them to continue the fight once a knowledgeable debt defense lawyer is involved.
Don’t hesitate to seek legal assistance as soon as you’re aware of a lawsuit against you. Delaying can make it harder to defend your case effectively and economically. Remember, self-representation often leads to a different outcome than having professional legal representation.
Paramount Law offers free consultations and might be able to represent you at no cost if you’ve been subjected to an FDCPA violation before the lawsuit. If you’ve been sued by Velocity Investments LLC or any other debt collector, don’t wait. Contact us immediately for a free consultation and explore your legal options.
