Have an issue with Velocity Portfolio Group? Need help?
Are you being harassed by a debt collector? Is someone from Velocity Portfolio Group contacting you every day, multiple times per day? We explain all about Velocity Portfolio Group, how they operate, what debt they buy, and what to do if they contact you.
Velocity Portfolio Group is a debt buyer. They are a debt-buying company that regularly files lawsuits to collect on delinquent old car loans and other online debts from banks and commercial lenders.
If you owe legitimate debt, Velocity Portfolio Group is a legitimate company that will try and collect, so yes, you should pay them. However, even legitimate companies have been known to sometimes act unfairly and violate things like the Fair Debt Collection Practices Act (FDCPA). So if you have been harassed or treated unfairly, consider filing a complaint or working with an attorney.
Yes, Velocity Portfolio Group is a legitimate company.
Velocity Portfolio Group purchases many types of debt, including credit card debt..
Don’t assume you can ignore Velocity Portfolio Group. As a debt buyer, they own your debt outright so, if you ignore them, they can get a judgment against you and collect the money by force. That said, even though they are a legitimate company, Velocity Portfolio Group sometimes makes mistakes or violates the most recent FDCPA regulations about when and how they contact you. If this happens, you can share your complaints with outside attorneys, or file complaints with the government. You can get legal help to sue the collection agency if that is insufficient.
Velocity Portfolio Group collects for themselves. They purchase debt from lots of other companies, and then they try to recover that debt for a profit.
If Velocity Portfolio Group is calling you and you don’t think you have debt, you need to send them a request for validation. Do this within 30 days of contact. Mistakes happen all the time with debt collectors and debt buyers, especially if the accounts are very old and the contact information hasn’t been updated.If Velocity Portfolio Group can’t prove the legitimacy of the debt and provide you with evidence that it’s yours, they have to stop trying to collect. If they don’t send you the appropriate response to your request for validation, you can send them a communication called insufficient validation.
If you have already paid your debt, the first thing you want to do is check your records and at the same time send a request for a validation letter within the first 30 days. Sometimes your credit score might not reflect the paid debt. Because Velocity Portfolio Group is a debt buyer, they might have purchased your debt from a third-party debt collector with whom you previously settled. But that debt collector might have failed to update the credit reporting agencies properly.
As a debt collector, some of the laws that Velocity Portfolio Group must follow include the FCRA, the FDCPA, and the TCPA.
That alphabet soup stands for the Fair Credit Reporting Act, which gives you rights to help ensure your credit report remains accurate; the Fair Debt Collection Practices Act, which protects you from being abused and deceived by debt collectors; and the Telephone Consumer Protection Act, which limits robocalls and other telephone spam.
If you think any of these consumer protection laws may apply to your situation, tell us about it.
If you believe the debt Velocity Portfolio Group is calling about has expired, you want to check your records and, at the same time, send Velocity Portfolio Group a request for a validation letter. Do this within the first 30 days of contact. Even legitimate companies make mistakes and often fail to verify the authenticity of the accounts they purchase. If they purchase bundles of delinquent Accounts at the same time, they probably won’t check the authenticity at all. So it’s up to you to do so.
There are a lot of ways you can try to settle for less with Velocity Portfolio Group. The most important thing to know is that as a debt buyer Velocity Portfolio Group purchases your debt outright, so they own it. They pay on average between $0.01 and $0.10 per dollar of debt. You can use this information to try and negotiate for a much lower settlement than still provides Velocity Portfolio Group with profit. Remember, too, that the people who actually call you are minimum wage employees who get a bonus every time they close an account, so if you are nearing a payday, that person on the other line might be financially motivated to help you settle for less if it means settling sooner.
If you owe debt to Velocity Portfolio Group, they have every right to try and collect, so the best way to get rid of them is to offer a settlement. But remember, as a debt buyer, they have purchased your debt from the third party or the original lender so they own it outright. They likely purchased it for pennies on the dollar. The older your account, the less Velocity Portfolio Group paid for it. You can use this to negotiate for a smaller settlement. If there is a problem and you don’t think Velocity Portfolio Group should be calling you, the best way to get rid of them is to ask them for a validation letter. If they can’t provide you with that information or they don’t follow the law in doing so, you can send the company a letter of insufficient validation. These are all things that attorneys can help you with.
If your debt is current and legitimate, yes Velocity Portfolio Group can sue you. If they are running out of time to collect on your account before it reaches the statute of limitations, they might be more inclined to sue you sooner rather than later especially if you ignore attempts to collect. However, debt buyers like Velocity Portfolio Group are prohibited from using or threatening to sue consumers for payment on a debt that is past the statute of limitations, although they can still ask for payment past that expiry date.
Velocity Portfolio Group Inc. owns Velocity Portfolio Group.
The current CEO is Jack Kleinert.
Velocity Portfolio Group is headquartered in Wall, New Jersey.
Velocity Portfolio Group buys debt from lots of companies and then becomes the owner. So, thereafter they collect for themselves.
Velocity Portfolio Group as a debt buyer, gets paid when they settle your account. Because they are a debt buyer, they actually own the debt that they are trying to collect from you. So, they usually buy your delinquent account for pennies on the dollar and then try to convince you to pay as much as possible, as close to 100% of the debt as you can. Whatever amount they make constitutes a profit. For example, if they buy your delinquent account worth $60,000, and they spend one penny per dollar, Velocity Portfolio Group only pays $600 for your account. If they can get you to settle for 50%, they have made a huge profit. The people who work for them however get paid an hourly wage and they get a bonus when they get you to settle.
If you look at your credit report and you see the name “Velocity Portfolio Group”, it means that you have an account that was sent to collections and in its delinquent state it was purchased by a debt buyer. Velocity Portfolio Group buys debt from original lenders and third parties when they are unable to collect.
A lawyer isn’t a requirement, but it certainly makes things easier. A lot of people find it stressful and frightening to deal with debt buyers who might exercise a little too much when it comes to pressuring you to repay your debt. In these cases, working with an attorney can help you if Velocity Portfolio Group is accidentally breaking the law.
The FDCPA uses the word “verify,” but some other organizations use the word “validate.” No matter which word is used, it can mean two things. First, You “validate” a debt by sending a letter to Velocity Portfolio Group officially asking them for information that would confirm the validity of the debt. You or an attorney must do this within 30 days from the first time they contact you.Second, Velocity Portfolio Group then “validates” the debt on their end by providing you with this information. Once they get your letter they have to legally stop any attempts to collect on the debt until they have verified the debt. If they don’t follow the law or they are unable to verify it, they have to stop bothering you. Once they receive your letter you should get a response within 30 days.
A settlement with Velocity Portfolio Group can be reached in as little as a few weeks or even a couple of years. This really depends on how quickly negotiations happen, whether you work with an attorney or not, and how many of your accounts they have.
How much you offer is based on your financial situation. Usually they try to collect between 40% and 80% of the total amount you owe. However, you can certainly try to settle for less especially if you are only able to come up with a smaller percentage.
If you ignore attempts to contact a legitimate debt, yes. In order to sue you they need to get a default judgment against you which means they go to the court and prove that you have ignored them or haven’t paid them back in spite of their attempts to collect. However, they can’t just take all your money out of your bank account without warning.
You can ignore Velocity Portfolio Group, but you shouldn’t. There might be mistakes, but if you don’t reach out to the collection agency within the first 30 days of contact, it can be very difficult to rectify those mistakes. What’s more, if you ignore collections agencies they can eventually sue you.
Velocity Portfolio Group is a debt buyer so when they purchase your account from the original lender or a third party company, they get all of your contact information including your phone number.
Yes, you can probably pay your debt to Velocity Portfolio Group with a credit card. However, a lot of people advise against this if you can help it because credit cards tend to have higher interest rates, so you aren’t actually paying off your debt or coming into some sort of feasible repayment agreement, you are just moving your debt from one account to another.
Yes, paying off collections improves your credit long-term. The longer you have a delinquent account, the longer it negatively impacts your credit score.
Yes, almost all debt expires. There are a few exceptions like student loans which never expire. But almost all other debt has a statute of limitations. 7 years is an average figure but sometimes your debt will expire sooner or later depending on the type of account it is and the state. Once your debt expires, collections agencies and debt buyers cannot sue you or threaten to sue you to get the money back. They can still ask nicely, but if they call you about an account that has expired, you can send them a validation letter request and upon confirming it’s expired, a cease communications letter.
Most people think that when they file for bankruptcy, it gives them a complete do-over and they have all their debt wiped away. But this is slightly misleading. There are different types of bankruptcy for what you can file, referred to as chapters. Each chapter has a set of terms and conditions. For example, with chapter seven, you have to liquidate any and all assets you have to pay a lump sum to all of your creditors. With this, you liquidate all assets and whatever amount of money that generates gets divided among your creditors. If there is any remaining debt thereafter, it goes away. However, you have to meet the terms of your bankruptcy filing before this happens, and it does not apply to any debt you acquire after you start the bankruptcy process.
If your debt has been sent to collections, it will show up as a delinquent account. Once you pay it off or reach a settlement with Velocity Portfolio Group, it is marked as “settled” with a “zero balance”. This stays on your credit report for seven years. Alternatively you can negotiate for what is called a tradeline deletion. This tradeline deletion will remove the account completely from your credit score. If you have debt that you have already paid, debt that has expired, or debt that isn’t yours or otherwise is inaccurate, you have to contact the credit reporting agencies and Supply them with information to back up this claim. They should be able to help you update or edit your credit report as necessary.