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Velocity Investments CA?


luv2bhappy
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Hi all,

Has anyone had any experience with the subject CA? Have never heard of them, but received their dumb letter I mean dunn letter today. This account was CO this year & bought by CACH & given to one of their yucky attorney CAs. I sent them a c&d for ugliness and now these guys are in on the action. I'll be sending out a DV Monday for sure. I know the rules now...... If anyone has any info please share :D

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Thanks E. Normis! I couldn't find anything derog about them. Maybe they will actually work with me. Although I know that's not their purpose/intent....ect

I do have a question maybe you or another could answer.

This debt was charged off in July. My CR showed "acct sold to another lender" in July. That's when the first CA contacted me. They were rep'ing CACH. In August it showed that the debt had been charged off in that month (aug) with nothing showing for July. Nothing reported since then.

Is it possible that the OC bought back the acct and resold it that quickly? I have 2 letters from 2 different JDBs that state they bought this acct from the OC in a 2.5 month time period.

I'm assuming I will find out this info thru debt validation(?) Do I ask this in my letter?

Thanks for any input. I'm sure this is basic info for most of you, but I want to make certain I am doing the right thing this time.

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Depends on where you fell in the life cycle of the portfolio for that particular particular debt buyer. An indivdual account is never returned, but rather they're returned in batches.

Purchase of a portfolio, or returning of a portion of it involves nothing more than electronic data.

OC's have "forward flow" agreements with many debt buyers who specialize in a particular class of debt. Debt buyers who purchase "seconds", such as yours, are waiting in line for them. As soon as the portion of the portfolio is returned, it's immediately sold to another buyer. Because we're talking about nothing but electronic data, not documents, the transactions take place in a matter of minutes.

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