trinity2909

How do we fight velocity investments?

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I had never heard of this company until receiving a court summons yesterday stating my significant other is being sued by a company called Velocity Investments, LLC.  Neither of us have ever heard of them and have ever received any previous correspondence from them regarding anything.  Nowhere on the summons does it specify what this debt is from or where it came from.  They are suing for $10,200.16.  I have been trying to find out more about this company to figure out what this is about.   We tried calling the attorney listed on the court papers but got a recording.  I have read several threads on this message board about them, and it seems as though they have some shady business practices and others have been successful in fighting their case.  Given that there is no information about what this debt is actually from, is it worth fighting?  We are in Arizona. 

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Did you ever have any unpaid debts for $5k-$7k? Velocity is a debt buyer, so they have likely purchased a debt you owe. 

Arbitration is going to be the swiftest solution to this, but you need to get info about who the original creditor is and if arbitration is even an option.  Considering you're in Superior Court, a granted MTC should be a slam dunk. 

https://www.creditinfocenter.com/community/forum/199-arbitration/

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I'm dealing with this company now. Question for the group, can I answer the summons with both defenses of lack of standing and ask for arbitration? The original creditor does have arbitration in the original documents.

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8 hours ago, Strugglebus said:

I'm dealing with this company now. Question for the group, can I answer the summons with both defenses of lack of standing and ask for arbitration? The original creditor does have arbitration in the original documents.

Yes, you can use both defenses, but start your own thread to keep things from getting confusing.

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On 2/8/2019 at 9:10 AM, Harry Seaward said:

Did you ever have any unpaid debts for $5k-$7k? Velocity is a debt buyer, so they have likely purchased a debt you owe. 

Arbitration is going to be the swiftest solution to this, but you need to get info about who the original creditor is and if arbitration is even an option.  Considering you're in Superior Court, a granted MTC should be a slam dunk. 

https://www.creditinfocenter.com/community/forum/199-arbitration/

I did not, no.  There was debt that was inherited from divorce, but most was settled with the respective debt collectors prior to getting to this point.  One debt did result in a lawsuit and a payment plan was established.   The summons does state it is subject to arbitration. 

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7 hours ago, trinity2909 said:

The summons does state it is subject to arbitration. 

This is not the same thing as the arbitration from the card agreement. The summons is talking about court sponsored arbitration/mediation, which is nothing more than a big settlement party. The arbitration from the card agreement is discussed in the link i provided. 

But if there's no way this is a legitimate debt, forget about arbitration. You have an iron clad affirmative defense, since there's no way it can be tied to you.  File a police report for fraud/ID theft, and send a copy to Velocity.  They should dismiss, but if not, you simply show up to court with your evidence and the case will get tossed. 

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Velocity is the primary JDB for Web Bank which underwrites the Lending Club loans. Does that sound familiar?

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