How to Settle Debt With First Portfolio Ventures LLC

Chloe Meltzer | July 31, 2024

Chloe-Meltzer
Legal Expert
Chloe Meltzer, MA

Chloe Meltzer is an experienced content writer specializing in legal content creation. She holds a degree in English Literature from Arizona State University, complemented by a Master’s in Marketing from California Polytechnic State University-San Luis Obispo.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Are you being sued by First Portfolio Ventures LLC? Find out who they are and how to win against them in court.

Anytime you are past due on a debt, your debt has the chance to be assigned or sold to a third-party debt collector. When this occurs, they will attempt to collect on your debt, and often use more serious methods to obtain payment, such as suing. When sued by a debt collector you may be confused on how to respond, but by going through the following steps you may be able to learn how to beat First Portfolio Ventures I LLC in court.

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Understand the facts

When being sued by a debt collector, you will need to know exactly what to expect. There are many factors that go into how your case will go. The timeline will be different from person to person, but generally, go along the following timeline.

  • Expect a phone call or letter in the mail typically after the debt is 180 days past due.
  • A violation letter is sent within five days of the first contact. This will include much you owe, the name of the creditor, as well as how you can dispute the debt should you choose.
  • You may request a verification letter within 30 days of the validation notice.
  • You must respond to the lawsuit within 20 to 30 days as signified on the summons sent to you that indicates you are being sued.
  • If you fail to show up for your court date, then an automatic judgment will be placed against you. This means that you automatically lose your case.

Don't wait for a default judgement against you. Respond with SoloSuit.

Respond to the lawsuit

If you are being sued by a debt collector, you must first respond to the summons and complaint. This response is called an “Answer”. Although you may want to avoid the lawsuit at all costs, this is not always possible. Ignoring a debt collector is the worst thing you can do because it will not make the debt go away. This will make you miss deadlines, and then result in a default judgment. By responding properly, you have more chances to negotiate the debt.

Settle the debt before going to court

When the debt is valid, debt settlement might be your best option. It's still smart to submit an Answer to your case, because it will buy you time to negotiate the settlement without running the risk of a default judgment.

Here are some tips, from an attorney, on how to settle your debt with collectors like First Portfolio Ventures LLC:

  • Make a realistic and fair offer. If your offer is too, collectors won't take it seriously. However, you need to give yourself some room to negotiate the debt. Start with an offer of about 50% of the debt. This will give you room to negotiate, but it will also get the collectors' attention.
  • If you're considering bankruptcy, bring it up. This might motivate collectors to accept your settlement offer instead. Don't threaten bankruptcy if it's not a real option, though. Collectors can usually see through empty threats.
  • Send documentation and evidence that proves you have experienced financial hardship and settlement will be the collector's best option for resolution.
  • Get the settlement agreement in writing. Nothing is official until it's signed, sealed, and delivered. Ask First Portfolio Ventures to draft the debt settlement agreement and file it into the court case.
  • Don't settle for what you can't afford. Don't sign any agreement unless you know you will be able to uphold your end of it.

To learn more about these tips and how to resolve debt in general, check out the video below where we intereviewed a consumer rights lawyer about the debt settlement process:

Challenge the lawsuit

If, on the other hand, the debt is fraudulent or invalid, don't be afraid to take the case to court and defend yourself. To do so, you need to draft and file a written Answer to the lawsuit. File it with the court and send a copy to the party that's suing you.

Debt collectors are typically hired by the original creditor or have purchased your debt from the original creditor. This means that even if you think the debt is legitimate, you may have other options to challenge the lawsuit.

For instance, you might think that the wrong person is being sued. In this case, it is possible, because whether you have a similar name or a family member with a similar name, the wrong person can be sued. In another option, you may have already paid the debt. This is common as well because payment records can get switched or crossed when the debt is sold one or more times. The same can be said if the debt amount is incorrect.

Another serious and effective method of challenging the lawsuit is to examine the statute of limitations. This set of laws governs the amount of time that a debt collector may legally sue you for debt. This ranges from three to twenty years depending on the state you are in.

Make the right defense the right way with SoloSuit.

What to do if you disagree with the lawsuit

If you are being sued for debt and you disagree with the lawsuit then you need to file a response explaining this. This will give you the opportunity to fight the lawsuit.

When you go to fight the lawsuit you will need the following information such as:

  • Who the creditor is
  • If you already paid the debt
  • If the debt amount is accurate
  • If the debt is past the statute of limitations

If your rights have been violated by a debt collector, then you should also bring that with you. This includes violations of the Fair Debt Collection Practices Act (FDCPA). These include rules that the debt collector may not engage in the following:

  • Contacting you outside the hours of 8 a.m. and 9 p.m.
  • Harassment of any kind, such as threatening, or using profanity.
  • Threatening you in any way, such as taking your property without the legal right to do so.
  • Contact you after being represented by an attorney.
  • Make fraudulent claims.

Don't let debt collectors get away with shady practices. Respond with SoloSuit.

Accepting or not accepting the judgement

There are a few different ways that you can proceed when it comes to a debt collection lawsuit. If you decide to accept the judgment you should expect to end up paying the lawsuit. If you want to accept the judgment and avoid going to court, then you can go through an out-of-court settlement.

In the instance that you make limited wages then you may be considered judgment proof. This would mean that your wages cannot be garnished because you make minimal wages. This will vary based on the state you live in and how much you owe, but this may make sure that you are exempt from wage garnishment. You may want to consult a credit counselor to get your finances on track and see if you fit the criteria for being judgment-proof.

Another instance may be that you have a huge amount of debt along with other financial issues. You may consider filing bankruptcy in this case. If you do not want to file bankruptcy, you can threaten to do so anyway. This can help you to settle and be able to negotiate a lower settlement on your own behalf.

If you do choose to file bankruptcy then all your debts will be forgiven and the debt collector will not be able to continue to attempt to collect from you. In many cases filing bankruptcy will also help you to pay off a much lower amount, which will then get you out of the suit. Despite this seeming like a great option it will continue to follow you for the rest of your life. This is why filing for bankruptcy should only be done in extreme circumstances.

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>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit: A Student Solution To Give Utah Debtors A Fighting Chance

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