Who Are Cavalry Portfolio Services?

Cavalry Portfolio Services are a debt collection agency who has the motto "Cavalry..

. to the rescue". This article looks at the company in question, and explains how to deal with them should they contact you for recovery of a debt.

Cavalry Portfolio Services LLC, to give them their full name, promote themselves as a company that will work with those in debt, rather than against them. They aim to do this by building relationships with their customers and creating affordable repayment solutions.

In the current tough financial climate an increasing number of customers are unable to meet their agreed monthly payments on their credit items, such as personal loans and credit cards. If you miss a payment the credit company will likely telephone or mail you, asking you to rectify your account.

If you are unable to get you account in order, the credit company will eventually charge-off the debt. This means that they will write the debt off their books and close your account. Unfortunately this does not mean that the debt goes away - it will usually be sold on to a debt collection agency, such as Cavalry Portfolio Services.

Debt collections agencies often purchase credit card debt from companies such as MBNA. They will pay just a few cents for every dollar of debt, and attempt to recover as much of it as possible from the original customer. The more they recover the more profit they make for themselves.

Due to this it is likely that Cavalry will take an aggressive approach when they contact you regarding the owed monies. Expect telephone calls, letters and other forms of contact, asking you to pay the debt in full within a given period or expect legal proceedings to begin.

It is worth knowing at this point that debt collections agencies see legal proceedings only as a last resort. They are both time consuming and costly, and not the most cost-efficient way of recovering what (to them) is a relatively small amount of money.

For this reason, if you are contacted by Cavalry Portfolio Services, attempt to come to an agreement with them, but not one that will severely endanger your long-term financial future. A good starting point is to offer 40% of the original debt, and to negotiate upwards from there.

If paying a lump sum is not an option, an alternative is to set up a monthly payment plan. Cavalry are able to set up customers with an online account, allowing you to quickly and easily make payments and keep track of the amount that you owe.

Although avoiding letting your debt get to that stage in the first place, if you do have to deal with debt collection agencies, it is important to know your rights, and not be 'bullied' into making commitments that you cannot afford to keep. Attempt to work with the company to come to a solution that keeps all parties happy.

by: William Trustey

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