If you owe money and stopped paying, you might already know that creditors can sell your debt. Creditors called “debt buyers” purchase these debts for a tiny fraction of what you owe.  They then try and collect the full amount from you, often by filing a lawsuit. This situation is frustrating, scary, and makes an already stressful situation even worse, but your debt attorney is on your side to help fight back. 

Heston Law Firm can provide a free legal consultation if you have had a debt lawsuit filed against you. We assess your situation and offer solutions on how to deal with this aggressive creditor. Contact us today to speak with our team.

Who’s Buying My Debt in Texas?

Let’s say you had a credit card and owed $5,000 that you couldn’t repay. The credit card company might sell that debt to a debt buyer for as little as $500.  It’s a loss for them, but they get some money back.  Now the debt buyer owns your debt, and will relentlessly try to get the full $5,000 from you.

Some of the biggest debt buyers in Texas include these four creditors:

LVNV Funding

• One of the largest debt buyers in the US.
• Purchases a wide range of debts, including credit card, medical, and utility bills.
• Known for frequently using lawsuits to collect debts.
• Has faced criticism for aggressive tactics and lack of documentation.

Portfolio Recovery Associates

• Another major debt buyer in the US.
• Specializes in purchasing old, charged-off debts.
• Notorious for relentlessly pursuing debt collection, often through lawsuits.
• Consumer complaints include inaccurate debt information and harassing communications.

Midland Funding

• Large debt buyer, subsidiary of Encore Capital Group.
• Buys various types of debt, including credit cards, loans, and auto deficiencies.
• Prone to suing consumers to collect on purchased debts.
• Faces allegations about insufficient documentation and questionable collection practices.

Conn Appliances

• Regional appliance and electronics retailer with stores in Texas and surrounding states.
• Offers in-house financing for purchases, turning consumer debt into potential lawsuits.
• May sell unpaid debts to third-party debt buyers.
• Consumers should be wary of financing terms and potential collection issues.

These companies are huge. They buy massive amounts of debt and can be aggressive in their attempts to get money from you.

When a Creditor Sues You

Debt buyers frequently don’t have all the paperwork they need to prove you owe the money. They might use pushy tactics, phone calls, letters, even threats, all to pressure you to pay. They know some people will be too overwhelmed to fight back.

Debt buyers file thousands of lawsuits – trying to scare people who are already in tough financial situations into paying. These lawsuits can be intimidating, but don’t panic. You have rights.

What You Can Do

• Don’t Ignore It – Respond to any lawsuit! Ignoring it leads to serious consequences. Many lawsuits require you to respond within 21 to 30 days, or you automatically lose.
• Check the Debt – Make sure the amount is right, that you really owe it, and that the debt buyer has the right to collect.
• Get Legal Help – Don’t face this alone. A debt lawyer can stop the harassment and protect you in court.

Need Help? Our Debt Attorneys are Here For You

The Heston Law Firm specializes in fighting debt lawsuits.  We know debt buyers’ tactics and how to stand up for consumers. Contact us for a free consultation and let us help take the pressure off.