May 07, 2021
Summary: Is Alco Capital Group LLC suing you? Don't worry. We've got you covered. Respond to your lawsuit in 15 minutes with SoloSuit.
Are you stressed out because Alco Capital Group is suing you? You're not alone. Unfortunately, Alco Capital Group is building a name for itself among other large companies that buy charged-off debt. Before we talk more about who they are, let's take a quick look at the fundamentals of debt collection.
There are many types of debt. But typically, they all include a debtor-creditor relationship. In most cases, a creditor tries to resolve the matter by employing various debt collection techniques. If that fails, the creditor will usually take the case to court. Sometimes, creditors may try to avoid this route because pursuing legal actions costs both money and time. So, taking the debtor to court is usually a last resort after many failed attempts to collect a debt.
Many unaware debtors assume that the original creditor is the plaintiff who is suing them. But what if we told you that this isn't always the case? You might be thinking, what does that mean? And how is this relevant to Alco Capital Group?
Debt collection companies are organizations that buy charged-off debt from the original creditor. Then they file massive lawsuits to claim that debt in court. They turn what is typically a last resort into an aggressive attack strategy, turning misery into financial gain.
However, not all debt collection groups fall into the same category. They vary on the type of cases they file, the debtors they target, and the amount of debt they attempt to claim. Alco Capital Group usually targets high-end debtors who owe ten thousand dollars and up.
You don't have to give in to any intimidation. Don't let Alco Credit Group bully you into paying them. When you owe a large amount, they often use techniques to get you to pay a portion of it on the first contact.
At the time, you may think it's a good way to get rid of them, but it actually may set you up for future harm. For example, even making a $2 payment on a debt means you're acknowledging it.
If the statute of limitations passed on your debt, making a payment will often reset the clock and push you back into debt.
Companies like this operate by employing various techniques to intimidate debtors. After all, you aren't sued every day, so most people do not know how to proceed. When faced with this issue, most people panic. If you encounter a situation where a company like Alco Capital files a lawsuit against you, act immediately!
Respond to the lawsuit quickly after you are served. Don't ignore it! Plaintiff's like Alco Capital group will file the moment your deadline passes, requesting the court to enter a default judgment.
Filing your Answer does not have to be an expensive or frustrating process. You can generate your Answer on our website in minutes. Failing to defend yourself is the worst thing you can do. After the default judgment, you will likely have to pay these judgments via wage garnishment or a bank levy.
Note: When it comes to debt collection companies, you have to remember that they function on murky legal ground. For the most part, companies like Alco Capital have no actual, admissible evidence to prove that they own the debt. So, if the case ends up going to court, they have little to no evidence to back up their claim. That's why they're counting on you not to show up or respond.
The Fair Debt Collection Practices Act, or the FDCPA, lists the rules that all creditors must adhere to when they attempt to collect a debt. That includes debt collection organizations like Alco Capital Group. So it's in your best interests to read up on the protections this act offers you.
So, if Alco Capital Group has used any faulty tactics in an attempt to collect a debt from you, you can take action to fight back and hold them accountable.
Your original creditor may sell your debt to a collection agency that may go ahead and resell it. The chances are that your debt will have changed hands multiple times by the time you are served. One reality of this process is errors in recordkeeping as each party struggles to keep track of the debts owed. This means they can make mistakes documenting the amount you owe and the person who owes it.
For example, in 2016, a total of 88,000 people registered complaints with the Consumer Financial Protection Bureau saying third-party collectors were asking them to pay debts that they did not have. That's why you should ask the debt collector for a validation letter as soon as they contact you. This letter should list all relevant information about the debt, including details on the collection company and a process for challenging the debt.
If it is your debt, you should have your own detailed records ready, including all payments you made over the years and your original creditor's information. Use certified documents, communication records, or any signed statements from your previous collectors acknowledging how much money you've paid.
It might be in your best interest to hire legal representation if you can afford it. But we know that's not always a possibility or within your budget. Take advantage of the resources we provide. Now that you know who Alco Capital Group is, it's time to fight back!
SoloSuit makes it easy to respond to a debt collection lawsuit.
How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.
"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James
Here's a list of guides for other states.
Being sued by a different debt collector? We're making guides on how to beat each one.
Need more info on statutes of limitations? Read our 50-state guide.
Need help managing your finances? Check out these resources.