Collection Debt Elimination, Credit Restoration and Wealth Creation

Most consumers who have major collection debt have heard of the (junk debt buyer) Sherman Acquisitions family. They either have heard of them from reading about their reputation or they have dealt with them in a debt collection personally. We like to refer to Sherman Acquisitions as one big crooked family because of all the different names of business that are related.

Sherman Acquisitions is related to cousin LVNV Funding LLC. Here is a list of the family tree: Resurgent Capital Services, LP, Alegis Group, LLC, Sherman Financial Group, LLC, Pinnacle Financial Group, FNBM, LLC, Ascent Card Services, Ventus Capital Services, Performance Recovery Group and Receivables Management Solutions. The most popular are LVNV and Resurgent.

Junk debt buyers and collection agencies are normally not structured and interwined as Sherman. This debt collector tree is one of the most notorius junk debt buyers in the country. They are known for their less than honest tactics. We have received collection letters from 4 of these debt collectors on the same consumer account at one time. Bought and sold. Bought and sold. No documentation. Sherman Acquisitions and LVNV Funding have purchased Sears portfolios all over the country. Look on your credit report and see Sears as an original creditor. LVNV Funding has portfolios from Washington Mutual/Providian as well.

An excerpt from budhibbs.com regarding Sherman…

“You are further urged to go after these bottom-feeders for the lies they place on your credit reports. Under provisions of the federal law, the Fair Credit Reporting Act (FCRA) any item placed upon your credit bureau reports MUST be ‘accurate.’ In my experience, I doubt anything placed by a bottom-feeder could ever meet the legitimacy of that test. Consumers are urged to dispute any LVNV, Sherman, Alegis, Resurgent, Ventus account with the credit bureaus and make demand upon the organizations and their owners to abide by the law. They receive a fat check to lie about things that cause you misery, higher interest rates, credit denials and in most cases, don’t have the required documentation that would meet the definition of ‘accurate.’ All of these owners, board members, attorneys and employees can and should be held strictly responsible when that information does NOT meet the legal definition, as stated by law.”

A testimony from an average consumer who learned their rights…

“I want to first of all thank you for educating me on the deceptive practices of these “buy it in bulk for pennies and sue them” debt collectors and how consumers can fight back these tactics that are being used through Small Claims Courts nationwide. Today I had my pre-trial conference. I was surprised to see that one attorney alone came in with suit for about 40 people who all had an appointment for the same time! Most of them did not even show up. During the time we had to try to work things out with the defendant’s attorney, the attorney took each person in an assembly line format, calling them out one at a time. I saw people so intimidated and scared that they would do anything that the attorney demanded of them just to get them off their backs — even if the debt was not even theirs! From what I saw in NONE of the cases did the attorney even attempt to provide any form of validation whatsoever to the defendant. The files the attorney had were so thin they could not possibly have any information other than a data sheet and maybe the court papers. Yet the attorney was making all kinds of demands from each of these defendants and was getting people to either pay in full whatever he demanded or by getting them into payment so high that most of them could not possibly pay this on a monthly basis without defaulting (which would automatically give the attorney the opportunity to file a judgment against the person and garnish their wages, take their property, etc.). With such a bad economy I could foresee some of these people losing their houses and going through a great deal of hardship and trauma. While I have a high respect for small claims court and the judge that attended me and I think that this court is a huge benefit to the community because it helps people resolve their matters quickly and inexpensively, I believe these debt collectors are using our tax dollars to run a “legal” racketeering business and are getting away with it mostly because people do not know their rights as consumers. You were right about what you said about these debt collectors. They use the courtroom to intimidate people into paying them big bucks. What they are doing is so wrong and needs to be exposed!”

Our thoughts exactly!

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