If you are hearing from Velocity Investment LLC it is likely because they have purchased an unpaid account from one of your creditors. Like with many debt buyers, Velocity bids on accounts that have gone unpaid more than 4 months in the case of fixed loans, and more than 6 months late in the case […]
- Doreen Edgar:
16 May 2020 Hey Michael thank you for your expertise. I been watching your videos about two months now and I get little bit more understanding for about a dept.my question is I got 6 dept that went to collections and it's on my credit report said charge off and all was a medical Dept and it's four years or older.please can you tell me what to do because it's hurting my credit ant I'm just starting to work on my credit.than you. - Michael Bovee:
20 May 2020 What state do you live in? Is Velocity Investment collecting on any of the debts? - Damaris Rodriguez:
08 Sep 2020 Hello. Velocity is suing from a debt from 2018. I am in New York. I received a letter from their lawyers and info on where I can make a payment for the debt but I don’t have the funds to pay the full amount or do I want to go to court. (I also received notice from other lawyers looking to represent me since a lawsuit has been filed). My question is can I still make a plea with their attorneys to settle for less and even in installments. - Michael Bovee:
08 Sep 2020 You can still settle even when Velocity sues. Lump sum is better than monthly payments in most lawsuit settlements. How much is Velocity suing for? - jcw:
20 Nov 2020 Hello. I have velocity calling me. They are implying that if I pay $200 they will keep the account with them longer before "making a recommendation". I'm trying to get money together. How long can I push it out before making a substantial offer of settlement? And what should be my goal for % on settlement? This is in northeast, original personal loan amount is a little over 40k. Thanks - Michael Bovee:
20 Nov 2020 Are you dealing with Velocity directly, or a debt collection company collecting for them? If a collection agency, which one? We have good success settling with them and getting a couple years to pay, so that could help your cash shortage. - Kay Denise:
21 Nov 2020 I need a newer car. I had my credit pulled and it it showed I had a chrage off for the Lending Club account for 4400. I worked with a debt consolidation company through my EAP benefits at work. That bill was in there to be paid. Well my credit report showed it was charged off. I called and now I find that it's been sent to a lawyers office and I may be sued soon. Now I don't know what to do or how to handle. Im in TN. Any advice would be appreciated. Thank you. - Michael Bovee:
24 Nov 2020 If your Lending Club loan was sold to Velocity Investment LLC you can often settle the debt for less. Do you have the ability to pull together cash fairly quickly? - Ameesha Rowley:
12 May 2021 I received a judgement summons from Velocity. Can I still contact Velocity in an attempt to settle? - Michael Bovee:
13 May 2021 Now the Velocity has sent your account to a collection law firm you typically have to deal with the collections attorney. - CT:
06 Sep 2021 I had a loan with Upstart for a significant amount of money, I had a substantial loss of income early in the loan term and could not afford to pay. It was a high interest loan so I tried to negotiate a lower payment or better rate so I could stay current. Upstart's advice to me was to let the account charge off and I'd have a better chance. So I called them when the account was 121 days past due and charged off. They offered me a lump sum of 33% of the loan amount but I couldn't afford it. I had a dollar amount in mind for a monthly payment. They said to try back in 30 days, at which point they sold to Velocity. I reached out to Velocity immediately, and they said they have ARC (Alpha Recovery Corp) servicing the loan. I have to reach out to them this week, I want to settle but the damage is done. Any advice for this scenario would be greatly appreciated. Thank you. - Michael Bovee:
07 Sep 2021 I can take a look at your situation and see what the chances are of getting monthly payments on a good settlement would be with Velocity. You can schedule a call with me using the button above this comment, or using the Get Help tab at the top of the page. - CT:
07 Sep 2021 Thank you Michael. I scheduled a call for Thursday morning, it's the earliest availability you have. Any chance we can speak today? - Michael Bovee:
07 Sep 2021 I see your call on the calendar. Can you talk at 3 pm Eastern today? - CT:
07 Sep 2021 Yes :-) Thank you - Michael Bovee:
07 Sep 2021 Okay, I will call you then. - Thompson:
19 Mar 2022 I am assuming this is about a car loan. I have not heard from Velocity or Chrysler Capital at all since the accident my husband was in totaling my car. We had a rough month of repairs let the insurance lapse about 30 days after having years of coverage smh. I was able to finance a new in car the next 2 weeks, however this other car was not paid off. Mind you, I felt that this hit our credit because we was upside down in the loan the car really probably has be paid for 3 times already. Needless to say we still owed about 19,000. Now this week we got in the mail a court notice. What can I do. I am in Memphis Tn. Again it is not saying who they are representing but just by reading up online about them, I am certain that is what this is. I dont recall getting anything in the mail from Velocity and this has been maybe 3 yrs now. Will I have to go to court or can a lawyer represent? - Michael Bovee:
19 Mar 2022 You can get help with this. You can schedule a call with me here: https://calendly.com/debtbytes/15min We can talk through workable strategies then. - Rosalie A.:
11 Apr 2022 Hello Michael, Velocity called me in June 27, 2019 to let me know that they bought my debt from Lending Club. According to my records with Lending club, as of 4/28/2019, my personal loan balance was $6,383.76. Velocity said I have to pay the full amount of $6910.00. Which I thought Velocity inflated the amount, considering they paid nothing for it. No? With settlement payment options of $6,910.00 < one time payment $2687.07 < 3 payments $100.00 < per month in full After making 2 payments, I had to stop. Lending Club was still calling me to collect. I was so confused and thought I was scammed. Velocity is suing me now for not continuing payment. Not sure if it's relevant but backstory, I resigned from my miserable job, of almost 7 years, on July 27, 2018, with mortgage to pay and children and sick parents to support. My mom is diabetic with a heart condition - clogged arteries, and dad had 2 strokes the same year and passed away on April 1, 2019 from the 3rd stroke. I stopped making payments to Lending Club in December 2018. To make long story short, I was in deep trouble financially when Velocity called and spoke to them the first time. Any advise would be appreciated. - Michael Bovee:
12 Apr 2022 What do all of your unsecured debts add up to? Are any more in collections like this one? Is your goal to try and settle at this point? - Elizabeth Wang:
02 Aug 2022 Hi Michael I had received a letter from Mandarich Law Group, LLP. This law group is representing Velocity investments, LLC. The former loan company was Prosper Marketplace and now has taken over from Velocity. Lucky, I had a recent credit report that was dated June 12, 2022. On the credit report under Prosper Marketplace, Inc on Balance Amt:$0 Activity designator: Paid and Closed Status comment: closed or paid Account/Zero Balamce. I had responded to Mandarich Law offices twice with a copy of the page of the credit report that had Prosper Market place inquiry. Today, August 2, 2022 I receive a letter from this Law office that states “Notice of Intention to Sue and Incur Costs” - Michael Bovee:
03 Aug 2022 It sounds like, from the way I read your comment, that you were hoping Mandarich would stop trying to collect when they saw that Prosper shows a zero balance on the credit reports. Unpaid accounts are regularly sold to debt buyers like Velocity. When a bank or lender sells your account they are no longer owed the money, and will typically report it as a zero balance charge off. Most debt buyers will show a collection account on your credit with the balance now owed to them. If Velocity does not appear on your credit reports it does not mean the debt went away, or cannot be collected. Mandarich regularly sues to collect. I would not trust this firm. Not in the least. If you are going to resolve the debt, I suggest getting everything in writing that you do with them, and to remain skeptical even then.