Deville Asset Management or DAM is a debt collection agency, which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.
What is Deville Asset Management – DAM?
Deville Asset Management, Ltd. (DAM) is a third-party collection agency based in Texas. DAM has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including using false or misleading information to collect a debt and threatening to take actions that cannot legally be taken. If DAM has contacted you about past due financial obligations, be sure you understand your rights before you take action.
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Is Deville Asset Management a scam?
They’re legit. According to the Better Business Bureau (BBB), Deville Asset Management, Ltd. is a legitimate collection agency founded and incorporated in 2012. The BBB established a profile page for DAM in 2015. DAM may use any of the following alternate business names: Halo Debt Solutions, Inc; Platinum Capital Investments; River walk Holdings. Ltd.; Riverwalk Financial Corporation; Riverwalk Capital; Riverwalk Credit Solutions, LLC; Halo Credit Solutions, LLC; or Riverwalk Debt Solutions.
According to its website, DAM “was formed in 2012 by a group of professionals in the Dallas/Fort Worth area and has earned a reputation as a reliable, compliant, and professional distressed asset management firm.” DAM states that its “professionalism is defined not only by its associations, but also by their above-industry-standard practice of collections.”
DAM “generates revenues primarily through the purchase, collection, and sale of performing and non-performing consumer receivables that have typically been delinquent 90 days by the credit grantors or not considered to be prime receivables.” DAM collects delinquent accounts for “consumer credit originators such as major banks, retailers, credit unions, utility providers, and municipalities, including …MasterCard, Visa, and other credit card accounts issued by banks.”
DAM cites a policy of compliance that “utilizes the ACA and FDCPA in training all of their representatives and does continuous checks and balances to ensure that all policies are being actively followed and enforced.” They also cite a policy of “due diligence on all 3rd party associates…to ensure…that all consumers are properly treated and protected.”
DAM’s Consumer Resources page consists of three off-site links: the first link leads to the FDCPA on the Federal Trade Commission website; the second leads to the Debt Buyers Association website; the third leads to the website for the International Association of Credit and Collection Professionals (ACA International). The link to the ACA website leads to a page that is not currently in operation. In addition, DAM has also posted a legal notice from the law firm Hush Blackwell stating that the Securities and Exchange Commission (SEC) has issued a restraining order freezing DAM’s assets, and that all collection activity is being conducted by an appointed third party, or “receiver.”
Who are we? We are Lemberg Law, a Consumer Law Firm
Lemberg Law is a consumer law firm helping victims of collection harassment and abuse. We are ranked A+ by the BBB. We’ve helped more than 15,000 consumers stop harassment and recover money from debt collectors. Harassed? Abused? Misled by a collector? Call our Helpline today! There is no charge unless we win.
How many complaints are there against Deville Asset Management?
The BBB has posted an Alert on DAM’s profile page, notifying site visitors that DAM has been subjected to legal action by the federal government. The BBB has given DAM a rating of F. As of January 2019, the BBB has closed 193 complaints against DAM in the preceding three years, with 138 complaints closed in the previous 12 months. The vast majority of those complaints cited problems with billing and collections. Since February 2016, the Consumer Financial Protection Bureau (CFPB) has closed 217 complaints against DAM, all of them attributed to its affiliate, Riverwalk Financial Corporation. Justia lists at least 7 cases of civil litigation involving DAM.
Can Deville Asset Management Sue Me or Garnish My Wages?
It is illegal for a debt collector to make empty threats to sue you or garnish your wages. It is also unlikely DAM would sue you for a debt you may not owe or they cannot validate. However, debt collection agencies are known to have summoned debtors to court and garnish wages after a default judgement. Contacting an attorney BEFORE this could possibly happen would be a smart move. We’ve helped thousands of consumers fight back against unscrupulous debt collection harassers. Find out if we can help you too today!
Unlawful Debt Harassment? Learn the Law & Sue the Collector.
Can you help me file a No Fee Lawsuit against Deville Asset Management?
Absolutely. Here are some Sample Complaints
The BBB has posted a notice of government action taken against Deville Asset Management. The notice reads, in part:
“On September 13, 2018, the Securities and Exchange Commission SEC filed a complaint in the United States District Court for the District of Maryland. Charges filed allege three shareholders associated with DAM raised more than $345 million from over 230 investors to purportedly purchase consumer debt portfolios. From at least 2013 to present, the SEC alleges that these three shareholders operated this Ponzi-like scheme that involved, among other things, securities offerings rife with misrepresentations, fake debt, forged signatures, fabricated wire transfers, the movement of millions of dollars into personal accounts, and an elaborate scheme wherein they offered and sold investments in the same (and often fictitious) debt and/or debt portfolios, to multiple victims.”
The SEC has stated that it obtained a court order “halting the ongoing Ponzi-like scheme … as well as an emergency asset freeze and the appointment of a receiver.” The SEC complaint stated that DAM shareholders “attracted investors to their scheme by promising significant profits from the purchase and resale of consumer debt portfolios. But in fact, the defendants were allegedly using a web of lies, fabricated documents, and forged signatures in an elaborate scheme to entice investors and perpetuate the fraud.” Executives at DAM “stole at least $85 million of the investor funds to maintain lavish lifestyles, spending millions of dollars on luxury items, including $10.2 million on at least 25 high-end cars, $330,000 for a 7-carat diamond ring, $168,000 for a 23-carat diamond bracelet, millions of dollars on luxury homes, and $100,000 to a private fitness club.” The SEC charged the DAM shareholders “with violations of the anti fraud provisions of the federal securities laws. The court granted the SEC’s request for an asset freeze, temporary restraining order, and the appointment of a receiver. The SEC seeks disgorgement of allegedly ill-gotten gains and prejudgment interest, and financial penalties against” DAM and its associated business interests.
Deville Asset Management Calling You?
Federal laws protect you. The Fair Debt Collections Practices Act (FDCPA) regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA).
But here’s the rub: If you want to enforce your rights, or recover money for violations — you need to sue. These laws provide individuals like you with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
Stop Debt Collection Harassment
You may have a case, if…
You are receiving multiple calls per week from third party collection agencies
You are receiving early morning or late night calls from debt collectors
You are receiving calls at work from a debt collection agency
Debt collectors are calling your friends, neighbors, or coworkers
Collectors are threatening you with violence, a lawsuit, or arrest
A debt collector attempts to collect more than you owe
You are being threatened with negative credit reporting
A debt collector attempts to intimidate you
Criminal accusations are being made towards you
Use of obscene language during an attempt to collect
Automated robocalls are being made to your phone in an attempt to collect
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“After a few months of frustration with a debt collector, I eventually called Lemberg Law. It was among the best financial decisions I have ever made. Jody and her staff were comprehensive, useful, and above all else powerful. I highly recommend their services and thank them for their continual efforts.”
“I just wanted to let you know we received the check from your office on now and I wanted to take some time to inform you that we really appreciate all of your efforts in this matter.”
Can You Help Me Delete Deville Asset Management from My Credit Report?
We can absolutely help. Call us today.
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About the Author:
Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. He has been repeatedly recognized as the “most active consumer attorney” in the country. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. He is the author of Defanging Debt Collectors, a book that teaches consumers how to battle debt collectors and win.