Invenio Financial, formerly PCA Acquisitions, 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 Invenio Financial?
Invenio Financial , LLC is a debt purchaser and third-party collection agency based in Delaware. Invenio has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), such as using false or misleading information in an effort to collect a debt and failing to provide written verification of a debt. If Invenio has contacted you about past due collection items,make sure you understand your rights before you respond.
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Is Invenio Financial a scam?
They’re legit. According to the Better Business Bureau (BBB), Invenio Financial, LLC was founded in 2004 and incorporated in 2008. The BBB established a profile page for Invenio in 2013, and Invenio has been a BBB-accredited business since then.The BBB lists Invenio as a collection agency that uses the alternate business name, PCA Acquisitions V, LLC (PCA). Buzzfile estimates Invenio’s annual revenue at $27 million and the size of its headquarters staff at 80 employees, with an estimated 400 employees across all locations.
According to its website, Invenio Financial was formerly PCA Acquisitions V, LLC and “has been an industry leader in specialty portfolio management.” Invenio has “recently undergone transformations …to better reflect their growth and vision for the future.” Invenio states that they set “the industry standard in specialized acquisitions.” Invenio was “founded on upholding their partners’ brands and a commitment to delivering real bottom line financial results.”
Invenio Financial purchases delinquent charged-off debts “across a variety of industries including banks, retailers, credit unions, credit card issuers, auto lenders, medical facilities, and utility providers.” Invenio specializes in collecting seriously delinquent debts that have been placed in categories most agencies regard as uncollectable, such as cease and desist accounts; small business accounts; debt management accounts; probate and deceased accounts; and pending and dismissed bankruptcy accounts. Invenio then partners with its network of third-party collection agencies to continue collection efforts.
Invenio offers its clients a “Master Servicing” option. Invenio’s master servicing program “leverages Invenio’s expertise” and grants their clients “access to Invenio’s select network of industry-leading agencies.” Invenio utilizes “comprehensive servicing processes to maximize the value of these portfolios” of charged-off collection accounts. Invenio “expertly handles every aspect of end-to-end portfolio management, … including agency selection, reporting, strategic development, and tactical implementation.” Invenio’s “technology ensures…ease of doing business while managing transaction information, auditing performance, and producing detailed reports.” Invenio “continues to develop new techniques and… strategic tools to further their commitment as a Master Servicer.”
Invenio cites membership in the Receivables Management Association (RMA); and the International Association of Credit and Collection Professionals (ACA International). Their website is entirely client-facing and does not include any information about regulatory compliance policies. There are no links or references to consumer protection resources, laws, or enforcement agencies.
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 Invenio Financial?
As of August 2019, the BBB has closed 1 complaint against Invenio Financial in the preceding three years, alleging a problem with billing and collections. They have also closed 30 complaints against PCA in the preceding 3 years, with 18 of those complaints closed in previous 12 months. Most of those complaints alleged problems with billing and collections, although 9 complaints also alleged problems with customer service, and several more cited problems with advertising, sales, and other problems.As of April 2015, the Consumer Financial Protection Bureau (CFPB) has closed 30 complaints against Invenio, all of them attributed to PCA. Justia does not list any cases of civil litigation involving Invenio Financial but does list at least 4 cases of civil litigation involving PCA.
Invenio Financial, LLC 1002 Justison Street Wilmington, DE 19801 Telephone:(866) 321-2208
It is illegal for a debt collector to make empty threats to sue you or garnish your wages. It is also unlikely Invenio 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!
In September 2016, in United States District Court for the Southern District of Indiana, Indianapolis Division, a judge issued a ruling on a case alleging Invenio Financial, then acting as PCA Acquisitions V, had violated certain provisions of the FDCPA. In this case, Invenio had purchased the plaintiff’s charged-off credit card debt, and then hired another third-party collection agency (L&M) to collect the debt. L&M sent a debt collection letter to the plaintiff, but the plaintiff sued the collection agency for violations of the FDCPA. The plaintiff alleged that L&M had failed to “effectively identity the current creditor, in violation of section 1692g(a)(2).” He also alleged that L&M’s statement that, “‘because of interest, late charges and other charges that may vary from day to day, the amount due on the day you pay may be greater’ was false, deceptive or misleading, in violation of section 1692e.” The plaintiff successfully argued that his case should be a class action lawsuit, and L&M and Invenio agreed to settle the case. As part of the settlement, Invenio agreed to “discontinue the practices alleged in the plaintiff’s Complaint, to pay the plaintiff $1,000.00 as a class representative, and to pay $21,550.00 to the class.” The court approved the settlement, but “the parties were not able to reach an agreement for attorney’s fees and expenses.” The September 2016 hearing was held to determine how much Invenio would be required to pay in attorney’s fees.
Attorneys for the plaintiff had employed another law firm to assist in the administration of the class action lawsuit. The initial cost of services for the plaintiff’s attorneys was $75,000.00. In addition, the law firm hired to administer the class action portion of the suit added an additional $6,7000.00 in fees and expenses. Attorneys for Invenio Financial filed an objection to this request for fees, and attorneys for the plaintiff incurred additional expenses and fees in addressing those objections. Altogether, the plaintiff sought a total of $115,300.00 in attorneys’ fees and expenses. Attorneys for Invenio filed objections to many of the fees requested by the plaintiff, including an objection to the rates charged by his attorneys; some of the hours and services listed in his petition for fees; services provided by paralegals; allegations of excessive billing; objections to “vague or erroneous billing entries”; the reasonableness of some of the fees; and the charges for additional services after Invenio’s objections. The court dismissed most of Invenio’s objections and found that the plaintiff’s requests for attorney’s fees were, for the most part, reasonable and did not include excessive billing or billing for services that were unrelated to the case. The court adjusted the amount of fees payable to the plaintiff by about $10,000 and ultimately awarded him a total of $105,000 in fees and expenses.
Invenio Financial 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.
“With your help the nagging collection calls have ceased! I was thrilled I was also able to get damages from the collection agency. I am unable to adequately express my joy. I am so thankful I made the call.”
“I would recommend your company to anyone. You have the debt collectors off my back, and I will finally see the light at the end of the tunnel. Throughout the entire procedure your employees were courteous and professional. I was blown away by their efficacy also.
“After speaking to one of the partners, and going over the plan of action, I felt I’d chose the perfect company to go to work for me. He was very accommodating in describing what was going to happen. I would strongly recommend Lemberg Law to anybody being hassled by debt collectors”
“Prior to contacting you, we had tried repeatedly to handle this matter without threatening litigation. In the end, not only were they unapologetic, but they were dismissive – even of an attorney friend who called on our behalf. Sincerest thanks for resolving this matter for us!”
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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.