Velocity Investments LLC 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.
Velocity Investments , LLC (VI) is an Accounts Receivable Management company based in New Jersey that specializes in third-party debt collection. VI has received consumer complaints alleging violations of the Fair Debt Collection Practices Act (FDCPA), including improper conduct or sharing of information and failure to verify debts. If you have been contacted by this debt collector, make sure you understand your rights before responding.
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Is Velocity Investments a scam?
They’re legit. According to the Better Business Bureau (BBB), Velocity Investments, LLC was founded in 2002. The BBB established a profile page for VI in 2005. Velocity Investments is listed as a collection agency. Buzzfile estimates VI’s annual revenue at $1.3 million and the size of its headquarters staff at 10 employees.
According to its website, VI is “a comprehensive accounts receivable management (ARM) company focused on working with consumers to find satisfactory resolutions to outstanding debts.” VI “combines… strong expertise in customer service and consumer-focused collection solutions with…technologically advanced and compliance-based management systems across…a network of account resolution specialists located in all fifty states.”
Who does Velocity Investments collect for?
Velocity Investments provides “outsourced legal collection solutions for credit grantors, debt buyers, hospitals, utility companies, and other owners and originators of consumer receivables.” In addition, VI’s suit scoring technology “employs a sophisticated decision model to help determine which accounts are ready for legal action, based on balance, jurisdiction, economic data and trends, demographic information, and experience ratings.” Their pre-litigation collections division can “reduce court costs, increase net back, and identify cases where litigation is impractical.” In addition, VI employs an attorney network with “the skills, resources, and expertise of more than 60 experienced, reputable collection law firms” and a bankruptcy recovery program “to protect the client’s interest in the bankruptcy.” VI also acts as a debt purchaser.
Velocity Investments’s Resources page provides federal- and state-mandated legal notices and a web-based contact form to submit complaints. Their Consumer Information page includes links to the Debt Buyers Association consumer information page; the Ask Dr. Debt site, hosted by the International Association of Credit and Collection Professionals (ACA International); and links to information about identity theft and consumer protection on the Federal Trade Commission (FTC) website.
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 Velocity Investments?
The BBB has closed 8 complaints against Velocity Investments in the preceding 3 years, with 3 complaints closed in the past 12 months. Almost all of those complaints alleged problems with billing and collections. Since April 2017, the Consumer Financial Protection Bureau (CFPB) has closed 1 complaint. Justia lists at least 20 cases of civil litigation involving Velocity.
Can Velocity Investments 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 Velocity 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!
Complaints against Velocity Investments commonly cite problems resulting from disputes about the validity of debts and the accuracy of billing and accounting. In March 2017, a complainant indicated that she had been receiving billing notices from VI “for a debt that … she does not have, and the company is unable to explain where it is coming from.” According to the complainant, she received a collection notice stating that she owed $951.46 for a bill with an original creditor she did not recognize. She had recently purchased a house, so she had been reviewing her credit reports for the previous 3 years and had not seen the delinquent item until recently. When she contacted the original creditor, they referred her to VI. When she contacted Velocity Investments, she was told that her “account was acquired from” a different original creditor. However, when she called the new original creditor, she “was told that her account was acquired from” yet another creditor. She indicated that “NO ONE… knows where this balance came from and yet several different parties are all trying to collect it from” her. She also stated that she had “worked incredibly hard on…her credit with several different mortgage lenders and advisors, and this debt would have been settled a long time ago if it was legitimate.” In response, VI indicated they were investigating this account for possible fraud… and that they had reached out to the seller/creditor of this account, who was unresponsive and did not provide further documentation when requested. Due to this, Velocity has decided to close this account.”
In May 2016, a complainant indicated that he had called VI “about…his resolved account” after VI had “filed a civil judgement on…him for a credit card account that was a fraud.” The complainant indicated that the delinquency had been resolved in his favor, and that he had asked VI to remove his name “from the… civil court judgement.” According to the complainant, the VI representative said she would address his concern, but that “it will take 2 weeks for the whole process.” She said there was no need to call them back, but the complainant stated that after 3 weeks of not hearing anything, he contacted VI again and “was shocked that …they hadn’t done anything.” In response, VI stated that they “had been waiting for comment from the original creditor on this account.” In addition, “after communication between the original creditor and the consumer, …the creditor… repurchased the portfolio from Velocity.” VI indicated that the “account is now closed in VI’s office, and any… inquiry must be taken to” the original creditor. Velocity Investments stated their attorney had filed a motion to vacate the judgement against the complainant but were unable to provide any further details.
Velocity Investments 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).
Can I sue Velocity for harassment?
Yes. If you want to enforce your rights, or recover money for violations — you need to sue. Federal 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.
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“Thank you so much! 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.”
”Lemberg Law has saved me from the endless calls, and harassing voicemails. They really do go to bat for you. I didn’t know that debt collection agencies can end up paying your legal bill. What a surprise, to receive free legal help. I’m very grateful for all the hard work they did to finally give me my life back.”
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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.
Velocity Investments (Convergint Outsourcing) sent me today, a notice of debt collection from 1989, claiming I have an unpaid account with them for $1718.81. I do not or have never had an account of any kind with this company. My current credit score is nearly 850. This is 24 years+ old debt they are referring to, that doesn’t exist. I am concerned that they will trash my rating and that they will drag me into some kind of debt standoff with they’re claim.
I got a letter saying they were suing me. I don’t recognize this debt. Alot has transpired in my life. Two brain tumor surgeries, lost my mother to covid and grandfather to heart failure. I need help. I can’t handle the stress.
I AM DEALING WITH VELOCITY,WITH NO PROOF THEY ARE TRYING TO SUE ME,HAD A PRETRIAL TODAY,PLEADED MY CASE TOLD JUDGE I WAS SUEING THEM,FOR FRAUD,THEY SAID THEY WILL HAVE TO HAVE ANOTHER PRE TRIAL OR DISMISS,,I WILL STILL SUE THEM
I just received garnishment notification from a lawyer regarding VI stating a court date was December 2018 but I never received a summons. What do I do now because they are trying to collect $9k for something I have no idea of.
I do not have the money to fight this company and they never let me know they were going to court and now they are try to garnish my pay. They even filed a complaint for garnishment in Louisiana at a company I never worked for. How do w stop this. I got another notice yesterday that my pay was going to be garnished and filed in court. How do poor people fight something so wrong.
I’m being threatened by Velocity with wage garnishment for a credit card allegedly opened in 2014 that is now in collections.
Never heard of velocity invest and they took 1756 plus 100 legal fee out of my bank account yesterday and I don’t know what for
Lost my 80k/year job-accumulated debt in the past 1 year as I am still searching and between my car note, a peer to peer loan and my credit cards that I had to cease payments for, my credit has dropped from 720 to 430 overnight. Current car loan is $13k(good standing for now), Mortgage-159k owed and $1100/month(good standing for now).
Car Loan is in collections-$11,000(had to change cars to lower that debt from $29k vehicle)
p2p loan-was just charged off to Velocity investments $13k
credit card accounts have been closed and are in collections-$5k
Furniture bill(synchrony bank)-$800
Prior to, my accounts were years of good standing 100% on time payments. I have been seeking employment in vain. Now I have my house and business which makes less then $250/month to worry about. I have narrowed all of my bills to a bare minimum, meaning I only have utilities and my phone i case of emergencies and even that is a minimal payment. I have eliminated unnecessary bills such as cable tv etc. I have barely managed my mortgage payments but can’t even keep the lights on a can of beans in the cupboard. I do not know what to do! I do not want a lien on my house and I work a seasonal job that pays less than $12/hr and on less than 30 hrs/week it is not a livable wage. I am diligently and aggressively seeking employment but am finding nothing. Can you help or at least provide some guidance? Should I file for bankruptcy at this point?
Velocity Investments LLC is pure Pond Scum. They harass you constantly, hire legal firms equally as bad when they tire of it, and avoid any legal punishment. They bend laws and rules to their liking, and no one stops them. They prey on and torture consumers with limited or no means and enjoy it. Get legal aid or advice, as they wont go away on their own. The state or feds should really investigate this outfit fully. I am sure lots of skeletons to be found.