Pyod LLC Sued?
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Who Is Pyod LLC?
PYOD LLC is a debt collection company. It’s based in Las Vegas and is part of the Sherman Financial Group. The group purchases defaulted debt, which might also be junk or zombie debts, for a portion of the debt’s total value. It then sues consumers for the full amount.
So, for instance, if you originally owed $2000 on a credit card, PYOD LLC purchases the debt from the original lender for $1000 and sues you for the full $2000 amount. Should they win the lawsuit, or convince you to pay without going to court, they’ll earn back their investment plus $1000 profit.
PYOD LLC is linked to other debt collection companies through the Sherman Financial Group, which is also known as Resurgent Capital Services. These companies sometimes work together to buy, resell, transfer, and collect debts. Some legal experts speculate PYOD exists to protect others in the Sherman group from liability that can arise during debt collection attempts.
PYOD files hundreds to thousands of cases per year against consumers.
It’s important to understand the goal of PYOD LLC and all debt collectors is to get as much money from you as possible. Though they are limited by the law in the actions they can take, like many debt collectors, they’ll do everything they can to get as much as they can. Debt collectors often break the law with the hope you will be too intimidated to do anything in response.
As a consumer, you are protected by law against abusive or misleading actions by debt collectors. It is within your rights to determine if a debt is valid and accurate. Even if a debt is valid, a debt collector who breaks the law in its collection efforts might jeopardize its ability to collect on the debt. You might have the opportunity to file a counter lawsuit against a law-breaking debt collector, but most people only realize this after speaking to an attorney.
It might also be possible to settle your debt with PYOD without paying the full amount. An experienced attorney can negotiate a fair settlement and help you resolve your debt issues without making things worse.
Is Your Debt Eligible for a Settlement with PYOD LLC?
If PYOD LLC has contacted you, it’s important for you to proceed with caution. Their efforts are to collect on the debt and any information you provide them with will be used against you in their efforts. The best thing you can do is ask for verification, in writing, of the debt, and then contact an attorney. Do not try to defend yourself to the debt collector or say anything that could later be used against you.
If a lawsuit has been filed against you and you are served with notice from PYOD LLC you need legal assistance immediately. Debt settlement is still possible, but you must take action immediately. The worst thing you can do is ignore the lawsuit and hope it goes away – it will not. Ignoring notification of a lawsuit works in the favor of PYOD LLC and makes it more likely they will be able to collect on the entire debt, even if it means garnishing your wages.
Do You Need Help with Debt Collection Efforts?
Whether you have been served with a lawsuit by PYOD LLC or any other debt collector, an attorney can help you manage the situation and protect your rights. In some cases, debt settlement is the best option, and can help you avoid bankruptcy. For others, bankruptcy truly is the best choice.
If you’re being faced with a debt collection matter with PYOD LLC, we can help. Contact our experienced attorneys at 1.800.220.4318.
What Happens With a Judgment?
Your Bank Account Can Be Frozen and Emptied by Many Judgment Creditors
A Judgment Can Often Cloud Title on Your Homestead Property
A Judgment is Published on your Credit Report as a “Public Record”
With a Judgment, certain property can be sold at auction to pay towards the judgment
Do I Need a Lawyer?
The vast majority of collection lawsuits end up with a judgment against the consumer. This is primarily because the consumer did nothing to protect themselves or they attempted to defend the lawsuit themselves.
Most of our cases are dismissed by the creditor prior to trial or we reach a favorable settlement for our clients depending on the circumstances of their situation.
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