A common complaint we hear from Twin Cities clients involves harassing phone calls and court letters from a company called Cach LLC. Maybe you too have been contacted by Cach LLC and are wondering why? If so, the following information should prove very useful.
Cach LLC is one of the largest purchasers of debt in the United States. Based in Denver, Colorado, Cach LLC has offices around the country, and buys debts from some of the better-known creditors such as:
- Capital One
- Chase Bank
- Bank of America
- Washington Mutual
Cach LLC purchases debts from these companies for pennies on the dollar. It then attempts to collect those debts, keeping any additional money above the original purchase price as profit. So if you had ever had a delinquent bank note or credit card, it may have been purchased by Cach LLC.
The company is owned by Square Two Financial, which is also based in Denver, CO. It outsources the management of its purchased debts to Resurgent Capital Services of Greenville, SC. Accordingly, you may have also been contacted by Square Two Financial or Resurgent in addition to Cach LLC.
Previous Complaints about the Company
If you are receiving calls from Cach LLC, you should be aware that other consumers have reported everything from harassment to a failure to validate debt. As such, you should ensure your rights are protected when speaking with anyone from Cach or one of their affiliates.
First, you should make sure your debt has not reached the statues of limitations. If yours is beyond the statute of limitations, your next step would be to have an attorney send them a cease and desist letter.
Under the Fair Credit Reporting Act, you also have the right to have your debt validated. So if you do not remember taking out any loans or credit cards, you should insist that Cach LLC prove you owe what they say you do.
This is another area where people often get the runaround, with many complaining that Cach often passes the buck or refuses outright. If you are not getting straight answers to your questions, you may want to have a lawyer start asking them for you.
Bankruptcy Filing
Two Square Financial d.b.a. Cach LLC filed for bankruptcy in 2017. Their bankruptcy filing was a Chapter 11, which allows businesses to restructure their assets in order to remain operational.
It was only after filing bankruptcy that most of its debt began being outsourced to Resurgent. It is not clear whether or not Cach continues to buy debts or if it is only trying to collect on ones that were already purchased.
I’m Being Harassed. Can I File For Bankruptcy To Stop It?
Companies such as Cach LLC often use fear to coerce people into paying. But just because a company threatens a lawsuit does not mean you have to be bullied. Your first step should be to contact a reliable attorney who will do battle on your behalf.
Maybe you previously ignored Cach thinking they would eventually go away. Now you find yourself the target of pending litigation. If so, you’ll want an experienced lawyer to stand up for you in court.
If you are receiving calls from more than one creditor (or Cach has purchased multiple delinquent debts), you could be a candidate for bankruptcy.
Upon filing bankruptcy, creditors are no longer allowed to harass people for money. In Minnesota, residents are sometimes able to recover funds that were previously garnished from their paychecks as well.
Don’t wait until the calls become too much for you to handle. Contact us today for an assessment of your case. Even if you do not qualify for bankruptcy, we can still help you protect your rights, and will ensure you are treated with dignity.
