Re: Providian//Cavalry Portfolio LLC

Posted by Paul (207.44.154.35) on January 09, 2004 at 23:23:41:

In Reply to: Providian//Cavalry Portfolio LLC posted by latvija on January 09, 2004 at 20:54:47:

Cavalry. Wow, are they buying recent debt now? They must have paid the huge sum of 5 cents on the dollar for that. They don’t usually pay that high, but for under a year old debt, they’d have to be at least a nickel on the dollar even if it is Providian garbage. Anyway they’d have to establish that you had a good job, a large asset to attach, AND you would have to ADMIT to the debt before they would ever sue anybody. They would never be able to prove the case with the worthless paperwork Providian would provide unless a person ADMITTED that the debt was theirs, or made a payment to them thereby self admitting the debt was theirs. File that letter in the round file beside your desk. These debt buyers don’t have the paperwork to sue unless people ADMIT that the debt is theirs.

Don’t be misled by that portfolio figure of $4 billion. Calvary’s average debt buy is 2 cents on the dollar for a total value of only $80 million.

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