What does being served in a lawsuit by PG Acquisitions Group Inc. mean?
If you have been served in a lawsuit recently by PG Acquisitions Group, Inc., or have currently pending litigation with PG Acquisitions Group, you are not alone. PG Acquisitions Group is approaching $100 million in purchases to date.
They are a debt collection company that specializes in purchasing charged off auto-deficiency accounts. They have purchased rights to old deficiencies from the bank that previously noted your delinquent and it is trying to collect whatever amount it can. Based in West Palm Beach, FL, they have served thousands of Floridians and are seeking judgments against them.
If you are facing a deficiency judgment lawsuit or motion by PG Acquisitions Group, Inc., having an attorney that knows how to defend against a deficiency lawsuit is paramount to mitigating your damages or having a strong defense.
What is a Deficiency Judgment?
A deficiency judgment is a legal order to pay off unpaid loan balance after repossession. Once the lender takes your property and resells it, using proceeds pay off your debt and any additional fees – including legal ones – related to collections.
PG Acquisitions Group can attempt to collect on the auto loan deficiency and must obtain a deficiency judgment to do so. These types of judgments are extremely common and are subject to very limited defenses. Generally, the consumer thinks the debt has been forgiven and ignores the lawsuit, which is a big mistake.
Deficiency Judgment Defense Strategies
One defense is the statute of limitations. In most cases, the borrower has five years to seek the deficiency judgment. However, in some cases, the nature of the note has an impact. The principal, or amount due, does not change once you stop payments. If the repossessing bank pleads their argument correctly in court, under current Florida law, they may collect the entire balance of the loan, including default interest. This may be applied from the original default date on the loan.
After being served by PG Acquisitions Group Inc., it may be confusing what to do next. Choosing to fight a deficiency in court will add to the amount the bank or PG Acquisitions Group will seek against you. But not fighting it has its consequences.
What can happen?
When creditors like PG Acquisitions Group Inc. purchase these debts, they become debt collectors. This commonly leads to negative reports on your credit followed by filing a deficiency lawsuit to seek judgment against you.
If they do get a deficiency judgment, they will likely try to garnish your wages or attach liens against any personal property. Understand that a settlement, and not a final judgment, maybe in your best interest to avoid these outcomes.
Learn your options. Having a consumer attorney gives your side more strength in a negotiation and at trial. Call our Brandon, FL law office today to speak with a lawyer.
I’m Already in Ongoing Litigation
PG Acquisitions Group must prove its case and meet their burden in court. If you have counsel in ongoing litigation – it’s important that they have defended a case against PG Acquisitions Group before.
If you are facing a PG Acquisitions Group trial or a motion for a deficiency judgment and are uncomfortable with your attorney or don’t hear back from them – it may be time to hire another lawyer.
Experience on Your Side
A deficiency judgment lawyer can help dramatically in a settlement negotiation and at trial. At Owen & Dunivan, we want to win. Attorneys will use any and all defenses, documents, and data may best help your case.
If you have recently been served by PG Acquisitions Group, and would like to know your options, please contact our law office at (813) 252-0239 or email us to set up a consultation. If you are in Hillsborough County, I even offer flat fees for most PG Acquisitions cases.