One of my clients was sued by Cavalry SPV I, LLC for a Capital One Best Buy credit card. They claimed that he owed about $5,000 and that they were the assignees of the debt. That means that Capital One/Best Buy gave up on trying to collect from him directly, and sold the account to Cavalry SPV I, LLC. Cavalry is a debt buyer, which means that their entire business revolves around purchasing old charged off accounts from creditors who either cannot or will not (because they don’t want their name associated with the negative PR) take legal action on their own.
I entered the case after my client had answered pro se and received a trial date notice. I contacted the opposing counsel about their evidence and we agreed to have the case dismissed with prejudice. This means that the debt, if it ever existed, is gone forever. My client can send that court order to the credit bureaus and demand that they remove the account from his credit report.