Who Is Second Round LP? Debt Buyer Lawsuits in Georgia Explained
Who Is Second Round LP? Lawsuits in Georgia Explained
Second Round LP is a debt buyer that purchases charged-off consumer debts for a fraction of their original value and then attempts to collect the full balance, often through lawsuits against consumers.
Second Round was established around 2008 and is based in Austin, Texas. It is estimated to have fewer than 50 employees. The company’s founder and CEO is Larry Vasbinder, who was previously associated with another debt buyer, Paragon Way, Inc..
Second Round often files lawsuits through an affiliated entity, Second Round Sub LP, by transferring the alleged debt to that entity before filing suit.
Other entities associated with Second Round include:
- Third Round LP
- CAM Holdings LLC
- Second Round GP LLC
In addition, debt buyer Crown Asset Management LLC places some of its accounts with Second Round for “servicing.”
To learn more about how companies like Second Round operate, see our related article What is a Debt Buyer?
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Related Debt Buyers: Crown Asset Management
Another debt buyer frequently involved in Georgia collection lawsuits is Crown Asset Management, which places some of its accounts with Second Round for servicing. You can learn more about how Crown operates and its lawsuit activity in Georgia here: Crown Asset Management Lawsuits in Georgia.
Second Round Lawsuits in Georgia
Since 2019, Second Round has filed more than 900 lawsuits against consumers in Georgia.
Most of Second Round’s lawsuits in Georgia are filed through debt collection law firms Reagin & Reagin and Hayt Hayt & Landau. Second Round claims to purchase debts from banks and other lenders, including Citibank, Comenity Bank, and Synchrony Bank. According to the Second Round LP website, Second Round, LP focuses on consumer debt markets such as credit card accounts, auto deficiency balances, utility debts, and FinTech lending accounts.
Should You Take a Second Round Lawsuit Seriously?
Generally, Sound Round is a smaller debt buyer in relation to some of the other giants filing lawsuits in Georgia (Midland, LVNV Funding, Portfolio Recovery Associates, etc.). However, you should still take them seriously as they could get a judgment against you.
If you fail to properly respond to a lawsuit. A judgment could result in garnishment of bank accounts, wages, or liens on property. Generally, a judgment in Georgia is renewable and can last indefinitely if properly renewed!
Why This Matters for Georgia Consumers
If you are sued by Second Round, it does not automatically mean the debt is valid or that the company can legally collect it. Debt buyers must prove:
- They own the debt
- The amount claimed is accurate
- The lawsuit was filed within the statute of limitations
- Proper documentation supports their claims
Understanding who Second Round is—and how it operates—is an important first step in defending against a debt collection lawsuit.
Contact me to schedule a free consultation.
About Sandt Law LLC
Sandt Law LLC is a law firm protecting people in Georgia who are facing a debt collection lawsuit or are experiencing harassing or unfair debt collection actions. Sandt Law LLC is an experienced debt collection defense law firm and has handled hundreds of debt collection cases throughout Georgia. Typical cases include debt buyer lawsuits such as LVNV Funding, Midland Credit Management, Velocity Investments, Cavalry SPV and many more. Sandt Law LLC also helps people resolve debt collection lawsuits filed by American Express, Chase Bank, Discover, Citibank, and other lenders. Sandt Law LLC has also filed numerous lawsuits against debt collectors in Federal court. Free case evaluations are available by telephone.
