Spring Oaks Capital

Spring Oaks Capital is a debt buyer. Its FAQ says it was established in 2019 (Spring Oaks Capital company site, opens in a new tab), buys and services consumer credit accounts, and is headquartered in Chesapeake, Virginia.

The owner named on your account is usually a subsidiary: the company says accounts it contacts people about are now owned by Spring Oaks Capital SPV, LLC (Spring Oaks Capital company site, opens in a new tab).

Florida's registry lists that company as a Delaware limited liability company (Florida Division of Corporations (Sunbiz), opens in a new tab), registered in Florida since 2020.

A 2024 New Jersey appeals decision traces one account: a $6,720 Blue Ridge Bank personal loan, sold to two Pagaya trusts, then assigned to Spring Oaks (New Jersey Courts (Appellate Division), opens in a new tab) and its SPV.

Spring Oaks Capital is a real company. Its site carries the federal notice that it is a communication with a debt collector (Spring Oaks Capital company site, opens in a new tab) and lists state licenses, including NMLS #1916692 and Nevada collection agency license CAD11626.

To check a call, text or letter, phone 877-316-0090, the number on its contact page (Spring Oaks Capital company site, opens in a new tab), and ask who originally lent the money.

We found no CFPB enforcement action (CFPB, opens in a new tab) against Spring Oaks Capital, and no FTC or state action in our search. That does not make your debt valid or invalid.

It bought an account in your name. Its FAQ says your account has been transferred to or purchased by Spring Oaks (Spring Oaks Capital company site, opens in a new tab), and that you may not recognize it because of its age, a different original creditor name, or the change of owner.

Spring Oaks says its letters and portal show the original creditor's name, and you can ask it for the original loan documents.

Spring Oaks calls itself a debt collector, so the Fair Debt Collection Practices Act and Regulation F apply when it contacts you. Your state may add more.

Pay once the account checks out: it is yours, the balance matches, and it is still within your state's time limit. The original loan documents Spring Oaks offers can help with all three. An unanswered letter can be followed by a lawsuit.

Spring Oaks does take accounts to court. Its FAQ says it tries to reach you before considering legal action (Spring Oaks Capital company site, opens in a new tab), and that a creditor usually needs a court judgment before it can garnish wages or levy a bank account.

In the New Jersey case, Spring Oaks sued on the $6,720 loan in 2022. The borrower answered and counterclaimed that the buyer lacked a state license. Spring Oaks then moved the dispute to arbitration (New Jersey Courts (Appellate Division), opens in a new tab) under the loan agreement, and the appeals court agreed.

Often, yes, though nothing is certain. Its FAQ says options can include resolving for less than the full balance (Spring Oaks Capital company site, opens in a new tab), and that once a reduced offer is paid, nothing further is owed. It works with nonprofit credit counselors too.

Debt buyers paid around 4 cents on the dollar (FTC, opens in a new tab) in an FTC study of the industry, a figure that does not bind Spring Oaks.

Pay for delete asks a collector to drop its credit report entry once you pay. As a rule, the CFPB says, accurate negative information stays (CFPB, opens in a new tab) on your report, most of it for seven years.

Spring Oaks publishes its own policy: if it is reporting your account, it will request deletion of its tradeline (Spring Oaks Capital company site, opens in a new tab) within 14 days of the final payment that resolves it, in full or by a reduced offer.

Spring Oaks says it works with debt settlement companies, so an account it owns can be enrolled with us when your unsecured debt totals $10,000 or more. We would request validation first, then negotiate the balance; you approve each settlement before money is paid1.

If Spring Oaks has already sued, or moved the case to arbitration, talk to an attorney. We do not give legal advice, and a settlement does not end a case on its own.