How To Deal With LVNV Funding and Protect Your Rights
LVNV Funding is a debt buyer that collects consumer debts from overdue credit cards and unpaid loans. If LVNV Funding contacts you, request a debt validation letter to verify the debt belongs to you and the amount is correct. If you owe them, negotiating a settlement often lets you pay less than the full amount and resolve the debt for good.
Answer LVNV LawsuitLVNV Funding is a third-party debt collection agency. They collect overdue consumer credit cards and loans. If they contact you, validate the debt first. Make sure their details are accurate before you disclose information or make payments. LVNV Funding purchases charged-off debts. They often have inaccurate information. If you owe LVNV Funding, negotiating a settlement is smart. You will pay less than the original amount. You will have peace of mind knowing the debt is resolved.
What Is LVNV Funding?
LVNV Funding LLC is a third-party debt collection agency. They buy debt that has been charged off by original creditors. These debts usually come from consumer credit cards and personal loans. When consumers fall behind on payments, creditors sell the debt for pennies on the dollar. LVNV Funding purchases huge portfolios with numerous overdue accounts. They contract out account management to Resurgent Capital Services. Resurgent pursues account owners to get paid.
LVNV Funding Threatening to Sue You?
Don't ignore a summons from LVNV Funding. Respond within the deadline to avoid a default judgment and wage garnishment. Our partner Solo has helped 280,000+ people successfully respond to debt collectors.
Respond to LVNVWhy Is LVNV Funding Contacting Me?
LVNV Funding wants payment on an outstanding balance. The debt comes from a credit card or loan. They purchased your debt from your original creditor. They now own the debt and want to collect it. The person contacting you likely works for Resurgent.
Is LVNV Funding Legit?
Yes, LVNV Funding is a legitimate debt collection company. They are headquartered in Greenville, South Carolina. They have been BBB accredited since 2017. They have an A+ BBB rating. However, over 1,000 complaints were filed against them in three years. Many more complaints went to the Consumer Financial Protection Bureau.
Common issues with LVNV Funding include:
- Trying to collect debt already paid or not theirs
- Trying to get money after statute of limitations passed
- Trying to collect substantially more than original debt
- Not providing enough information to verify debt
- Not disclosing consumers’ right to dispute debt
The Fair Debt Collections Practices Act (FDCPA) protects you. It prevents abusive, unfair, or deceptive behavior. LVNV Funding has been sued multiple times for FDCPA violations. You have the right to submit a complaint to the CFPB. You can even sue the debt collector.
Scammers use debt collector names to create fear. They want your personal information or money. If contact seems suspicious, ask for more information. Always request debt validation. Keep detailed records of all correspondence.
Do I Have To Pay LVNV Funding?
You might need to pay LVNV Funding. First, figure out if the debt is legitimate. Does the debt belong to you? Is the amount correct? What is the statute of limitations? Debt collectors often have incorrect information. If the debt is not yours, you can dispute it. If the debt belongs to you, you have options for moving forward.
Step 1: Send a Debt Verification Letter
The CFPB debt collection rule requires validation information. Debt collectors must provide this during initial contact. They must provide it within five days of communicating with you. Information includes the creditor’s name and current amount owed. It includes your right to dispute within 30 days.
If you haven’t received a debt validation letter, request one. You can also send a verification letter yourself. While you wait for verification, check your credit report. Report any errors immediately.
If LVNV Funding responds with debt verification, your next step depends on agreement. You will need to decide whether you agree or disagree with their claim.
Step 2: Decide What To Do Next
You have options against big debt collection companies. If you don’t agree with their claim, dispute the debt. If you agree, you can negotiate and make a settlement offer. Ignoring the debt is never recommended. It can make your situation worse.
Option 1: Dispute the Debt
You received a debt validation letter but disagree with details. You have the right to dispute the debt in writing. You must dispute within 30 days of receiving the validation letter. They cannot continue collections until they respond with verification.
Check your credit report with all three credit bureaus. If LVNV has incorrect details, they likely reported them incorrectly. The Fair Credit Reporting Act gives you the right to dispute errors. You can use a 609 credit dispute letter.
Option 2: Negotiate the Debt and Make a Settlement Offer
Most people cannot afford to pay debt in full. You can negotiate a debt settlement. You can come up with a payment plan.
Many creditors settle for 40% to 60% of the original amount. They purchase debts for pennies on the dollar. They easily turn a profit when collecting. Our partner Solo can help you negotiate effectively. Offer to pay between 25% to 30% of the total. Be prepared to meet in the 50% range.
Can You Negotiate Every Past-Due Debt?
It depends on the debt type. Negotiating often works for common past-due consumer debts. Credit card debt, medical bills, personal loans, and payday loans are negotiable. Tax debt is often negotiable through the IRS system. You usually can’t negotiate mortgages or car loans. Lenders can just take the property back. Federal student loans are not negotiable. However, many student loan forgiveness options exist.
Option 3: Ignore the Debt (Not Recommended)
Ignoring debt is never a good idea. It doesn’t make debt go away. It doesn’t reduce stress or anxiety.
What Happens if I Ignore LVNV Funding?
If you ignore LVNV Funding’s debt collection attempts, consequences include:
- Hurting your credit score
- Making future loans or credit cards more difficult to secure
- Owing more money as interest, fees, and court costs accrue
- Getting sued and facing wage garnishment orders
The stress of continued contact creates the greatest impact. You will have debt looming over you constantly. Negative information should drop off credit reports after seven years. However, debt is still collectible within the statute of limitations.
Bottom line: Dealing with a debt collector is stressful, but you can do it. Build confidence by researching and learning your rights. Know you have options. Reading this article puts you on the path to facing LVNV Funding. You will get closure.
Can LVNV Funding Sue Me?
Legal action is not likely LVNV Funding’s first tactic. However, they can sue for unpaid debt. Debt collection lawsuits depend on many factors:
- State laws
- Wage garnishment restrictions
- Court expenses, filing fees, and lawyer costs in your area
- How many debts you have in collections
- The amount you owe and potential payout
If you get sued, you will be served with court papers. These include a summons and complaint. Answer the summons to avoid losing by default. A default judgment can be issued against you.
If you’re worried about responding alone, our partner Solo can help. They have helped over 280,000 people respond to debt lawsuits. They offer a 100% money-back guarantee on their service.