Have you been contacted by LVNV Funding LLC regarding an outstanding debt? Here’s how to find out if this firm is legitimate, how to handle communications with them, and how to resolve your LVNV Funding collection debt in the best way possible.
Who is LVNV Funding LLC?
LVNV Funding LLC is a debt collection company. They typically buy unpaid debts from other lenders or credit companies at a discounted rate and then attempt to collect the debt from the original borrowers. LVNV Funding LLC is known as a “debt buyer,” meaning that they do not originate loans or credit, but instead focus on the collection of debts that have been charged off by the original creditors.
Is LVNV Funding LLC legitimate?
Yes, LVNV Funding LLC is a legitimate debt collection company. As a debt buyer, they purchase unpaid debts from original creditors and then attempt to collect these debts from consumers. However, being legitimate does not exempt them from following the laws and regulations that govern debt collection practices.
For example, debt collectors are regulated by the Fair Debt Collection Practices Act (FDCPA). This law provides guidelines on how debt collectors can operate, including how and when they can contact you, prohibitions on deceptive or abusive practices, and your rights as a consumer to dispute the debt.
LVNV Funding LLC Reviews and Complaints
LVNV Funding LLC holds an A+ rating from the Better Business Bureau (BBB). However, it’s important to note that they have received a significant number of customer complaints. Specifically, over the past three years, there have been 1,025 complaints closed, with 779 of these closed in the last 12 months. The customer reviews on the BBB website average 1.1 out of 5 stars, based on 81 reviews. This information suggests a high level of customer dissatisfaction despite the A+ rating.
Understanding How LVNV Funding LLC Operates
LVNV Funding LLC purchases portfolios of delinquent debts from creditors such as banks, credit card companies, and other lenders. These debts may include credit card debts, personal loans, and other types of consumer credit. The debts are often purchased after they have been charged off by the original creditor, meaning they have been deemed unlikely to be collected and have been written off as a loss.
However, LVNV Funding outsources the management of its portfolio of accounts to Resurgent Capital Services, a licensed third-party debt collector that specializes in the management of these types of consumer assets.
Dealing with LVNV Funding LLC
If your debt is owned by LVNV Funding, you’ll likely receive communications from Resurgent directly. In some cases, they may have one of their collection agency partners help them reach out to you.
What Should I Do If I Receive a Letter or Call from LVNV Funding LLC?
If you receive a letter or call from LVNV Funding LLC, don’t ignore it. That will likely lead to further action, including a potential lawsuit. It’s a good idea to request a written validation notice to ensure you really owe the debt in question (LVNV is required to provide this under the FDCPA). It’s also highly recommended that you seek the advice of an attorney that specializes in debt relief.
Knowing Your Rights against LVNV Funding LLC
When dealing with LVNV Funding LLC, it’s important to be aware of your rights under the Fair Debt Collection Practices Act (FDCPA). This includes the right to:
- Request debt validation: You can ask LVNV to verify the debt they claim you owe.
- Dispute the debt: If you believe the debt is not yours or the amount is incorrect, you can formally dispute it.
- Limit communications: You can specify how and when LVNV contacts you, including requesting no contact. Additionally, if you choose to hire an experienced debt help attorney, you can request that LVNV Funding direct all communications to them instead of you.
- Protection from harassment: LVNV cannot use abusive, unfair, or deceptive practices to collect the debt.
- Privacy: Your debt information should be kept confidential and not disclosed to others, including family members or coworkers (the exception is your spouse and attorney).
The Legal Side of LVNV Funding LLC
What Happens If You Get Sued by LVNV Funding LLC?
If you get sued by LVNV Funding LLC, it’s important to:
- Seek legal advice: A lawyer can help you understand your options and rights, and ensure you respond to the lawsuit properly. Contact Tayne Law Group to find out how we can help.
- Respond to the lawsuit: Ignoring it could result in a default judgment against you.
- Gather documentation: Compile any relevant documents related to the debt that could help your case.
- Consider settlement: In some cases, settling the debt outside of court might be an option.
- Attend court dates: If the case goes to court, be present for all hearings.
How to Negotiate with LVNV Funding LLC
If you decide that you would like to negotiate with LVNV Funding LLC regarding your debt and repayment terms, there are a few important steps to follow:
- Understand your debt: Before negotiating, you need a clear understanding of the debt’s details, including its origin and the total amount owed. Review any documentation or communication from LVNV Funding for this information.
- Come up with an offer: Think realistically about what you can afford to pay. This could be a lump sum offer, which is typically less than the total debt, or a feasible installment plan.
- Keep all communication in writing: Conduct negotiations through letters or emails so you have a clear record of all agreements and discussions.
- Stay calm: Always maintain a professional demeanor in your communications. Being courteous and respectful can make the negotiation process smoother.
- Seek expert advice: Consider consulting with a debt settlement attorney — they can provide valuable advice, help you understand your rights, and might negotiate more effectively on your behalf.
Filing a Complaint Against LVNV Funding LLC
If your rights have been violated by LVNV Funding or you have another type of complaint against the company, you can report the issue with the following organizations:
- Consumer Financial Protection Bureau (CFPB)
- Better Business Bureau (BBB)
- State Attorney General
- Federal Trade Commission (FTC): You can file a complaint with the FTC, which oversees debt collection practices.
LVNV Funding LLC phone number and address
LVNV Funding can be reached at the following address:
355 S Main St Ste 300-D
Greenville, SC 29601-2923
However, questions or disputes regarding your account should be directed to Resurgent:
Resurgent Correspondence
PO Box 10497
Greenville, SC 29603
Phone: 1-866-572-0262
How Can a Debt Settlement Attorney Help?
A debt settlement attorney can be invaluable when dealing with a collections account. They can negotiate with creditors to potentially reduce the debt amount, provide legal guidance, represent you in court if needed, assist in validating the claimed debt, and ensure any settlement agreements are in your best interest.
Tayne Law Group offers a free phone consultation with one of our experienced debt relief attorneys. Whether you’re struggling to keep up with your bills, have a debt in collections, or have been sued by a creditor or have a debt with LVNV Funding, there’s a good chance that we can help. Contact our offices by calling (866) 890-7337 or fill out our short contact form. We never share or sell your information and all conversations are confidential.
FAQs
LVNV Funding LLC is a debt collection company that primarily deals with buying and collecting defaulted or charged-off consumer debts.
LVNV Funding LLC is a legitimate debt collection company. Like other debt collection agencies, LVNV Funding LLC operates within the legal frameworks and regulations that govern the debt collection industry. However, as with any debt collection agency, it’s important for consumers to know their rights under laws like the FDCPA and to verify any debt claims made against them.
LVNV Funding LLC primarily collects on defaulted or charged-off consumer debts. These debts can include a variety of types, such as credit card debts, personal loans, and other forms of unsecured consumer debts.
LVNV Funding outsources their portfolio management to a company called Resurgent Capital Services. The company may offer payment arrangements or settlements to allow the debtor to clear the debt. However, If the debt remains unresolved, Resurgent may pursue legal action, such as filing a lawsuit, to collect the debt.
If you see LVNV Funding LLC on your credit report, it usually means that they have purchased a delinquent or charged-off debt originally owed to another creditor, and they are now the entity attempting to collect on that debt.
If LVNV Funding LLC is suing you, it’s likely because they believe you owe a debt that they now own. The lawsuit is their way of legally compelling payment. It’s important to respond to the lawsuit, ideally with legal representation, to ensure your rights are protected. Ignoring a lawsuit can lead to a default judgment against you, which could have serious financial consequences.
If you receive a collection letter from LVNV Funding LLC, you should first request a debt validation letter to confirm the details of the debt. If you’re unsure about how to proceed or if the debt is significant, consider consulting with a legal professional.
Send your correspondence to LVNV Funding LLC c/o Resurgent Capital Services, PO Box 10497, Greenville, SC 29603. Ensure that your request is sent within 30 days of receiving their initial notice.
Yes, LVNV Funding LLC is legally permitted to collect debts and report them to credit bureaus under certain conditions. However, as a consumer, you have rights to dispute inaccuracies and seek debt validation.
