LVNV Funding LLC is a major debt buyer that purchases charged-off consumer debts, such as credit cards and personal loans, from original lenders at a discount. LVNV often outsources collection efforts to Resurgent Capital Services, so you may receive communications from either company. If LVNV Funding appears on your credit report or contacts you, it means they now own your debt and are seeking repayment.
If your debt has been sold to LVNV, they will attempt to collect by phone, mail, or through Resurgent Capital Services. Their name may also appear on your credit report as a collection account. It’s important to verify any communication before responding.
LVNV Funding is a legitimate company, but consumers have reported aggressive tactics and occasional errors in debt ownership. Always verify any debt before making payments or sharing personal information. Request a debt validation letter and compare the details with your own records.
Check your credit report and compare the information with your own records. If you are unsure about the validity of the debt, request a debt validation letter from LVNV or Resurgent to confirm the details.
You have the right to receive written notice of the debt and to dispute it within 30 days of initial contact. Use certified mail for all correspondence and keep copies for your records.
If the debt is valid, you can negotiate a settlement or payment plan. If you dispute the debt, notify both LVNV and the credit bureaus in writing. Always keep documentation of your communications and any agreements.
If there are errors or the debt is not yours, dispute it with LVNV and the credit bureaus. Provide documentation to support your claim and follow up until the issue is resolved.
You may be able to negotiate a reduced settlement and request that LVNV remove the collection from your credit report as part of the agreement. Always get the agreement in writing before making payments.
Ignoring LVNV can result in persistent collection efforts, negative credit reporting, and potential legal action, including lawsuits. It’s important to address the situation proactively.
If you are sued by LVNV, respond promptly to the court and seek legal help. Keep records of all communications and payments to protect your interests.
The FDCPA protects you from abusive collection practices. If you believe your rights have been violated, report the issue to the CFPB or your state attorney general.
Bankruptcy can be a powerful option if you are unable to resolve your debt with LVNV Funding. Filing for bankruptcy imposes an automatic stay, which halts all collection activities, including those by LVNV and Resurgent. In a Chapter 7 bankruptcy, most unsecured debts—like those owned by LVNV—can be discharged, eliminating your legal obligation to pay them. Chapter 13 bankruptcy will also discharge the debt – usually by paying 0% or just a small amount for higher income earners. Bankruptcy can also help stop lawsuits and wage garnishments initiated by debt collectors. Consult with a the attorneys at Leinart Law Firm to understand your options and ensure you receive the maximum protection available under the law.
