What is LVNV Funding and Why is it Contacting Me | Halvorsen Klote

What is LVNV Funding and Why is it Contacting Me?

Are You Being Contacted By LVNV Funding?

At Halvorsen Klote, our clients will frequently ask us why a company that they have never heard of before has contacted them. This question is most commonly about LVNV Funding. So, what is LVNV Funding? LVNV Funding is a large, international debt collection agency headquartered in Greenville, South Carolina. Most of LVNV’s business involves buying old debt, including credit card debt and personal loans, from various creditors. LVNV uses several different companies to help it collect these old debts.

Some of these companies include Resurgent Capital Services and Aegis Receivables Management Inc., among others. If LVNV has bought one of your delinquent loans or debts, you may receive a call from one of these collection agencies or a similar company. It is essential to understand the nature of LVNV Funding's operations to navigate your interactions with them effectively. Knowing that LVNV Funding is contacting you because they have purchased your debt can help demystify the process and alleviate some of the stress associated with these communications.

LVNV Funding is what is known as a “debt buyer.” It does not lend money and is not an original creditor like credit card companies or banks. Instead, it buys defaulted accounts from original creditors such as Bank of America, Capital One, Chase, or other creditors. This means that LVNV Funding purchases your old debts at a discount and then attempts to collect the full amount from you.

LVNV Funding

Debt buyers are also considered debt collectors and have to comply with the Fair Debt Collection Practices Act (FDCPA) as well as state debt collection laws. Understanding that LVNV Funding is a debt buyer can help you comprehend their approach to debt collection and your rights under the law. This knowledge is crucial when dealing with credit card debt or personal loans that have been sold to debt buyers like LVNV Funding.

If you have received collection letters from LVNV Funding, these documents can be confusing. The letters may tell you who the original creditor is, who the current owner is, different account numbers, and there might even have been other debt buyers who owned the account before LVNV Funding. To protect your rights, it is vitally important to save any documents.

These documents can serve as evidence for your case! Without evidence, you may not be able to prove that there was any wrongdoing by the debt collector. Keeping thorough records is crucial, especially if you need to settle the debt or contest a debt collection lawsuit. By preserving these documents, you can ensure that your case is well-supported, whether you are negotiating a debt settlement or defending against a debt lawsuit.

Consumers often ask us, what are debt collectors prohibited from doing? Well, there are a lot of different actions that can violate the FDCPA. Some of these actions include: telling you that you still owe an amount you already paid; they might not send you proper notices; they might not properly validate the debt; they might not give you the mini-Miranda; they might even try to collect interest on the account that you are not liable for.

The list goes on and on. Being aware of these violations is key to protecting your credit scores and credit reports from unjust impacts. Knowing your rights under the FDCPA can help you identify and challenge any illegal debt collection practices.

So, what should you do if LVNV Funding is contacting you? If you are only receiving collection letters and phone calls, you can request what is called “validation” of the debt, which is requesting the proof that they actually own the debt in question. This is your right under the FDCPA! You can also request that they stop contacting you at home and at work. If they continue to contact you, or if they continue collecting before they send validation, this may violate the FDCPA.

Furthermore, understanding the statute of limitations on your debt can provide additional protection and strategy in dealing with these issues. The statute of limitations varies by state and type of debt, so knowing this information can be critical in your interactions with LVNV Funding.

Get in touch with us now for a FREE CONSULTATION and find out how Halvorsen Klote can help with your debt settlement or if you are facing a debt lawsuit. Our expertise in handling debt collection lawsuits ensures that your rights are protected, and we can guide you through the process of resolving your debt issues effectively. Whether you need assistance in understanding what is LVNV Funding, dealing with credit card debt, or navigating a debt collection lawsuit, we are here to help.