Have you ever been contacted by LVNV Funding for a debt? If so, you may be wondering if the company is legitimate. Many borrowers who have defaulted on debt have received correspondence and lawsuits from LVNV Funding.
However, there are a lot of companies out there that prey on people who are struggling financially. So, is LVNV Funding a legitimate collection agency, or are they a loan shark? This article will help you answer that question and provide steps to win a lawsuit against LVNV Funding, if necessary.
If you have been targeted by this company, don’t panic! There are steps that you can take to win your case and get them off your back!.
What is LVNV Funding LLC?
But how exactly does LVNV Funding acquire your debts?
Most often, LVNV Funding acquires debts by purchasing them from creditors. This includes credit card companies, banks, and other lenders. For e.g. if you have an unpaid Capital One credit card balance of $2000, Capital One may sell that debt to LVNV for $100.
Once LVNV has purchased the debt, they become the legal owner of that debt and are allowed to collect on it.
Even though LVNV isn’t the original creditor of the loan and you didn’t have an account with them, when Capital One sold the debt to LVNV, LVNV became your new creditor. Thus, they can still file a lawsuit against you to collect the money you owe.
Is LVNV Funding a Legitimate Company?
LVNV Funding is a legitimate company. It was accredited in 2017 by the Better Business Bureau and had been operating for over 15 years.
LVNV Funding connects with Resurgent Capital Services (RCS) to manage its portfolio of defaulted accounts. RCS is a third-party company that specializes in managing debt accounts.
Sometimes, Resurgent may contact you for debt collection purposes.
However, even though LVNV Funding is a legitimate company, that doesn’t mean that its debt collection practices are always fair. Like most debt collectors, LVNV Funding has a confusing corporate structure. Often, companies like LVNV Funding will mix their corporate entities together to hide assets or cover their tracks.
This will make it easier for them to cover up their questionable practices.
Who does LVNV Funding LLC collect for?
LVNV Funding LLC is a company that buys charged-off accounts from companies like:
Credit card issuers
Personal loan lenders
A charge-off is a debt that has been sent to the collection agency after you’ve missed several payments.
Contact LVNV Funding LLC
- Send your letter to: PO Box 10497 Greenville, SC 29603
- Visit the Website at: https://www.lvnvfunding.com/
- Call the toll-free number: 1-888-665-0374
You can win LVNV Funding in court—here’s how
If LVNV contacts you about an unpaid debt, don’t just take whatever they dish out. If you’ve been sued by LVNV Funding or received any other form of harassment from the company, you have options.
Here are a few steps that you can take to win your case against LVNV Funding and get them off your back:
1. Don’t ignore the Lawsuit.
If LVNV Funding LLC serves you with a lawsuit, don’t ignore it! Yes, it is a common reaction to bury your head in the sand and hope that the problem will go away. However, this will only make the situation worse. Lawsuits don’t go away; they only get bigger and more expensive.
When you ignore the Lawsuit, LVNV may get a default judgment against you, and this is not good. A default judgment is a ruling by the court in favor of the plaintiff (LVNV Funding) because the defendant (you) failed to show up or defend themselves in court. This means that LVNV can garnish your wages, freeze your bank account, and put a lien on your property without you ever having a chance to tell your side of the story.
So, it is always best to respond to the Lawsuit than ignore it. This will give you a chance to prove your right and defend yourself.
Why is it important to respond to the Lawsuit?
If you may ask, what is the point in responding to the Lawsuit anyway?
Debt collectors, including LVNV, have one common tactic: intimidation. They often try to scare debtors into paying by threatening them with lawsuits. But in reality, most of these lawsuits are entirely baseless, and the debtors have a good chance of winning if they defend themselves.
This is because the debt collectors buy defaulted debts in bulk. So they are dealing with a huge number of accounts and don’t have the time or resources to go after each of them. This means they often don’t have all the information needed to prove that you owe the debt.
So, if you respond to the Lawsuit, you can force LVNV to provide evidence that you owe the debt. You would be surprised that LVNV has dismissed most cases simply because they can’t give the required proof.
But how will you respond to the Lawsuit?
2. File a written answer.
The best way to respond to the Lawsuit is to file a written answer. This is a document in which you set forth your defense to the allegations made by LVNV Funding.
You only have limited time to file a response. Depending on your state, you will have between 20 and 30 days to file a written answer.
However, when drafting your answer to the complaint, keep these three tips in mind:
- Don’t write more than necessary: Your answer isn’t a place to tell your life story. The court only wants to know whether you “admit” or “deny” the allegations made against you. The allegations are often listed in the complaint in numbered paragraphs. So, all you need to do is indicate whether you “admit” or “deny” each paragraph.
- Only Admit What You’re sure of: Debt collectors often try to get clever by alleging things that aren’t actually true. Don’t fall for this trap! If you’re not sure whether an allegation is true, just deny it. For e.g., LVNV Funding can allege that they “own and operate” your debt account. Do you know if this is true? Probably not. So simply deny this allegation.
- Watch for Multiple Allegations in a Single Paragraph: As previously said, debt collectors are tactical. They often try to bundle multiple allegations into a single paragraph. This is done in order to confuse you into admitting to something you may not have done. So, be careful and read each paragraph carefully. Make sure you “admit” or “deny” every allegation, even if they are bundled together.
3. Submit to the court.
Finally, once you’ve drafted your answer, you need to file it with the court. This can be done by mailing it to the court or filing it online.
In summary, debt collectors like LVNV Funding can file a lawsuit against you, hoping that you’ll ignore it. But if you respond to the Lawsuit, you have a good chance of winning because the debt collectors often don’t have the time or resources to validate the debts. This will give you a chance to win your case and protect your wages, bank account, and property.
How to Remove LVNV Funding LLC From Your Credit Report
All of the techniques listed above will need a significant amount of effort and dedication on your part.
It’s entirely feasible to go the “do-it-yourself” route, but keep in mind that you’ll need to be patient.
A professional credit repair company can help you clean up your credit report quickly and efficiently.