If You Have Unpaid Debts, Of Course LVNV Funding LLC Is Suing You!

LVNV Funding LLC is a debt collection agency that contacts you continuously if you have overdue credit. They are probably contacting you because the lender from whom you took a loan sold the debt to this agency.  

Since getting a call from a debt collection agency is frustrating, it is important to learn how to deal with them. 

In this article, you will learn about steps to take if a debt collection agency like LVNV Funding LLC is continuously calling you.  

Here, you will learn how debt collection agencies work and how to deal with them. Hence, to learn more, read on to the end of the article. 

LVNV Funding LLC: Who Are They? 

LVNV Funding LLC is a debt-collection agency that purchases debts from lenders and creditors. For instance, if you have taken a loan/credit (say, from Torro Business Funding) and your payments are due, the lender/creditor might sell the debt to a debt collection agency.  

Hence, in this case, the responsibility of securing the money back lies with this company. 

Generally, a debt collection agency uses fear and ignorance of loan borrowers as weapons to secure loans. This is because many borrowers do not like receiving midnight phone calls or confronting a debt collector at the workplace.  

Unfortunately, borrowers fail to realize that these threats and embarrassing situations are tricks that these companies play. 

In fact, the Kennedy Funding RipOff Report also shows that the company misled many individuals. 

However, most borrowers don’t know that, at some point, playing these debt-collecting tricks is illegal. Despite that, if you understand your rights, as a borrower it will be easier for you to deal with such debt collection companies. 

LVNV Funding LLC outsources its account management operations to Resurgent Capital Services. Hence, the latter contacts you continuously if you have overdue credit. 

Generally, these agencies may contact you by phone, mail, or even in person. However, they do not have the right to harass you. The Fair Debt Collection Practices Act (FDCPA) does not allow creditors to harass and defraud borrowers. 

How Does The Debt Collection Process Work?

If you miss paying a debt bill, the lender you owe money can send your debt to a debt collection agency. Here, the lender hires the debt collection agency to collect the outstanding balance that you owe.  

On the other hand, the agency can even buy the debt from the lender. In this case, the debt collector will be responsible for collecting the debt from you. 

However, there are strict laws that state what your creditors can and cannot do.  

For example, your creditor or the debt collection agency can go beyond contacting you directly. In this case, they can sue you for what you owe and even take you to court. Moreover, if they win and you do not attend court, they have permission to access your bank account(s). Also, they can take a part of your wages and place a lien on your property. 

On the other hand, in certain situations, debt collectors do not have the right to sue you in court. For example, the limitations on debt collection agencies can be reset. In such cases, your credits may have the right to collect your debt in court again.  

However, they can no longer sue you. Nevertheless, you still owe the debt. Even if you still pay the debt, your credit report will be strongly impacted for seven years. This is true even if the creditor writes off the debt. Hence, owing your money to a debt collection agency for a long time is not good. 

Do You Need To Pay LVNV Funding LLC?

Whether you need to pay LVNV Funding LLC depends on whether the debt is valid. For instance, if the debt collection agency validates the debt, and you agree to the overdue amount, then the amount is correct. In this case, you need to initially pay at least a portion of the amount.  

However, if you ignore the debt collection agency, they will put more effort into collecting your payment. Here, the collection efforts will likely be more than phone calls and emails.  

For example, they might even approach you in your home, workplace, and elsewhere. Moreover, they can even sue you or take steps to take money from your bank account. 

Interestingly, if possible, you can negotiate with LVNV Funding LLC to lessen the amount under certain conditions. For instance, you can agree to pay a big portion of the amount in one go and ask to lower the amount. This way, you can settle the account for good. 

How To Deal With LVNV Funding LLC Suing 2024?

There are different ways through which a debt collection agency like LVNV Funding LLC can approach you. You need to assess the situation in each of these approaches and act accordingly.  

The following are the ways through which you can deal with LVNV Funding: 

1. Communicate In A Smart Way

Until your debt collectors receive the payment you owe them, they will continue contacting you through phone, mail, or in person. If your debt is valid, ignoring debt collection agencies like LVNV Funding LLC will damage your credit report and score. In such cases, they also have the right to sue you and take you to court. 

Basically, when they contact you, you must listen to what they are communicating. However, make sure not to volunteer any information beforehand. Just do not confirm a debt is yours unless you are fully sure. Also, do not share any information over the phone. If possible, keep a record of the conversation for future reference. 

2. Learn More About The Debt

Although you are not admitting owing the debt, you can always request detailed information from the debt collection agency. This will help you plan how you can deal with the agency. Here, make sure the collector legally offers you information about the debt. 

The name of the original creditor and their contact information must be included in the information that the debt collector sends you. Also, it must include the amount of debt that you have taken and the amount that you owe now. Apart from that, ensure that there are details of the last payment, as well as the procedure to dispute the debt. 

Here, if you do not get this information from the debt collector then they must offer you the details in writing within five days. 

However, there is a time frame within which you need to take the necessary steps. Otherwise, the debt collection agency can legally sue you if you take time beyond the deadline. 

On the other hand, after the expiry of the statute of limitations, a debt collection agency does not have the power to sue you. Hence, it is better not to confirm that a debt is yours, even if it is really yours. 

3. Get A Written Record Of Debt

If a debt collection agency is legitimate, like LVNV Funding LLC, they will send you a letter in the mail. This letter will contain details of your outstanding debt, including all the necessary information.  

Moreover, the written record must also include details of how the borrower can dispute the debt. This information can be helpful for you if you do not owe the debt in question. 

4. Dispute If You Do Not Owe A Debt

You have 30 days to send a letter to the debt collection agency if you have previously received a letter from a debt collector. In this situation, it is essential for the debt collector to discontinue communication with you if you dispute the debt. However, things will be different if they provide you with a written verification of the debt. 

However, it is also crucial that you keep a copy of your dispute letter and its date. This will help you keep proof of the dispute. The best way to do it is to keep digital proof of the same. 

5. Making A Settlement With LVNV Funding LLC

If LVNV Funding LLC verifies the debt and you approve of it, you will get information on how much you owe. you can make an offer Once you determine how much you can afford to pay.  

Here, you can offer to pay upfront on a lower amount. This will help you settle the debt faster. However, make sure you keep a record of all the negotiations that happen in written form. 

Wrapping Up

You now know how to deal with a debt collection agency like LVNV Funding LLC. However, assessing your situation and consulting with a lawyer is always a good plan. This will help you make the settlement of the debt better, as the lawyer will guide you in negotiations. 

Apart from that, make sure to keep all records of all written communication. Do you have more suggestions on how to dispute a debt? Please share your ideas and opinions in the comments section below. 

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