For a fortunate majority, the world of debt collectors and debt buyers is irrelevant. Something that is rarely heard about in passing with little or no thought about it afterward. For some, however, they are yanked into a reality where it seems that debt collectors are everywhere and inescapable. That is because once a debt collector finds you in their radar, they can be relentless in their pursuit of profit. One such creditor that might yank you into this reality is LVNV Funding, LLC. But just who is LVNV Funding? What do they do? How can you stop them?
Who Is LVNV Funding, LLC
LVNV Funding, LLC is a debt collector and debt buyer. For most, the first time they hear about them is when they put a line item on their credit report. For some, the first they hear of them is when they bring a lawsuit against them for an unpaid debt. The reason no one hears about them until this is simple. This company purchases ‘junk’ debt in bulk for a fraction of its value. They do not have any part in the initial credit line, nor do they actually extend money to anyone. They simply buy the debts afterward. Their intent behind this is to collect large profits derived from the difference in the price they paid to purchase the debt and what they can force you to pay. Many feel they have no choice in paying because the timeline of first hearing of LVNV to something drastic, like a lawsuit, may be extremely compressed.
Because their sudden presence in your life creates a whirlwind, people often overlook the fact that they have rights and protections against a company like LVNV Funding, LLC. Do not let LVNV surprise you with a lawsuit or aggressive collection tactics that make you feel like you have no options. Like any other debt collector, LVNV Funding must play by the rules or suffer consequences.
LVNV Funding, LLC Must Adhere to the Fair Debt Collection Practices Act (‘FDCPA’)
LVNV is not exempt from the FDCPA, even if they lead you to believe they are. Because they purchase debt and claim it as their own, they may try to fool you into believing that they are not ‘collecting debt on behalf of another’ and, therefore, not a debt collector as defined by the FDCPA. However, the protections of the FDCPA also extend to consumers who are dealing with businesses who’s ‘principal purpose’ is the ‘collection of …debts’. LVNV Funding, LLC is squarely under the purview of the FDCPA.
The FDCPA affords consumers many protections against debt collectors. If you believe you may have been a victim of a violation of the FDCPA by LVNV Funding or a similar company, reach out to us. To learn more about what is involved in bringing an FDCPA, review our article pertaining to how to file an FDCPA claim.
The Original Creditor Receives No Funds Collected by LVNV Funding
Many may assume, and LVNV funding is often happy to let them, that money given to LVNV Funding goes to, at least in part, to the original creditor. This is false. LVNV Funding keeps all money the collect from their targets to keep as profit. The original creditor has charged this debt off and no longer has a claim to it.
If LVNV Funding tries to imply differently, they may be running afoul of the FDCPA. It is highly encouraged to speak to an attorney about your legal rights under the FDCPA when it comes to LVNV Funding.
LVNV Funding Is Known to Frequently File Lawsuits
LVNV Funding is often in the court system trying to force consumers into paying debts they paid only pennies on the dollar for. Sadly, LVNV Funding and similar debt buyer/collectors often make up the bulk of the civil action lawsuits at the Magistrate.
Despite their filing frequency, LVNV Funding can be beaten in court. Do not let their size or volume of lawsuits scare you. That is what they want. Instead, get informed and get prepared. These types of cases are winnable, and we do so very often. You absolutely can beat LVNV Funding in court. If you are facing a lawsuit from LVNV funding and you have more questions, feel free to reach out to us via phone or email.
In conclusion, LVNV Funding is not unique at all. They operate and behave almost identically to the other big debt buyer and collectors out there. You must still handle any situation with them with care though. The best thing to always do, in our opinion, is to get informed of your rights by speaking to counsel or researching more on the topic of debt buyers and litigation. A good source of information about your rights under the FDCPA is the FDCPA itself.