All About LVNV Funding Collection Agency
Trying to deal with collection agencies can be frustrating and make you want to pull your hair out! Now, think what it would be like to deal with a debt collector that actually is the collection agency for yet another collection agency. This is the normal scenario when dealing with LVNV Funding Collection Agency (LVNV).
The process goes something like this – LVNV purchases debt from an original creditor to whom you owed a debt. At this point, you no longer owe the debt to the original creditor, but to LVNV. After the purchase, LVNV assigns the debt collection to a third-party collection agency that then attempts to collect the debt. Debt is collected for LVNV by many different collection agencies. Some of these collection agencies are, or have been, Resurgent Capital Services; Sherman Financial Group, LLC; and, Alegis Group, LP.
If you find yourself dealing with a collection agency, the first thing you need to determine is to whom the debt is owed. If the name is not familiar to you, you should ask if your original creditor sold the debt and, if so, who was the original creditor and what was the basis of the debt.
So, tell me, do you think it is wise to attempt to drive a car without knowing the merest basics of driving? Of course not! Likewise, it is unwise to attempt to deal with a debt collector without first studying the consumer rights laws. These can be found by performing a simple internet search. Before contacting a debt collector, it is imperative that you read and understand your rights!
In light of this, you should locate and read, at a minimum, the Fair Credit Reporting Act (FCRA) and the Fair Debt Collections Practices Act (FDCPA). The FCRA is Federal law which is enforced by the Federal Trade Commission and which offers consumers substantial rights. The FDCPA is enacted law which governs the practices of collection agencies. If a collection agency violates the FDCPA, they can be fined or possibly even face legal action. If there are multiple violations of the FDCPA, the government may shut the collection agency down altogether.
If you are wondering how to deal with a company representing LVNV, you should first determine if the debt is really yours and that you actually owe it. If this is indeed the case, you have a couple of things you can consider. To begin, you can just buckle down and try to arrange a payment plan. This will get the collection agency off your back and will help with damage control as it pertains to your credit score. For the most part, collection agencies just want to get debts paid. They really are not interested in pursuing a law suit against debtors unless it is absolutely necessary.
If you would prefer to just get the whole issue behind you so you can move forward, and providing you have some cash set aside, you can offer the collection company a lump sum payment in exchange for a reduction in the amount you owe. If you decide to do this, you might want to wait until the end of the month when the collectors are trying to meet their quotas and obtain bonuses.
Once you know your rights, you will be better prepared to negotiate with the collection agency and, hopefully, come to an amicable resolution. Whether you decide to make monthly payments or offer a lump sum payment, be sure that you get the agreement in writing and that you obtain the signatures of both parties.
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