LVNV Funding, LLC[yoast-breadcrumb]
Dealing with LVNV Funding Debt? You Have Options
If you’ve received letters or calls from LVNV Funding or Resurgent Capital Services, you may feel stressed or overwhelmed. But there are steps you can take to resolve LVNV Funding debt and protect your rights. This article from the financial experts at Delancey Street will walk you through what LVNV Funding is, your consumer protections, and smart strategies to handle LVNV Funding debt.
What is LVNV Funding?
LVNV Funding is one of the largest debt buyers in the United States. They purchase unpaid, past-due debts from creditors and banks for pennies on the dollar. The original creditor sells the debt because they’ve given up on collecting.Once LVNV Funding buys the debt, they try to collect the full amount from the consumer. They often outsource collections to a company called Resurgent Capital Services.So if you get a call from Resurgent Capital, it likely means LVNV Funding purchased an old debt you owed to another creditor. Their goal is to collect as much as possible.
Do You Have Rights With LVNV Funding Debt?
Yes! When a collector like LVNV Funding contacts you, you have consumer rights under the Fair Debt Collection Practices Act (FDCPA). For example:
- Debt collectors cannot harass or threaten you.
- They must honor written requests to stop contacting you.
- They cannot contact you at inconvenient times or places.
- They must provide proof of the debt if you dispute it in writing.
Violating these rules means you may be able to sue the debt collector. But even if they follow the rules, you still have options like settling or negotiating the LVNV debt.
Should You Pay LVNV Funding?
Before paying, make sure the debt is valid and yours. LVNV Funding buys old debts in bulk – mistakes happen! Send a debt validation letter requiring proof this is your debt.If it’s valid, consider your options:
- Payment plans – Set up affordable monthly payments. Get any deal in writing!
- Settlements – Offer to pay a lump sum that is less than what you owe. LVNV Funding will often accept discounted settlements.
- Debt consolidation loan – Roll multiple debts into one loan with lower monthly payments.
- Bankruptcy – Wipes out eligible debt, stops collections.
If you choose to pay or settle, get help determining an affordable amount first. Avoid agreeing to payments you can’t handle.
Responding to an LVNV Funding Lawsuit
If LVNV Funding sues you, take it seriously but don’t panic. Here are some tips:
- Do not ignore the lawsuit – That allows LVNV to get a default judgment against you.
- Submit a written response – In your Answer, deny allegations and request proof of the debt.
- Negotiate – Many cases settle before trial. Aim for win-win.
- Show up to court – If no settlement, be prepared to argue your case.
Work with a consumer lawyer for the best results.
How to Negotiate With LVNV Funding
You can often settle LVNV Funding debt for less than you owe. Tips for negotiating:
- Get help – Work with a credit counselor or debt settlement company.
- Know your rights – Collectors must treat you fairly. Use that as leverage.
- Start low – Offer 20-30% of the debt as a starting offer. See what they counter with.
- Get agreement in writing – Signed contract protects both sides.
- Avoid promises you can’t keep – Don’t accept a plan you can’t afford.
With patience and a cool head, you can often settle LVNV Funding debt for a fraction of what you owe.
Alternatives to Resolving LVNV Debt Yourself
Dealing with aggressive collectors like LVNV Funding can be stressful. If you want help, consider:
- Credit counseling – Get advice on managing debt from a non-profit.
- Debt settlement – Companies like Delancey Street negotiate settlements for you.
- Debt management plans – Credit counselors set up payment plans with creditors.
- Bankruptcy – Court proceeding wipes out many debts.
The right solution depends on your specific situation. Talk to a financial expert to review all your options.
What If I Can’t Pay My LVNV Funding Debt?
If your financial hardship is temporary, you may qualify for some relief:
- Hardship program – Ask LVNV Funding about temporarily reduced payments.
- Special forbearance – Federal student loans offer this option.
- Debt suspension – Some lenders will pause payments for several months.
These short-term fixes give you time to improve your financial situation. For ongoing struggles, debt settlement or bankruptcy may be better options.
Key Takeaways on LVNV Funding Debt
- LVNV Funding buys old, unpaid debts from creditors and tries to collect.
- Consumers have rights against harassment and abuse by collectors.
- Make sure the debt is valid and avoid promises you can’t keep.
- Negotiating a settlement for less than you owe is often possible.
- If sued, take it seriously – respond properly and explore settlement.
- Non-profit credit counseling or debt settlement companies can advise you.
Don’t let LVNV Funding debt stress you out or lower your credit scores further. Take back control of your finances with the expert help of Delancey Street. Our team can answer your questions and help you find the optimal solution.
About Delancey Street
Delancey Street is a financial services company dedicated to helping consumers and business owners improve their financial health. Our lending concierges provide customized debt relief solutions including:
- Debt consolidation loans
- Debt settlement services
- Debt management plans
- Credit counseling
- Small business funding
We understand every financial situation is unique. Our experienced advisors create tailored solutions that work for you. Contact us today to start resolving your debt in a strategic way.