Summary: Follow these steps to remove LVNV Funding LLC collections agency from your credit report and stop the harassing phone calls.
If you have ever received a phone call from a debt collection company, then you know the emotional roller coaster those calls can bring.
Aggressive collection agencies like LVNV Funding LLC consistently step over the line with little understanding of the situation or care about anything but money.
There is also a good chance that LVNV Funding has filed a collection notice with the major credit bureaus that instantly destroyed your credit score.
But I am here to help you fight back and get the upper hand on LVNV Funding the next time they call.
Take The Fight To The Collection Company!
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We will review all of your legal options including, how to stop them from calling, the benefits of requesting them to verify your debt, how to fix your credit with a pay for delete agreement, and what to due if they sue.
What Is LVNV Funding LLC?
If LVNV Funding LLC has popped into your life, then you either owe someone money or someone borrowed money fraudulently in your name.
In either case, LVNV Funding will not go away by dodging their calls and ignoring them.
They have purchased your debt at a discounted price and are now going to take every legal (and sometimes illegal) measure to get paid.
Who is LVNV Funding LLC?
They are a debt collection company that specializes in recovering past due money that was owed to places like your credit card company, bank, utilities, a cellphone company, auto loans, and other lenders.
LVNV has multiple options they may take to collect on the debt you may owe.
Generally, they will first give you a phone call and attempt to settle the debt quickly, possibly even offering you a discounted one-time payment option.
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If you fail to settle with LVNV Funding LLC during that initial phone call, they will then file a collection notice with the three big credit bureaus, Experian, Equifax, and TransUnion.
When a collection is filed on your credit history, you will see a significant drop in your credit score, sometimes as much as a 200 point drop.
LVNV will also send letters to your home while calling every available phone number they have for you, including family and friends numbers.
Once a debt collector contacts you, they have five days to provide a debt validation letter.
Their only goal is to get you to pay them as much money as possible, and they do this by frequently calling you at home, on your cell phone, and at work.
If you do not come to a settlement, they may even file a lawsuit in court to get you to pay them.
You are not alone; millions of Americans experience this harassment every single year by companies like LVNV Funding LLC.
Luckily, you do have some options to level the playing field and give you the chance to make a good financial decision and remove LVNV Funding LLC from your credit report.
How To Stop The LVNV Funding LLC Phone Calls
If LVNV Funding calls you about collecting debt, they cannot harass you or lie to you, and they are not supposed to call you at work if they know that you are working.
They are only allowed to make collection calls between 8 am and 9 pm each day.
AND, you can request in writing that they only contact you by mail.
After this, they may only contact you one additional time by phone to tell you that either, they won’t be contacting you ever again, or that they will be taking a specific action, such as filing a lawsuit.
Of course, just because they can’t call you anymore doesn’t mean your debt goes away.
To have LVNV Funding removed from your credit report and stop the letters, you will have to respond at some point.
Exercise Your Rights - Verify Debt
After the first time LVNV Funding contacts you, they will have five days to send you a letter of verification that includes documents that show the debt is, in fact, your debt, and they have legal right to collect the debt.
However, for some reason, these initial verification letters seem never to be seen or received.
If you do not respond within 30 days from the initial LVNV Funding verification letter, then they are allowed to ‘assume’ the debt is legal.
However, after reading this article, you have the right to request a debt verification from the collection company.
There are multiple reasons you will want to request that LVNV Funding verifies the debt.
- You may have already paid the debt
- The debt may not be yours
- They may have lost the documents
- They may not have legal rights to collect the debt
In any case, the FTC requires you to request debt verification in writing, and LVNV legally must respond with proper documentation of the debt.
Remember to use certified mail with return receipt postage so that you can prove you sent the verification request in writing.
There are plenty of success stories out there where a request for debt verification resulted in LVNV Funding finding out they had mistakenly gone after the wrong person…
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The Pay For Delete Secret Weapon
More often than not, in the end, it is your debt.
And, you will need to work out a settlement agreement with LVNV Funding LL to pay all or a portion of it.
Whether you choose a lump sum settlement or a payment plan, you will first want to negotiate a ‘pay for delete’ agreement.
The agreement simply says that upon you completing the agreed-upon payments to LVNV, they will request the deletion of the collection from your credit report.
Don't take any collection agency for their word. You must get everything in writing or it won't be valid.
This is a critical step in settling with a collection company because if that collection stays on your credit history, it will ‘F’ up your credit score for years.
Like really, really bad, for many many years.
Some companies like LVNV Funding may tell you that they cannot accept a pay for delete agreement due to … blah, blah, blah, reasons.
It’s all bullshit. When they start talking about the reasons they can’t agree to a pay for delete, find something else to do for those 30 seconds because you are never getting that wasted time back.
Here’s the deal, Portfolio Recovery Services is one of the largest debt collection companies in the US.
The pay for delete agreement is so standard in the collection industry; they include in their FAQ’s that Portfolio Recovery will request the collection record be deleted from all settled accounts credit records.
My point here is, I would be hesitant to give them a penny until they agree to delete the collection record from your credit report.
I would suggest you tell them when they agree to delete; you will pay.
The important thing for you to understand is that paying the debt doesn’t always mean it gets deleted from your credit report.
LVNV Funding Lawsuit
LVNV Funding is no stranger to filing lawsuits to collect on a debt you owe.
If you receive a lawsuit in the mail, you will want to respond to the complaint in the time frame indicated on the documents.
If you fail to respond to a Lawsuit, the judge can issue a summary judgment against you.
This means that you legally now owe the debt they said you owed, and now they can take the money from your bank account or possibly sell your possessions to satisfy the judgment.
You have three options when it comes to dealing with an LVNV Funding LLC collection company.
The first option is to negotiate a settlement on your own, another good option is to hire a top-rated debt relief company to help you get your finances in order, or you can hire a credit repair company to negotiate a settlement and fix your credit score.
Whatever direction you decide to go, remember the debt relief and credit repair companies may be able to get you a better deal because they do this all the time.
They also will be able to answer any questions you may have and provide specific resources for you to help.
If you’re ready to start rebuilding your credit, check out our definitive guide here.
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