LVNV Funding Collection Agency in Summary
March 30, 2010 by Guest Author
Filed under Debt
Can you imagine how nerve-wracking it would be to deal with a collection agency which is collecting a debt for another collection agency? This is how LVNV Funding Collection Agency (LVNV) normally handles the debt it acquires from original creditors.
You might wonder how a debt actually ends up being collected by one collection agency for another one. Simply put, for whatever reason, you wind up owing a debt to a creditor who, in time, is unable to collect the debt from you. The creditor may become tired of chasing the debt and decide to sell it to a collection agency. At this point, LVNV may come along and snatch the debt up from the original creditor and assign it to a third-party debt collector, who then attempts to collect the debt for LVNV. This debt is no longer owed to the original creditor but to LVNV. Over the years, LVNV has used many collection agencies, such as Sherman Financial Group, LLC; Alegis Group, LP; and, Resurgent Capital Services.
It is important when dealing with collection agencies to make sure exactly to whom the debt is owed. If you are given a name which does not mean anything to you, it would be wise to determine if the debt was purchased by LVNV and, if so, the name of the original creditor and the substance 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!
Two laws you should focus on, at a minimum, are the Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). The FDCPA governs the actions of collection agencies and, if a collection agency does not adhere to this law, it can be fined or face legal action. If the collection agency should commit numerous violations of the FDCPA, the government may have grounds to close it down. Alternately, the FCRA is Federal law which outlines consumer rights. The FCRA is enforced by the Federal Trade Commission.
If the debt is valid and you owe it, there are a couple of things you may try to do when dealing with a company representing LVNV. For instance, you can attempt to arrange a payment plan in order to clear the debt and attempt to salvage as much of your credit score as possible. Typically, collection agencies do not like to pursue legal actions against debtors.
You can also think about negotiating a lump sum payment, provided you have a bit of money to pull from. If you decide to try this, you should negotiate a lower total amount due. If you opt for this form of resolution, you should attempt to wait until the end of the month in order to take advantage of when collectors are trying to meet quotas and obtain bonuses.
Above all else, it is crucial to understand your rights! Do not approach a collection agency on your own unless you have read and understand the current consumer law. Once you have come to an agreement with the collector, make sure that you get a written agreement and that both parties have signed.
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