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.
To get a better idea of how this happens, let me explain the process. You, for whatever reason, end up owing a debt to a creditor. If that creditor is unable to collect from you, it may sell your debt to a third-party, such as LVNV. LVNV then takes that debt and places it with a collection agency for collection purposes. It is important to note that at the point when LVNV purchased the debt, you no longer were liable to the original creditor but, instead, you became liable to LVNV. LVNV uses many different collection agencies for debt collection. Resurgent Capital Services, Alegis Group, LP, and, Sherman Financial Group, LLC, are, or have served as, debt collectors for LVNV.
You should always know who the major players are when you deal with a collection agency. For sure, you are one of the major players; however, you need to also know who the collection agency is representing. If you are given a name which is unfamiliar to you, you need to ask if that party purchased the debt from one of your creditors. If so, you should ask for the name of the original creditor as well as for the underlying 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 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.
If you feel you just can’t stomach the thought of making monthly payments, a lump sum payment may be a better option for you. For this option, you will need to have some money to pull from in order to make an offer. Be sure to negotiate for a lesser total amount due in exchange for the lump sum payment. Another tip is to negotiate at the end of the month when collectors are attempting to obtain bonuses and meet quotas.
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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