These days, it is all too easy to find yourself in debt. The truth of the matter is that if you promised to pay, whether through revolving credit, promissory note, or by verbal agreement, you do legally owe the money. With the state of the world these days, it is easy to just want to ignore the notices and phone calls, but debt collections will eventually pursue a judgment against you which cannot be ignored. If you are receiving collection notices from LVNV Funding, you may be tempted to ignore them. Once the phone calls start, you will wish that you had never heard of them.
LVNV Funding is a legitimate collection agency that tends to get in over its head. They are known for buying large batches of debt from Synchrony Bank, Wells Fargo, Capital One, Chase, and Citibank, among others. Once the debt has been purchased, their efforts to collect that debt can seem almost smothering.
Their initial phone call is traditionally an offer to settle the debt. They may even offer you a discounted one-payment option as long as you act quickly. If you do not accept their offer, they will do everything within their power, legally and often crossing the line into harassment, to collect funds. Every phone number they have to contact you, including people who provide references, will start getting phone calls about you. They will not hesitate to report you to the three credit agencies (TransUnion, Experian, and Equifax). They will file court cases against you.
If they challenge you in court, your best bet is to retain an attorney and respond to the lawsuit.
Debt buying collection agencies, like LVNV, will file for judgment in hopes of receiving a default judgment against you. They are usually ill-equipped to go up against you in court. The collection agencies are usually represented by an attorney who is hired to appear on behalf of the debt buyer in court, but will not have sufficient documentation or knowledge about your particular case.
Weaknesses of Debt Collection Lawsuits
When collection agencies such as LVNV Funding pursue a lawsuit against those who find themselves in collections, some weaknesses are hard for them to overcome. These weaknesses include:
- When they take legal action, it is in hopes that the consumer will not show up in court so that they can get a default judgment against them.
- Some of the accounts they purchase are too old to be enforced by any legal means.
- Quite often, the real chain of custody of who actually owns the debt is unclear.
- When debts are bought in large batches, the individual who signs the affidavits that attest to direct knowledge that the debt is real is often signing hundreds when they do not know of any of the details of the individual debts.
What does this mean for me?
Since the collection agencies are hoping to get a default judgment against you, you need to make sure that you cannot give them the opportunity. When you receive notice that you are being sued, you need to file an answer with the court. You can do this in one of two ways: you can file the answer yourself, or you can retain a collections attorney to represent you.
Benefits of Retaining a Debt Defense Attorney
When you retain an attorney to help you with the lawsuit against you, the attorney can:
- Advise you of your rights.
- Help you with the preparation of your response.
- Request a dismissal of the case against you.
- Investigate your case.
- Take action if the debt collection agency is abusive towards you.
- Assert any defenses, such as the statute of limitations having expired on the debt.
- Negotiate a settlement if appropriate.
- Advise you of all of your options.