Okay, so you received a letter or got a phone call from some company called LVNV Funding, LLC or Resurgent stating they are attempting to collect a debt from you for money they claim you owe them. Problem is, you have never heard of them. Initially, you might think it’s some sort of scam to extort money from you, but as you look closer and really read the letter it really looks legit.
Now your brain is scrambling. Who the heck is LVNV?
WHAT IS LVNV FUNDING?
With a name like LVNV Funding, you would think they are in the business of giving you money. In fact, companies like LVNV buy uncollectable or “bad” debts from other companies and businesses that they have been unable to collect on. After they purchase the debt, the debtor then owes the money to LVNV. The original creditor is out of the picture. Their name will most likely not appear on any correspondence that you receive from LVNV or Resurgent. It may take some investigating on your part to find out the name of the original creditor.
LVNV has purchased your debt for pennies on the dollar from the original creditor because the original creditor has determined that chasing after the debt is not cost effective from their standpoint.
Resurgent does the dirty work for LVNV. They will be the ones calling you and you may receive correspondence with their name on it in addition to LVNV Funding.
HOW DO I KNOW IF I HAVE TO PAY LVNV?
Most companies like LVNV Funding do not have any original paperwork stemming from the original debt. They likely do not have things like loan origination dates, detailed charges for a credit card account, and past payment history. Furthermore, if LVNV happens to appear on a credit report, they would be hard-pressed to validate the debt if you were to dispute per the Fair Credit Reporting Act. In a case where you disputed the debt and they could not prove the debt, the debt would be removed from the report.
Walker & Walker can help you determine if LVNV Funding can pursue action to collect on the debt by ascertaining if the debt is legitimate. We can, in most cases, put an end to harassing phone calls and put a stop to wage garnishment. Trying to negotiate with these companies on your own can be disastrous. Often, you can wind up being obligated for debt that is not yours or making arrangements that put a burden on your current finances. Having an experienced St Paul/Minneapolis lawyer on your side can make all the difference in the world.
THEY ARE RELENTLESS! HELP!
Companies like LNVN and Resurgent are notorious for their unethical collection efforts. Making harassing phone calls, unlawfully garnishing your wages, and trying to collect debts that are passed the statute of limitations.
This does not mean that they cannot legally call you or garnish your wages. The collection agency can file a complaint asking the Courts to issue a judgment demanding you pay the outstanding debt. This would then give them the legal right to initiate a wage garnishment. Learn more about Minnesota wage garnishment laws here.
Even though a wage garnishment may have already been started, you never lose your right to take action to stop it. In some cases, you may even be able to get back some of the money that was deducted from your paycheck. Typically, this is done by claiming an exception.
If you live in the St Paul/Minneapolis area and you have received a communication from LVNV, Resurgent, or any other collection agency regarding an outstanding debt, contact us and we will work with you and your creditors to resolve the debt. It costs you nothing for us to evaluate your situation and determine how we can best help you.