Lvnv funding is a company who buys outdated consumer credit and tries to trick those consumers into paying on those old expired debts, which are called junk debts. Within this article, I will talk about how LVNV funding buys these junk debts and how they trick the unknowing public into paying them or making payment arrangements.
If you have dealt with Lvnv funding in the past or are dealing with them now, it is always a great idea to learn about your rights as a consumer so that you do not become their victim.
If Lvnv funding is now in contact with you, please read the next two paragraphs carefully and follow the advice given. It will save you the headaches in the future; trust me along with the millions across the nation who have already been there.
If LVNV funding sends you, letter-demanding payments please do not make any payment arrangements. Making Payment arrangements simply re-ages the debt and makes it fully collectible, as if you just began that debt.
If Lvnv funding calls you on the phone, do not make payment arrangements without doing research on the internet. The internet as we all know has good and bad information; some of it is genuine and some which is not. Trust me you can find out the bad side of LVNV funding and their tactics from countless blogs, forums, and articles.
Okay the lecture on Lvnv funding if over, and I hope you learned not to make payment arrangements by phone or letter. They will bleed your checking or saving account dry, if you allow them access.
Okay, not the reason behind the phone calls or letters are simply junk debts. The statute of limitations has run out on legal debts, making them junk debts for most debt collectors, who will not touch them. In all cases debt, which is, over seven years old from the date of the last payment it is uncollectible for legal purposes.
Now enter Lvnv funding who decides to purchase these debts from the legal companies who have them for pennies on the dollar. My old sears bill, which I ran up to 1,200 dollars before I lost my job and made the last payment in June of 1996, with interest etc added to it for 7 years until the debt was not collectable it hit almost 3,000.
Truthfully, with kids growing up, my self entered and graduating college, a PFA, the end of my long-term marriage, well I had forgotten about the debt. Life happened in those years, and it was an over sight. The debt was considered uncollectible in June of 2002, even thought I had not heard from sears since about the time I began college in 1998. Lvnv funding bought my debt as far as I can tell in early 2007, because I got the letter in the mail demanding payment. There was no mention of the legal debt holder but I knew I had never dealt with lvnv funding, so it was not my bill.
I ignored the letters from Lvnv funding, and I had a private number so they could not locate me by phone, so I just got letters, which I tossed away. Then I got a letter from the courthouse in my town, advising me that I was being sued by Lvnv funding for the sears bills. I was floored, no one around here had ever heard of this company, so I did my internet research and I learned so much it was unreal. I learned of consumer debt, statue of limitations, and junk debt.
The one thing I learned and often tell people is do not make payment arrangements with this company. They are getting rich of you, if your old debt was 1,200 plus interest as mine was and they bought it for 20 dollars and you pay that all that money to them but it does not erase your old debt.
That is right folks even if I had not done my research and paid this company all that money I would still owe sears all that money. I find it very sad that that company and those who work for that company continue to do work like this, and get rich off those of us who do not understand consumer debt. Lvnv funding is not your friend, no matter how sweet a deal they make on a payment plan. You will need to pay double to clear your good name, and that are simply a dishonest company.
Lvnv funding did sue me in my local court, and on that day arrived I was armed with only countless sheets of information printed off the internet. I knew I was right and I knew the judge would see my side, I was poor and could not afford a lawyer, but I felt prepared for the most part. All my preparation for that day seemed naught, as their lawyer did not even show up, so I won my case and returned home.
If lvnv funding or any bill collector is calling you at home or work and sending you threatening mails or emails, educate yourself about that company, and do not become their victim.