LVNV Funding LLC is a well-known debt purchasing company that specializes in acquiring and collecting delinquent debts. Established in 1996, the company has become a prominent player in the debt buying industry, focusing on purchasing charged-off accounts from various financial institutions, including credit card companies, banks, and telecommunications companies.
The acronym “LVNV” stands for “Leading Venture LLC,” which was the original name of the company when it was first established. Over the years, the company went through a series of name changes and rebranding until it settled on LVNV Funding LLC. The company is headquartered in Las Vegas, Nevada, and operates nationwide.
LVNV Funding LLC operates by purchasing charged-off debts from original creditors at a discounted price. Charged-off debt refers to accounts that the original creditor has deemed unlikely to be collected and has written off as a loss. LVNV Funding LLC then takes on the responsibility of collecting the debt from the debtor.
The company often works with its subsidiary, Resurgent Capital Services LP, which handles the collection activities on behalf of LVNV Funding LLC. Resurgent Capital Services LP is a licensed debt collection agency that specializes in debt recovery.
1. What does LVNV Funding LLC do?
LVNV Funding LLC purchases charged-off debts from original creditors and aims to collect the debt from the debtor.
2. How does LVNV Funding LLC acquire debts?
The company buys charged-off accounts from various financial institutions at a discounted price.
3. Is LVNV Funding LLC a debt collection agency?
No, LVNV Funding LLC is not a debt collection agency. It is a debt purchasing company that works with its subsidiary, Resurgent Capital Services LP, which handles the collection activities.
4. How does LVNV Funding LLC make money?
LVNV Funding LLC profits by collecting on the purchased debts and recovering a higher amount than the discounted price paid for the debts.
5. Are there any regulations that govern LVNV Funding LLC’s activities?
Yes, LVNV Funding LLC is subject to various state and federal regulations, including the Fair Debt Collection Practices Act (FDCPA).
6. Can LVNV Funding LLC take legal action against debtors?
Yes, LVNV Funding LLC has the right to take legal action to collect on the debts it has purchased.
7. Can I negotiate with LVNV Funding LLC to settle my debt?
Yes, you can negotiate with LVNV Funding LLC to settle your debt for a lower amount.
8. How can I contact LVNV Funding LLC?
You can contact LVNV Funding LLC through their subsidiary, Resurgent Capital Services LP, which handles the collection activities.
9. What should I do if I am contacted by LVNV Funding LLC?
If you are contacted by LVNV Funding LLC, it is important to verify the debt and understand your rights as a consumer. Consider seeking legal advice or consulting a credit counseling agency for assistance.