LVNV Lawsuits – Have they sued you?
LVNV is a very large company that buys bad debt from credit card companies like Credit One, Capital One, HSBC, Bank of America, Chase and others. Actually, LVNV isn’t a “buyer” but rather they are a subsidiary of a large debt buyer known as Sherman Acquisitions or Sherman Originator. Anyways, this group of companies buys large portfolios of delinquent credit card accounts for under 3 pennies on the dollar. Yes, you read that right… they buy these accounts for next to nothing. They often pay more to file the lawsuit against you than they do to acquire your account. They then file dozens of lawsuits across all of Pennsylvania on a daily basis in hopes of collecting on old debt claims that have been charged off by the original creditor. (by the way, a Charge-Off is an accounting term, it DOES NOT mean that you do not owe the debt). These lawsuits can be filed at your local Magistrate (District Justice) or in the Court of Common Pleas. As of the date of this writing, fall 2017, LVNV has been filing about 500-800 cases per week in Magistrate Courts across Pennsylvania.
The first thing that you have to understand is that debt buying is a numbers game. As mentioned above, companies like LVNV buy these accounts in bulk and on the cheap. In most cases, they are buying accounts from someone else who bought some accounts from the original creditor. When they file a hundred of these cases, they have an expectation that 90% of the cases will either result in the defendant (YOU) calling them up and making payment arrangements or in the alternative, the defendant putting their head in the sand and doing nothing and allowing a default judgment to be entered. Of the remaining 10%, LVNV knows that half of those people will try to represent themselves in court (BIG mistake). LVNV knows that they are going to win most of those cases. That leaves about 5% of you who actually hire a consumer attorney to defend your rights and interests. As you can see, the debt buyer business model is to rely on the fact that most people will not call and hire an attorney.
The key for you then is obvious, obtain a consult with and then potentially hire a consumer attorney. You’re not an attorney and you don’t know the law, that’s why you’re on this site looking for help. You should not represent yourself as you do not want to attend the hearing (if you do, the LVNV attorney can use your testimony to prove his case against you).
In order to beat you in court, LVNV has to prove 3 specific things. 1) they have to prove that you owe money; 2) they have to prove how much money you owe) and 3) they have to prove that you owe the money to LVNV. The way that they must prove these issues is through documentation. They need statements, contracts, terms and conditions, cardmember agreements, revisions and most importantly, an assignment. The assignment is the document that shows that they bought your old credit card account from someone. In almost every single lawsuit that we see LVNV is unable to produce most of this information and the documentation that they do produce is incomplete. These are very winnable cases if you hire the right consumer attorney.
Our firm has a great deal of experience in defending credit card collection cases. If you have been sued in any Pennsylvania county by LVNV or another collection agency, our firm can help you defend this claim at minimal cost, with a great chance at success. Contact our office here, call me at 412-823-8003 or visit our Pennsylvania Credit Card Legal Center here. As always, we offer a free initial consultation on debt buyer lawsuits so please take advantage and call our office.