Average personal loan debt: $8,018. Personal loans are unsecured debt governed by the original loan agreement and state law. If in collections, FDCPA applies. Many collection agencies lack original documentation.
Common LVNV Funding Violations
Collecting debt they cannot validate
Misrepresenting the amount owed
Re-aging accounts on credit reports
Personal Loan Debt Dispute Strategies
1
Demand debt validation under FDCPA
2
Check statute of limitations in your state
3
Verify the amount is correct
4
Negotiate settlement if valid
5
Dispute credit reporting errors under FCRA
Tips Against LVNV Funding
LVNV is a debt buyer — demand proof of assignment chain
Never make a partial payment — it can restart the SOL in some states
Dispute directly with credit bureaus citing FCRA § 611