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LVNV FUNDING LLC, can i still be sued??

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Season79
Contributor

LVNV FUNDING LLC, can i still be sued??

LVNC FUNDING, LLC

Original Creditor: Credit One Bank

Status, Collection acct $1736.00 past due as of Jan 2014

Date Opened 05/2009

Reported Status: 06/2013

Date of Status 06/2013

Last Reported 01/2014

Type Debt Buyer

 

Status Details: This account is scheduled to continue on record until Jul 2015. the item was updatedfrom our processing of your dispute in Feb 2014.

 

I live in FL, so im past the SOL for this correct?

Message 1 of 18
17 REPLIES 17
notfancy
Valued Contributor

Re: LVNV FUNDING LLC, can i still be sued??


@Season79 wrote:

LVNC FUNDING, LLC

Original Creditor: Credit One Bank

Status, Collection acct $1736.00 past due as of Jan 2014

Date Opened 05/2009

Reported Status: 06/2013

Date of Status 06/2013

Last Reported 01/2014

Type Debt Buyer

 

Status Details: This account is scheduled to continue on record until Jul 2015. the item was updatedfrom our processing of your dispute in Feb 2014.

 

I live in FL, so im past the SOL for this correct?


When is the date of the first delinquency that was never brought current?

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Message 2 of 18
Season79
Contributor

Re: LVNV FUNDING LLC, can i still be sued??

Per transunion's report...

 

LVNV Funding

Placed in collection 05/21/2009

Estimated month and year that this item will be removed: 09/2015

 

BUT, the OC says on the same report:

Credit one Bank

Last payment made on 09/14/2008

Date Closed: 01/18/2009

Last updated: 08/18/2012

Estimated month and year that this item will be removed: 09/2015

 

 

Message 3 of 18
randyrhodes
Established Contributor

Re: LVNV FUNDING LLC, can i still be sued??

Seems like the DOFD should be Oct or nov 2008. Seems right to me. The OC trade line should be showing a Zero balance and sold/transferred since the sold to LVNV. Google SOL for your state...and if its past that...you can't be sued...if they try then you can use SOL defense. Doesn't keep them from trying to sue...and I can hear the judge now.....ignorance of the law is not a defense. Good luck
Message 4 of 18
gdale6
Moderator Emeritus

Re: LVNV FUNDING LLC, can i still be sued??

SOL is 4 years in FL. Just because its past your states SOL doesnt mean you wont be sued, some creditors use it as a threat and actually do sue past SOL, if they do it is your job to raise the SOL as a defense, the court will not know that SOL is involved if you dont raise it.

Message 5 of 18
NWintellectual
Regular Contributor

Re: LVNV FUNDING LLC, can i still be sued??

I have almost the same items reporting on mine except the DOFD was in 2008. I lived in CA at the time so SOL is 4 years. But my question is if the OC is reporting debt sold, should I dispute with CRA to get balance updated to zero or send a 623 letter? Then DV to the CA?
Starting Score (2/15/14): TU 533 (myFICO) | EQ 509 (myFICO)
Latest score (4/5/14): TU 541 (Lender) | EQ 562 (SW) | EX 576 (myFICO)
Goal Score by 9/30/14: 620+ | Goal Score by 6/30/15: 700+
-----
My wallet:
US Bank LanPass Secured $500 | US Bank HD Secured $300 | Fingerhut $200 | Local CU $1000
Message 6 of 18
NWintellectual
Regular Contributor

Re: LVNV FUNDING LLC, can i still be sued??

Forgot to add to last post: which SOL applies, where debt was incurred or where you live currently? I ask because I lived in CA until 3/2013 then moved to WA state where SOL is 6 years (i.e. expires ~9/2014?
Starting Score (2/15/14): TU 533 (myFICO) | EQ 509 (myFICO)
Latest score (4/5/14): TU 541 (Lender) | EQ 562 (SW) | EX 576 (myFICO)
Goal Score by 9/30/14: 620+ | Goal Score by 6/30/15: 700+
-----
My wallet:
US Bank LanPass Secured $500 | US Bank HD Secured $300 | Fingerhut $200 | Local CU $1000
Message 7 of 18
pipeguy
Senior Contributor

Re: LVNV FUNDING LLC, can i still be sued??

Just an FYI - Credit One Bank and LVNV are the same company, all part of Sherman Financial LLC

 

This is a bit slow to load, but it'll explain the relationship:

 

http://www.fairusenotabuse.com/lvnv-funding-sherman-resurgent/

 

 

Message 8 of 18
NWintellectual
Regular Contributor

Re: LVNV FUNDING LLC, can i still be sued??

 


@pipeguy wrote:

Just an FYI - Credit One Bank and LVNV are the same company, all part of Sherman Financial LLC

 

This is a bit slow to load, but it'll explain the relationship:

 

http://www.fairusenotabuse.com/lvnv-funding-sherman-resurgent/

 

 


Great find BTW, that may prove to be useful because this smells fishy.

 

If I understand your post correctly, the OC "sold" the debt to the CA (which is really just a subsidiary company of the OC's parent). Yet they are reporting to the CRAs like they are separate entities. That would also explain the absurd amount of interest that seems to keep accruing despite the charge off nearly 6 years ago: they never truly "sold" the debt.

Starting Score (2/15/14): TU 533 (myFICO) | EQ 509 (myFICO)
Latest score (4/5/14): TU 541 (Lender) | EQ 562 (SW) | EX 576 (myFICO)
Goal Score by 9/30/14: 620+ | Goal Score by 6/30/15: 700+
-----
My wallet:
US Bank LanPass Secured $500 | US Bank HD Secured $300 | Fingerhut $200 | Local CU $1000
Message 9 of 18
virgo
Established Contributor

Re: LVNV FUNDING LLC, can i still be sued??

2nd FYI:  LVNV stands for Las Vegas Nevada, which is where Sherman Financial Grp is HQ'd.  They just pass the debt from one to another.

 

Seems to me that this would be some kind of fraud as they never really sell or transfer the debt.

Message 10 of 18
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