Is Northwood Asset Management Group contacting you?

Does Northwood Asset Management Group Harass you with calls?

In recent times, a lot more creditors who try to recover debt from their debtors of up to six months and are unsuccessful just turn in the delinquent account to third party debt collectors. These debt collectors are assigned to recover the debt in exchange for a commission or percentage of the paid debt. They are called third-party because they were not part of the actual agreement from the beginning. They only got introduced due to failure on the part of the debtor.

If your debt has been turned in to a collection agency, it simply means that your original creditor no longer wants to be saddled with the responsibility of recovering your debts, thus, they turned over the responsibility of pursuing the debt to debt collectors like Northwood Asset Management.

If you’re being called by a debt collector, the first step is usually to confirm if the debt is actually yours. A debt collector should not ask you to pay a debt that isn’t yours, the FDCPA prohibits them from doing that.

You should also know that it is unlawful for a debt collector to harass you over a debt by threatening you or calling you many times a day.

If Northwood Asset Management Group is harassing you, you can take action against them and get awarded up to $1,000 in statutory damages. Call us today at 877-700-5790. 

What is the difference between a debt collector and a debt buyer?

Many times, people assume that debt collectors and debt buyers are the same. This is not true.

A debt collector and a debt buyer have the same aim; to recover debt from a debtor, but in the real sense, they differ.

A third-party debt collector is an agent assigned by your original creditor to pursue your debts. They attempt to recover debt from you because doing that successfully, earns them some commission. When a debt collector recovers a debt, they get paid a commission or a percentage of the money by your original creditor. You do not directly owe debt collectors, you still owe your original creditor, they have just transferred the responsibility of collection to a third party.

A debt buyer however is different. A debt buyer is one who completely buys the debt from your original creditor. When your lender or creditor decides that you have owed for too long and you can not pay them what you owe, they can choose to sell off your debt to a debt buyer usually for pennies on the dollar. The debt is now owned by the debt buyer, this means that you now directly owe the debt buyer who begins to pursue the debt.

Should I consider debt consolidation or debt settlement?

When it comes down to the financial decision of choosing whether to opt for a debt settlement or a debt consolidation plan, it is easy to understand why many consumers may be confused. This is so because debt consolidation and debt settlement are both financial strategies that can each be used in their own unique way to reduce the weight of your personal debt load. The difference, however, comes in in terms of how each of these terms work.

Although a debt settlement and a debt consolidation are both debt reduction vehicles, they function quite differently and they are each used to resolve different issues.

At a simple level of understanding, debt settlement works on reducing the total amount of money that you owe to debt collection agencies. Debt consolidation, on the other hand, works to reduce the total number of creditors you owe by consolidating (as the name suggests) the several debts that you owe into a single debt with a more favorable interest rate. Both strategies are smart ways through which an individual can get respite from the load of delinquent debts that they have accrued.

In a nutshell, both debt consolidation and debt settlement work to help you reduce the overall amount of debt that you owe to third-party collection agencies: however, they are different because they do so in different ways and they utilize different strategies.

While debt settlement reduces your debts by helping you negotiate a less amount for which your debt will be settled with your debt collector, debt consolidation brings all the debts you owe together under one umbrella and by so doing, cuts the total number of creditors you owe, thereby bringing down your overall interest rates.

When you take advantage of debt consolidation, you can have multiple loans rolled into one big, new consolidation loan that has one monthly interest rate which will most likely be lower than the combined interest rate that you had to pay on each of your previously separate debts.
In a debt settlement agreement, either you or a credit counselor negotiates with the third-party debt collection agency that you owe money to. The purpose of this negotiation is to allow you to pay a lower amount than what you originally owed, and it is often received in a one-time lump-sum payment.

In a debt consolidation agreement, you consolidate your debts through a consolidation loan, which, in a nutshell, is a single loan that rolls all your previous debts into one and replaces all of your previously scattered payments with one monthly payment which has one interest rate. To get a consolidation loan, you will have to go through financial institutions (usually, banks or credit unions) as these are the regulatory bodies that offer such loans. Once your consolidation loan is approved, all of your debt payments will now be received by your new lender.

You should also note that creditors are under no obligation to accept your debt settlement proposal, however, most creditors will take what they can get especially if they are not sure of getting the full amount of the debt owed.

Most debt collection agencies will often agree for you to pay much less than what you currently owe to them in delinquent debts if they believe that what you’re offering might be the last chance that they have to recover at least a portion of the outstanding loan. This is also encouraged by the fact that advanced debt-collection techniques and outsourcing accounts-receivable processes can be quite a financial strain for the firm all in a bit to recover a little amount of money. Most lenders also don’t want to fight you through the process of bankruptcy, thus, they will be more likely to accept your debt settlement offer.

Are there other legitimate ways to reduce the amount I owe in debts?

If you are asking yourself whether there are other great ways to reduce the amount that you owe to a debt collection agency then the answer is yes. The good news is that you do not have to get the help of a qualified professional to help you negotiate a debt settlement, neither do you have to consolidate your loans into one large sum or look for ways to borrow money to pay off your debt. You can simply make use of another method, and this method is called the debt snowball method.

The debt snowball method is a debt reduction plan that has stood the test of time and several forms of debt and proven to be a workable method to help you defeat debt for good and get back on your way to financial freedom.

The snowball debt reduction method works by listing your debts in an order of the smallest to the largest (regardless of what interest rates exist on each of the debts listed out). Once you have listed your debts out in this manner, you can not put all your energy and dedication towards resolving the smallest debt while meeting up with the minimum payments on the other debts that you owe. With just a little patience and a lot of determination, you will start to knock out more debt than you ever thought possible!

The debt snowball is reputed to be one of the fastest way to get out of debt because it addresses every area of the debt repayment process such as proper planning and responsible behavior. Perhaps the best thing about the snowball debt reduction method, however, is that it gives you small wins that motivate you to keep pressing forward towards the total resolution of all your debts.

There is also the option to begin tackling the biggest debt first (depending on the results you would like to achieve with your debts); however, this is often not as motivating as starting with the smallest amount.

Who is Northwood Asset Management Group?

Northwood Asset Management Group is a third-party debt collector located in Buffalo, New York. They have been a party to several federal cases based on their issuance of credit and collection of debts incurred on their credit cards.  A recent Federal Court case alleges that Northwood Asset Management Group attempted to collect illegal and voided debts to attempt to coerce a payment from the harassed consumer.

Contact Information

Address: 3901 Genesee St, Suite 200
Buffalo, NY 14225-1944
Phone: (855) 909-0440
Fax: (877) 991-3462 & (847) 925-2050

Is Northwood Asset Management Group, LLC a scam?

According to the Better Business Bureau website, Northwood Asset Management Group, LLC has been in business since 2012.

On July 5, 2017, the business entered into a settlement with the West Virginia Attorney General. The settlement concludes allegations that the business Northwood Asset Management Group was collecting debts for Alliant Capital without proper licensing to do so in the state of West Virginia. Under terms of the settlement, the business agreed requires Northwood to refund $27,445.76 collected from consumers in the state. It also must close and zero balance all accounts that it attempted to collected before it was licensed and bonded to do so, resulting in a canceled debt of $151,561.25 for 141 West Virginia consumers. Northwood must also pay $1,000 to the state, comply with state law in future business operations, and refrain from threatening consumers or coercing payment. The settlement was for resolution purposes only and should not be considered as an admission of guilt or finding of a violation of the law. For more details, go to the West Virginia’s Records Page.  or check out the agency’s BBB page here: Northwood Asset Management Group, LLC Better Business Bureau 

More about Northwood Asset Management Group, LLC 

Is northwood asset management group calling you ceaselessly?  Northwood asset management is a third-party collection agency that is often searched for by other names which include: nam group, nam collection agency, namg, northwood group, nam group new york, nam group collections, northwood asset management group llc, nam llc debt collector, nam group debt collection, northwoods group, national asset management collection agency, northern group collection agency, northwood collection, and asset management collection.
If you would like to know northwoods phone number, it is 855 235 4220.

The company is also known as northwoods capital management and has been involved in allegations of unethical debt collection practices in the past. 

Northwood Asset Management Group Phone Number             

Are you receiving any harassing phone calls from any of these numbers?

855-909-0440, 844-296-8486, 844- 829-3399, 304-424-1166, 716-362-3278, 304-241-6694, 716-362-3278, 813-296-8858.

If so, you may be a victim of Northwood Asset Management Group debt collection harassment. If you are receiving any form of harassment during these calls, do not hesitate to reach out to a qualified professional at 877-700-5790 for help.

The following is a sample list of complaints filed against Asset Recovery Associates, Inc. in 2017 and 2018 and can be found on Pacer.org.

4:17-cv-00218-FJG Cozad v. Cash Central of Missouri, LLC et al

3:18-cv-00032-JAG Squire v. Northwood Asset Management Group, LLC

CONSUMER RIGHTS LAW FIRM, PLLC

Consumer Rights Law Firm, PLLC is a law firm that specializes in helping clients who are facing harassment from debt collectors. If you suspect that your debt collection rights are being trampled upon, contact our office to begin the process to stop the harassment you may currently be receiving from Northwood Asset Management Group, LLC. Our office has been assisting consumers since 2010, and we have an A+ rating with the Better Business Bureau.

Call us at (877)700-5790 for immediate assistance.

Check out the links below for additional information:

https://consumer.ftc.gov/articles/debt-collection-faqs

New York Attorney General

Consumer Financial Protection Bureau

Last Updated on January 29, 2022