Does validating debt work
If I did have some goals in mind, like qualifying for a mortgage, I would first want to have a strategy for all other debts in place, and not just settle the LVNV account because it is a great offer.
For readers who are not past the SOL to be sued for collection, settling with Northland Group, LVNV Funding, or any collection accounts for that matter – when set beside credit goals like qualifying for a home loan, refinancing a mortgage, accessing new student loans – settling these types of collection debts for less, and getting a zero balance owed reflected on your credit report – makes a ton of sense.
I was wondering if it would be in my best interest to take this offer at this point?
—rande Northland Group regularly collects debt on behalf of LVNV.
My financial troubles started in '06 at which point i could no longer pay my debts, including a personal loan and a couple cards.
I won't bore you with details but I still haven't made any headway towards paying off this debt.
If you would like to talk over your situation on the phone you can reach me at 800-939-8357, choose option 2, or submit my consult request form.
About Michael Bovee Michael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education.
T his also means you could just tell them to pound sand (figuratively). If a collection agency like Northland Group, or a debt buyer like LVNV Funding, is showing up on your credit report now; and you settle with them; and that settlement is updated and reflected on your credit report; other collection agencies paying attention may come out of the wood work.
You shared that much of the 30k in total debt outstanding is from student loans.
Part of any strategy would be to look at bringing the student loans out of default if they are government backed student debt.
Both companies can be considered debt collectors in their own right, but LVNV Funding is often viewed as more of a debt buyer.
I am responding to your question about settling with LVNV Funding, through their collection agency Northland Group, while considering others will be reading this page later.It is more likely that your Citibank credit card was sold to a different debt buyer originally, and maybe even exchanged hands several times, before landing with LVNV Funding. It also means, if my assumption is accurate, that LVNV will have paid bargain basement pricing to purchase the right and ownership of your Citibank account.