What to Say, and Not Say, to a Debt Collector
Вставка
- Опубліковано 23 сер 2024
- Most people shouldn't have a problem talking to a debt collector, but if you're uncertain of how to handle yourself over the phone, we're here to help.
Knowing what to say, or what you shouldn't be saying, is key to setting the foundation for a good settlement with your bank or a collection agency.
SHARE THIS VIDEO: • What to Say, and Not S...
SEE RELATED VIDEOS: goo.gl/18zp9a
∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷
For more tips on how to get out of debt,
SUBSCRIBE ➤➤➤ bit.ly/1ZPZ8Q2
∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷
▼FOLLOW US:
LinkedIn - www.linkedin.com/in/debtbytes
Twitter - / debtbytes
Facebook - / consumerrecoverynetwork
▼READ OUR BLOG:
consumerrecover...
▼FREE DEBT CONSULT:
consumerrecove...
▼FIND YOUR DEBT SOLUTION:
consumerrecover...
▼ASK ME YOUR DEBT QUESTIONS:
I answer all questions in the comments section daily.
Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you. - Навчання та стиль
I've heard that when a debt collection works on commission it's better to work with them at the end of the month because they have goals to meet. When they have goals, they need the money by the end of the month. So when trying to do this it's been difficult for me to get something in writing in time for me to get them the payment by the end of the month.
That's some damn good advice.
Thank you it’s 4/13 /21 I will call them at end of the. Month
Exactly the type of information I needed. Thank you for sharing Michael Bovee.
First, make sure the debt collectors can't find you. Don't use your real address when registering to vote. That's how many d/c find you. Don't have magazine subscriptions from big-name magazines. Never tell your card issuer your real address or phone number. Go paperless billing online. Never "update" your contact info "for security reasons" this has only one purpose: To sue you. Seven years ago I walked away from 44k of debt having credit cards initially with 6% interest rates then jumping up to 28% having never been late in paying. So, screw 'em. They asked for it. Then my credit score was in the toilet. I took all the money I saved and bought a car, made 5 payments, then paid the car off in full. This made my credit score jump 200 points! Now, I'm debt free with great credit.
Dan Mackey
How can we talk more
Very nice story. Also, never put your current address on fishing or hunting license. Your conceal carry license must be current for FBI background purposes but that's held private in most states.
And NEVER, EVER, leave a forwarding address with the US Postal service when you move. Just inform anyone you want to know where you moved yourself because the US Postal Service will rat you out. When I walked away from over 125K in debts secured and unsecured, a few years ago I told no one where I was going not the post office, not the nosy neighbors. Not even my last employer, I just rented a uhaul and moved out in the middle of the day. I even locked the front storm door from the inside and took the mailbox with me so the lazy postman could not leave any mail so it would be returned to sender. No regrets.
You must not have a job because for that money, you would have been sued for wage garnishment lol. I call BS.
Wow, what a great way to commit fraud! Thanks!
The first thing to really do before giving the debtor any information is to request sent information proving that it's your debt to begin with whether it is yours or not. There are too many debt collector scam companies out there looking for vulnerability. You can tell them it's you but don't admit to it until you see the proof.
Tell them it’s you but don’t admit to the debt? People get in debt for MANY reasons. Chargebacks, missed payments, medical reasons, & job loss. So what would cause you to not admit to it? Bad service is it’s for serviced goods? It’s all situational. Talk to the debt collector, that’s all.
My bill collector mailed me a stack of proof do you have any suggestions?
@@bbynkz You are not admitting to it because you don't know if the company whos calling is a legit company. Admit to it like you say be prepared for a whole bunch of so called legit companies to raid your number.
@@blackqueen2me342 The next thing to do is to request your annual credit report from all three credit beraus. Do not request it online because you forfeit your rights if those companies screw up. Write to each of them requesting your free credit reports. When they arrive, look through them carefully. You should see that company that sent you proof. From there if its yours, you can start a negotiating process.
ShyRage1 there are several ways to verify a company so yea
This is great! I do these things you advise. You've also given me some great tips I didn't realize. I'll keep watching!
Sounds like way too much conversation between you and a debt collector. I say the less talk the better. Get something in writing.
Needed to hear all this. Thank you.
Thank you. My debt is from breaking a rental lease. Total 1600$
Great Information! This is my first time to battle this and need all the help I can.
Eleven debt collectors have disliked this video ;)
Michael Brown n u thief are watching this video . Must have ur parents taught not to pay on ur bills . Shame on u .
@@panyaikam9208 I was always brought up to pay my bills but if they think like they can give you a loan with a lot of interest then f*** them that's my attitude but I never had that attitude when I was younger I would lose sleep over it but now I am not bothered in the least
Some good info. Beats the crazy girl with the mask that thinks she’s funny. I won’t even link her 😅
This is glorious, I've been looking for "how do you get bill collectors to stop calling?" for a while now, and I think this has helped. You ever tried - Donadelyn Stupefying Dominance - (do a search on google ) ? It is a good one off product for discovering how to repair your credit minus the hard work. Ive heard some decent things about it and my mate got cool results with it.
Michael, AWESOME information and insight into the world. Keep it up!
This info is GOLD. Thank you for these videos
Michael, your videos have been a godsend.
I was on the phone with someone from Capital One just today, and it was a nightmare. I am in a situation where I have multiple credit cards (capital one, Amex, Target, Walmart, Amazon, Belks). My wife has a medical issue that has recently caused her to be unemployed, and it is going to be a permanent situation, and a permanent loss of income. I have literally never missed or been late on a payment on any of these card, my capital one card being 6 years old. I am current on all of them right now, and have not let a single one lapse. I asked for a lower interest rate and was denied, and the best the lady at the Early Assistance Dept. could do was lower my payment to $76 a month and shut down the account. I was irritated because I have been such a good customer, so I thought they would be more helpful. but I now see, after watching some of your other videos, that my desire to always pay on time may be working against me. I get the feeling that I was being worked.
The outcome I would like is this: I have to get this high interest credit card debt off me and start saving, paying as little as possible. I've got three kids who need for me to be able to continue saving for their college tuition. Right now I am flat broke because of the credit card payments; without them, my family would still be able to live comfortably, though humbly. Having a great credit score is not as important as it may be to some (I already own a home, two cars, and have family that could cosign with me if I ever needed another loan), so essentially, I need to get out of each of these debts for as little as possible.
I have three questions for you: 1) On average, how long would I have with banks like C1, Synchrony, Citi, and Target before they lawyer up and file a law suit against me?
2) Is there any way to know if they are about to file a law suit, but haven't yet? Would they contact me first, and give me a chance to negotiate? I imagine once that happens, then my options for lower payments are reduced.
3) How could I connect with you, or someone like you, to help me navigate this process? If it is affordable, I would appreciate the help.
Thank you.
Call me at 800-939-8357 ext 2. I will go over those questions and all the ones you are not thinking to ask.
Thank you so much, sir. I will call you tomorrow, Wednesday, 5/1
Don't pay anything! It will restart the statute of limitations on the debt!
Exactly!
@Jeff Chinn That's a hard question to answer because 15 years is a very long time and that is considered a "STALE DEBT" and the statue of limitations in most States is usually 5 to 7 years. If you make a payment on the debt then you just reinstated a new statue of limitations. Your admission to the debt is what makes your situation complicated. Sorry that I can't give you a better answer. Hope that you get it all worked out.
@Jeff Chinn look up your state statute of limitations for collections/debt. Where I live it's 10 years. Throw that at them and if they don't comply then tell them to take you to court. Just keep in mind you can't pay anything on it within those limited years or the statute will reset it's self from the last time you made a payment. You should have a shot, I'd ask the advice from a consumer attourney before and if it goes to court tho. Don't be nice to the credit agency either or they'll walk all over you.
@Jeff Chinn That will reset the clock!
Russell Howell Thanks for your response sir, by the way I intend to pay the full money in a single goal and also asking them to note Paid in Full. It’s not a problem for me, I was only set back due to divorce but I’m good now
A "debt buyer" is not a "creditor".
Not all debts are bought. Many are still owned by the original creditor.
Hi Michael-thanks for this informative video! It really helped.
i had a credit card back in 2007 and could not pay on it now im disable and all i get is welfare and the debt collector is trying to sue me by default. i told them all i get is welfare because i have third stage cancer and i have not worked in a year he told me he is still suing .... im scared now and feel i need to close my bank account ..
If they buy the debt...sounds like it now belongs to them and they can pay it! LOL! For...I just keep paying what I can afford to the company I contracted with. I didn't contract with those collectors and I don't pay them, especially with all the scammers out there!
whydoyoucare27 that means u r stupid
@@panyaikam9208 Pretty hard to be stupid with a 146 I.Q., but it works for me and my 764 credit score! :)
whydoyoucare27 in a way u r thief 😂
@@panyaikam9208 No, I am not. I pay what I owe....to those I owe money to. I do not owe a collection agency. And IF I am sent to collections over fees I refuse to pay that I feel I was shyster-ed into by THEIR unethical ways...then I do not pay them. I will not be taken for an unfair ride.
whydoyoucare27 than why do u think that u bank sold ur accounts to the DC ?
I am so intimidated to call yikes!!!! Maybe I should call u instead
Dont be. They are bottom feeders. Dont let an 18 year old in a cubical 2000 miles away threaten you!
Lisa Wood I’m about to play this game too ., I’m nervous af ! 23k between 4 balances
Thank you for these valuable information.
I really appreciate your advice. I realized that I was being sued for a debt only because I started to receive numerous letters from lawyers who were interested in representing me. My debt exceeds $15,000. Do you recommend hiring a lawyer? If so do you have a list of reputable lawyers who will not seriously add to my debt?
What is the goal for resolving the debt? Do you want to try to defend the case to trial, or are you looking to defend it in order to optimize your settlement?
Once your debt is turned over to a collection agency your screwed so why pay anything
Usually so you are not screwed more, or have financial goals unresolved collections will hold you back from, or you identify it is the right thing to do for yourself.
+William Adams - there really is no good reason to pay once your debt is charged off from the original creditor and sold to a debt buyer. Your credit will NOT get better just by paying off the debt that has been reported as "delinquent" on your credit report. I just wait for them to sue me then I get a lawyer.
Most people want to avoid being sued.
Most debt is currently not sold to debt buyers.
Credit does improve with resolved collections.
My credit went up from paying an old bill in collections. 17points.
Cant, they just sue you for it and then make you pay for all the court costs too?
Hi Michael,
Let me start by saying that I think it super cool that you have this channel to help people with their debt problems. I got into some deep credit problems about 5 to 7 years ago and for the most part they have all aged out. I do have one account that was originally a Capital One credit card which has been sold off to Portfolio Recovery about 4 years ago($1,097). It is still active and not set to be removed from my credit reports until 2019, so I would like to do something about it because the subcontract company that I work for part-time has some new requirements for their employees which require stricter qualifications regarding ANY delinquent credit accounts. So basically I will not be given any job offers from that company until I either pay off the account, or set up a payment plan to pay off the account (and I will need to provide proof in writing). Other than that company I used to get part-time work from I do not have any income from employment. I am going to school online and I am living off of my student loans (so obviously I assume that Portfolio Recovery is aware of this when they look at my credit report and see the GESLI(?) $23,000 account loan).
I had not heard from Portfolio Recovery regarding the payment of this Capital One account in about 2 years, and I recently contacted them about setting up a payment plan (without letting them know that it was for a job requirement). The customer service guy that I spoke to told me that I needed to pay the full amount and that they would not offer me any extended payment plan, so I told him to go pound rocks because I did not have the ability to do that. Now today, out of the blue, I received a letter from them in the mail with some payment plan options. One was for the total payment of $878 to settle the $1,097 debt, the next option was a plan which would have me pay them $78.00 for 12 months, and the third option was to pay $33.00 for 33 months. As I said I do not have any income but a friend has told me that he would loan me $500 if I can get them down that far for a total settlement. So my question is this, can I get them down that far and what can I do to ensure myself that I get a letter stating that I have paid that account off and have them say so to the credit bureaus? Thanks so much.
It is possible to settle with PRA for 50% of the balance owed. Check out this video about settling with PRA: ua-cam.com/video/1DJ0DrnRIGg/v-deo.html
You may have to make several phone calls to negotiate lower. That is common with many debt collectors.
Hi, love your channel, thank you for providing this information, invaluable!
I have a debt collection agency Phoenix, that accepted my offer, but they said they will only Email the acceptance letter only if I do check by phone. Is this normal?
They all like to get the payment in the system over the phone when they can.
Did you get the email settlement agreement as an attached PDF? That would be normal.
What if the debt collector has been hired by the merchant. How do you negotiate that.
What is the nature of the merchant financing?
Damon chrysler. it hasn’t prevented me as of yet per say but that’s what I’m trying to avoid. I’m fearful that if I go forward and try to buy a house in the near future that this will prevent me from being able to do so and I don’t want to begin the process, find a house and have this husky the process. I’d like to put this behind me so I can move forward confidently.
Thank you for this informational video!, I owed about $10,900 in credit cards, i just finished paying all of them in three months, but i have a collection from capital one for $3490, I called them several times to settle for $1500 and denied me, they would only go for $3000. I live in NY, THANK YOU SO MUCH for your help!
How many months late are you on the Capital One payments?
@@MichaelBovee Thank you so much for taking the time to respond me back!! I appreciate your time tremendously.
I think a little bit over a year, I still owe student loans ~ 31,000, which plan to pay it over time- Thank you so much for your help! I also have a small collection from my other school ~$600 which is like 5-6 years old, can a settle this one, or you think i should just pay this one.
Settlements with Capital One after a year late are typically much better than this. I would encourage you to get help with this. You can schedule a consult with me here: consumerrecoverynetwork.com/free-debt-consultation/
Small balances, like the one with your school, do not settle all that well. More on that here: ua-cam.com/video/QOSmQ47CmaY/v-deo.html
It is worth a shot to negotiate a better outcome on small debt, but be prepared for a higher outcome is all.
My son was in the military. He was killed in 2012. We paid off all the debts we knew about (not sure if we had to, but it seemed the right thing to do) and we were not co-signers on any of his debts. Well, 4, 5 up to six years later, we get calls from debt collectors on bills we didn't know about. Most were good about it, wrote the debt off. A few we found to be scams and obviously we ignored them. A few we could not determine if they were legit, or scams, and they were persistent, aggressive and hostile.
I owe $2300 capital one. Received a court notice from the sheriffs office today. At the top of the court documents it does Say capital one but it is signed and from a Law office by the name of cooling and Winter which says they are capital ones attorney.
What is your goal to resolve this?
I currently owe $1k on my phone bill and growing unfortunately. Only way I paid the monthly charge before was because I had a job at this time of getting the new phone and I currently am jobless, unable to pay this bill and worried it's going to escalate to a debt collector. Any advice would be appreciated
Most telecom debt is not being sold to aggressive debt buyers anymore. This can mean you will have time to save up to settle the debt for less at some point.
There seems to be conflicting advice on You Tube and all I know as a business owner is when I received an additional invoice for $1,700.00 dollars from my workmans comp insurance I asked for an accounting of how they arrived at that figure ( which I never received or was justified ) I got the run around. About 8 months later I started receiving calls from a collection agency. Whenever they called I told them I didn't want to be recorded nor would I verify any information about myself. Each time they insisted that they needed to record me in order to speak with me I told them that it was their problem not mine. After about 5 or 6 calls they gave up calling me , then I started receiving official letters from an attorney which I promptly threw them into the recycle bin. I never verified any of my information or allowed them to record me and I haven't heard from them for about 3 years now.
Best thing to say to debt collector is NOTHING!, Don't answer unknown callers on your telephone. Change your telephone number to an unlisted one and never answer ANY calls you don't recognize the number and even then you could be dealing with a spoofed caller ID incoming call.
Yes I would love to do on my on because I don't like the debt consolidation company they try to get more money out of me thank you for your help
@MichaelBovee, Thanks for sharing Great Ideas & Info.
Hi 👋🏼 and thanks for the tips. I have some questions and not sure what to say on a public forum. But simply, it’s been several months since I’ve been able to pay my creditors. I have MS and my health has sharply declined. I haven’t yet started the talks for payoffs yet but I need to 🤦🏻♀️ Any useful info on the creditor’s behavior towards payoffs could help. It’s kind of you to offer help in your videos. I appreciate it greatly.
I do offer a coaching strategy call where I cover each of your creditors settlement trends in detail set beside your cash flow and prioritize your accounts for you. That call covers what to, when to and how to.
You can schedule a brief call with me to see if it makes sense to set up the coaching. That short consultation call is at no cost, and you can schedule it here: calendly.com/debtbytes/15min
I do not charge for the coaching call until we complete it. That way you know the value received.
I was served by Velocity for a $7200 collection. Would you know what percentage they usually settle for before I call them? What would my best option be to get the best rate? Thank you so much. This is a great video!!
You will not be calling Velocity to negotiate. You will have to do that with the suing law firm. What to aim for when settling a collection lawsuit is a moving target. More on that here: ua-cam.com/video/C9kMawWpGqQ/v-deo.html
I called the attorney and they would only reduce the amount if I could give them a lump payment. I was able to work out payments of $150 a month until the amount is paid off without the interest. Thank you for all you do!@@MichaelBovee
@@user-pm5mt8lt5su got screwed hard lol. They gave u a zero percent discount. Also I don’t believe they can charge interest on a delinquent balance like that
These videos have been very informative. Do you have a video on how to defend yourself after being served papers? The do’s and donts of defending yourself at a mediation? Or would the advice on this video suffice?
There is a channel on the home page for that.
@@MichaelBovee Question: Would telling a collector that everything costs, on average, about twice what it did 15 years ago but my Social Security checks have not increased significantly over those same 15 years be a good excuse as to why I recently quit paying my CC bills?
Hello Michael, What are your thoughts on Contract law? When a collection company calls you, asking them to give you proof of how much the paid to aquire the debt. I would appreciate you guidance and knowledge in this area. Thank you
I would encourage you to talk with an experienced debt collection defense attorney in your state.
I am not an attorney, and also do not understand why what you are asking has anything to do with a contract.
thanks buddy. You are a good guy.
Thank you for the video.
What percentage of a debt 2k you'd say is a good closing offer? Would 25% be a low ball?
And are emails for proof of closing a good option?
Who is the creditor?
Is that who is collecting on the account today? If not, who is?
When did you stop paying on this account?
The answers can impact my feedback.
It is becoming more common to get the settlement agreement letter via email. I would prefer it to be attached as a pdf if it were me.
Hello, my uncle currently has a 5k judgement on him for Discover Card. I would like to help him settle this debt. Judgement is from 2015. Do we need to contact the creditor's attorney or do we call Discover first to get started. How much should we realistically expect them to settle for?
Would I be able to settle a payday loan if it has been reported to a lawyer or debt collector who is treating to put the debt on my credit report?
Payday loans can be negotiated for a lower lump sum payoff.
Good evening Michael! Your video was helpful and am hoping I can still get some feedback on my situation. I have a collection account with I.Q. Data International Inc. I am incurring interest or late fees on it monthly. My original balance was $7687 which was charged off in 2020 and now my report is showing $9126. I have also been paying off my smaller accounts lately. I am working towards buying a house by the beginning of next year and need some type of resolution.
Are you prepared to pay a settlement?
Have you talked to them yet, and if so, how did that go?
Who is the original creditor?
@@MichaelBovee the original creditor was an apartment complex. Unfortunately I was in a TERRIBLE situation with an ex and I took 100% of the fall. I have not called them yet and I am not prepared to pay off a settlement. I would need a payment plan.
A realistic settlement target would likely be around 50 percent. A lump sum settlement is often better than monthly payments in this type of situation.
@@MichaelBovee 50% of the original principle or 50% of the principle plus interest at the time I call realistically?
You are typically negotiating from the inflated balance that includes any legitimate fees and interest.
I know it's not a better set up, but what about paying it in full so as to not deal with the hassle of the rest being written off as income for me? Mind you I don't have anything astronomical but I have a debt or two I just can't pay in one payment.
I understand where you are coming from, but even if you were to owe taxes, you come out ahead with a settlement. But there is the effort/hassle element to it. The smaller the debt, the more that consideration would come in to play for me. But the smaller the debt, the more likely I may not owe tax on canceled debt (have to save more than 600 dollars).
they can add things to your credit report only related to the debt, how are they able to look up your credit without you authorizing them legally?
Collectors are deemed to have a permissible purpose.
Good day! I am glad to have found this channel. I am sincerely asking for directions, please help! I have two accounts in collection (Midland and Cavalry). I have been diligently trying resolving the situation, but I feel like I hit a roadblock. I have sent numerous settlement offers and “pay to delete letters” to CAs and also several letters and emails to the attorneys assigned to my accounts, however, NO ONE is getting back to me. For the past five months, I have been sending/emailing follow ups and I get absolutely nothing back, no response. I have spoken to several attorneys in my state (AZ)- legal consultation, but because I am wanting to settle before the case gets to court, they cannot really help me. What else can I do? TIA.
I typically want to call in to negotiate, not send mail. You do want things in writing, but from them, and before you send them money.
Cavalry deletes if you resolve the account with them. They do it for everyone as a matter of policy. You do not have to negotiate this as part of a settlement.
Midland Credit also deletes when you resolve a debt with them. The account has to be more than 2 years since you stopped paying the original creditor: consumerrecoverynetwork.com/midland-funding-mcm-encore-receivables/
Hi Michael,
Thank you for creating this video! It's super helpful. I have a private institutional loan that just went into collections and received the letter on the 17th of this month. The collector is COAST PROFESSIONAL INC and they are seeking $13,478.81 which is something I definitely do not have. Just trying to learn more about what I should do because I feel pretty stuck...
What is the debt for? Who is the original creditor? I can offer better feedback when I know those details.
Also reply with what your goal is for resolving the account.
Hi ,
Great video! I have two accounts (JP Morgan & Customers Bank) with National Debt Relief . Chase transferred the debt to a law firm and I was given a summons. NDR then became proactive with negotiating after 4 months of silence . Unfortunately , the settlement offer came back about 80% of the original debt . I rejected the offer. A part of me feels like NDR isn’t very eager to get the lowest possible settlement . Customers just sold my debt to Velocity. I’m considering trying to negotiate the velocity debt myself and leaving Chase with NDR since I’m being sued by them. What do you suggest . What is the average settlement percentage for Velocity?
Velocity settlements, like in many negotiations, can depend on how collectable you look to them.
How prepared you are to pay a settlement, and still be ready for a Chase deal, is also a concern.
You can schedule a call with me to talk strategy here: calendly.com/debtbytes/15min
I can get into better detail of what I would do in your situation when we cover some details on the call.
Hello Mr. Bove! Thank you for making this video first and foremost! I have debt is 3 years old property debt, happened during Covid, 7,900, with pro collect. Any chance you could help me find out if I could settle for 30%? I’ve heard this company can be a bad one to settle with.
How low you can negotiate a debt for can often vary, and not just collector to collector, but from person to person. You may look more or less collectable to this collection agency than someone else based on the shape your credit reports are in: ua-cam.com/video/zHok7I7QEWE/v-deo.html
I typically do not see property management debts settle as low as you are targeting.
Great video! I HAD A $6K BALANCE WITH CHASE AND IT HAS BEEN SOLD TO NATIONWIDE COLLECTION, INC (NCI). I HAVE SENT A VALIDATION OF DEBT LETTER...WAITING FOR THEIR RESPONSE. MY QUESTIONS ARE WHAT TO DO NEXT AND WHAT % SETTLEMENTS SHOULD I AGREE TO?
Why are you sending a debt validation letter when you are trying to settle the debt? When did you send it? When did you stop paying Chase?
Debt validation requests get in the way of settling in most instances.
You may be dealing with a new debt collector or Chase directly now (and the better deals often come from the collection agencies compared to Chase).
Chase stopped selling debt in 2013, so if you stopped paying in that year, your debt is just rotating around to contingency collection agencies.
Contract Callers keeps calling me for a debt I don’t owe. Xfinity Charged me for cable I didn’t consent to. When I canceled my internet I was told I would receive a refund of 293.12. They say I owe over 70 dollars for the cancel fee due to having cable.
I would dispute this if it were me.
Is it showing on your credit reports as a collection?
I recently was involved in a auto accident and at the time did not have insurance and about a month later I received a letter from afni collections telling me that ameriprice (there insurance) made a claim for $4,058.34 from damages and believes they are entitled to recover some or all off the money from me which I'm guessing through afni, I've never delt with anything like this before and wanting to know my options
Do you agree you are liable?
Do you want to set up a payment plan or try to settle with them for a lump sum, but less than the balance they are trying to collect?
@@MichaelBovee yes I do agree that I am liable but I barely bumbed them so I dont agree that it would cost that much to fix? And yes I would want to set up a payment plan but not for the whole amount
That would be my goal then. If you are not prepared to make those calls to AFNI we offer help in these situations.
Amazing info in this video. Thx.
Can they see through my credit report the amount of minimum payments of the other bank accounts?
Where could I find their lowest percentage allowed for the deals?
THX
They can see that you are current with other accounts, and credit being used.
What you can settle for varies by creditor, how late you are, who is collecting, lump sum vs stretched out payments, and often enough, things unique to you.
Michael Bovee thank you 🙏
It's an account I didn't realize hadn't been paid when I move out of the country. I'm moving back to the US and will be renting an apartment and don't want it to impact the possibility. I may just go ahead and pay it in full since it is the only negative thing on my report.
1 Year behind on bal of $2500 small signature loan. Bank ended up writing off and zeroing out and sending to collector. Wakefield associates. I'm not sure what to expect but I would like to negotiate bal down tremedously.
Who is the lender originally?
Good info. Mr. Bovee. My situation is this. I have a collection account for an electric, from the UI Company, that originated in May of 2019, for $1200, with IC Systems. I have read reviews about them and they were horrible. Is this something you could handle, and what would that cost me?
I typically do not work on utility bills.
I was with Liberty Mutual Insurance through the pandemic. Had a bit of hard time paying. Had policy canceled on Jan. 18 2021. It looks as though I still owe them money. Never received anything about a final balance. Anyhow when I pull my credit report they put 2 account in collections totalling 3100 dollars. I would like to try and settle and get them removed from my credit report.
I do see these balances settle for less. Pay for delete is less common in these situations.
What's reasonable settlement percentage target for Credit One/Midland? My daughter has two credit one cards of about $1200 each that have been sent to Midland. About 3 years since last payments. I have an offer for about 50% now. Good to go, or keep pushing? Daughter has no job, with medical issues that make employment unlikely.
50% can be as good as it gets with Midland sometimes. Many people struggle to get that low.
I was thought to never admit that that's your debit. You can say this how much money I got I got 4 or more collections you can pay but you choose them cause that collection if taken off as advised by the mortgage lenderl, it can be the deciding factor for you to be approved for the home your looking at. You can still ask to delete the collection from your credit if you paied them back as agreed upon. They might counter with saying it's illegal but in reality it is not illegal. You can go above the person you talking to and could ask for their supervisor. If they agree always ask to get that in writing that they wil delete the collection from your credit reports. Deleting the collection is gonna pump up your credit score.
Hello,
I was wondering if I like to discuss a couple debt issues with credit cards or pay day loans
Am I able to call in and speak to you or some one on your team ?
Great video Mike! I have a question regarding private student loan debt with Wells Fargo: The loan is currently in recovery with their in- house collections. They are offering a settlement of $18,000 on a debt of $45,000 (40% off) that has to be paid in two years. I still can't afford that monthly payment. Do you think we can get that amount any lower?
How late are you on the loan? If already in severe delinquency, and 40% is sticky, it may not improve.
@@MichaelBoveethank you for responding... over 120 days late
Question: Would telling a collector that everything costs, on average, about twice what it did 15 years ago but my Social Security checks have not increased significantly over those same 15 years be a good excuse as to why I recently quit paying my CC bills?
It is absolutely a good reason to have missed payments on credit cards.
Unfortunately, it may not slow the collection process down.
Check out this article and video for more details about unpaid debts when you are on a fixed income: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/
Hello Mr. Bovee, I have credit card debt but they are all current. However most of them have gone way high on their payments and I can’t no longer afford them. What % is the lowest USAA, Discover and Amex would take to settle? Highest card is over 12K with USAA. Thank you in advance.
The lowest you can settle a debt for is often going to vary from person to person. Generally speaking, I would target all three of those creditors at around 40%, but Discover and Amex can often be 50% or higher depending on the timing and circumstances.
I got a bill in the mail yesterday for a doctor's visit from about 8 years ago that I had insurance for the time that is no longer active. This is the first time that I've been informed that this bill wasn't paid by the insurance. I don't know if I should even bother responding because currently the statute of limitations to take me to court is already all over but if I call and say anything about my other insurance I'm opening myself up to be sued if they are unable at this point so long after to get it from the insurance.
If a debt is too old to sue you for, and too old to appear on your credit reports, there is little that will motivate me to resolve it.
Great video. Do you still offer free consultation?
I see banks set up a percentage on the dollar of how low they can go (4:45), how do I know how low Banco Santander can go and can I break that threshold? I think everything is negotiable in life.... Isn't it better to get 20% vs. than nothing?
I see 35% on those deficiency balances with Santander as being the floor on too many files to suggest 20% is a realistic settlement target.
Banks do not think individually. The set policies and tend to stick to them, and with few exceptions.
Hi Michael! I’d like to know what will happen to my credit score once I’ve settled with the debt collector? I have a $5600 apartment debt on my credit score that I want to get removed. Once I settle this debt, how will it appear on my credit score? My current apt lease ends April 30th and I’m not sure if I’ll be able to apply for any apartments with that debt still showing on my score.
Each of our credit reports are different. Hard to say what exactly will happen to yours once you resolve this unpaid collection account.
If this is the only unresolved negative it should be a net positive to your score fairly quickly.
The main thing, which you already pointed out, is that you are far less likely to get approved for a new apartment when there is an unpaid debt from an old place showing.
Wife made a Discover loan before she passed. She passed before first payment. I tried to make payments but Discover refused. They sold to DCM services. They (DCM) are now trying to collect but I don't want to talk to them. Should I consult an attorney? They will probably sue me. Original loan was $25k. I have the means to pay just not sure after discover sold the debt. I live in community property state and did not sign anything on that loan. Again, discover refused access to me and wouldn't let me pay.
I would indeed talk to an experienced debt collection consumer law attorney. There are a few issues here that are not typical. Her having passed, and no payment ever being made, make this not a normal situation. Check out the National Association of Consumer Advocates.
Hi, great info. I owe Parnell & Parnell from an AmEx debt that’s about 10 months old
Has Parnell filed a collection lawsuit?
What is your goal for resolving the debt?
@@MichaelBovee No, they haven’t filed a lawsuit. I plan to settle for around 50% or < ultimately
Okay, thanks. Settling AMEX accounts with law firms can be a bit tricky. Let me know if you need help.
Hello Michael, I have a Synchrony Store Card (Amazon) Account turned over to Portfolio Recovery Assoc for the amount of 1,712. The card itself was about two years old and the debt has been in the debt collection agency for about 18 months. I would like to settle for about 500'ish. I have several other negative accounts on my credit report. Moreover, I have recently been added as an authorized user of a credit card from a friend, so that gives my "I'm reaching out for help strategy" more validation. Is this a realistic goal?
Settling with PRA is a realistic goal. But getting them to go that low may not be. Be ready to add a little to the deal if you cannot get them to budge. And get everything from them in writing before you pay.
Hi there, do you know typically how much a debt collector from citibank would settle for on a ~10k debt, they have a default judgement (long story) its 3 years old the judgement but the case is from 2010. Perfect talking points! I really appreciate the video. I Was told ~30-50% is about right. What would be right cost for lawyer handle this?
Judgment debts often settle for 50 to 100 percent of the balance owed at the time of negotiations. Lower than half is not common at all on judgments, while higher than half is.
Professionals fees for negotiating are all over the map. You call in for a consult at 800-939-8357 ext 2.
My husband was laid off and out of work for 2 months. We are now trying to figure out how to fix our financial situation. We are approximately 3 months behind on our major credit cards; Home Depot, Discover (largest), Bank of America and Chase. We were able to keep current on 3 small cards; Paypal Credit, Valero gas card & Shell gas card. Do you have any advice on how we should approach this situation? Thank you.
I would suggest calling in for a consult to go over the totality of your situation. You can reach me at 800-939-8357 ext 2.
My issue with trusting any collectors is how do you tell a legit debt collector apart from a scammer who wants your information for malicious intent?
Example of this that I'm talking about are those people who impersonates the IRS and lie that you owe them money in order to steal your info..
It would be nice to tell real debt collectors apart from identity theft phishing scammers.
There are tell tale signs given by debt collection scammers. Check out this article: consumerrecoverynetwork.com/question/debt-collection-scams-fakes/
When in doubt, contact your creditor and ask who they have your account out with, or sold to. And if the debt has gon unpaid so long that it can be considered a zombie debt, I personally would not give any collectors the time of day. More on Zombie debt here: ua-cam.com/video/AehXi8m3IT4/v-deo.html
Was in a NC rental apartment over 4 years. Payments were always made ACH, on time automatic first of month. Rental apartment would not accept rent Oct 2019. They then filed small claims court eviction. NC law allows for them to stop collecting rent and then file for eviction for non payment. Went to court said I was able and willing to pay. Magistrate ruled in their favor and I/we were evicted. Wife and I are both Veterans, seniors 64 and 68. Have 836 credit score, no debt. They put us on the street. Refused to take payment when offered. Now they say I owe them. I truly believe the property manager in the leasing office (no longer working there) wanted to evict me because I support Trump.
Trump 2020
I have arranged minimum installments with MBD debt collectors but my balances are increasing. I asked for statements but they never sent me
Do you have to wait until it goes into collections? You miss several payments? Or can you just be paying and then say let’s implement this planned negotiation prior to missing payments with the assumption you won’t be able to make future payments from a foreseeable hardship
You typically have to wait until you have missed several payments before settlement becomes an option. You do not have to wait for it to go to a collection agency, but depending on the creditors, you may want to wait that long if the deal is going to be better with the collection agency.
Good common sense information that most people neglect to tell you about talking to debt collectors. Got two to remove the listings from my credit report but they still haven't sent me a letterhead agreeing to the settlement offer I proposed. Still disputing another that could not verify what the acct was for.
Thanks for your post Leo. I'm currently in the same boat you were. I have settlement proposals out to 3 collection agencies only if they wiped my report entirely after receiving payment. I haven't heard from them in a month or so. Are you saying they didn't respond to your proposals and just wiped the debt from your credit report?
What is the best settling mount for discover card? Its an old judgement since 2006.
Judgments can be settled, but the savings is often not great. I see between 50 and 80 percent, but sometimes you cannot get the law firm to budge.
What is the amount of the judgment?
Did the court grant interest, and if so, at what rate?
How prepared are you to pay the settlement with a lump sum?
happy new year mike, are you familiar with verizon 3rd party collections and what to expect with settling.
Verizon can use several different collection agencies over time. Who is trying to collect from you right now?
jefferson capital systems balance is 1k.
also mike is it ok to bring up what they paid for the file and how should i use that as leverage to say ill pay little bc thats what they paid for it?
and if i settle with them and it gets removed do i still owe taxes since it would be considered income?
I see settlements being around half, but with potential to go a little lower too.
Ncb management on an old auto loan. How would you deal with them.?
Is your goal to settle the debt for less?
What is the balance owed?
Who is the original lender? Does NCB say they are collecting for the original lender, or is it a debt buyer?
Sterling jewellers. 2 or 2 1/2 year old collection. Co-sing for my ex. Collection originally was $2,186 two thousand one hundred and eighty six dollars. Stated on the credit report. From credit karma. Seen it about 3 days ago. Called collection agency today. And they said Bill now is $2,689 and they won't go for a lower payment than $2,500.
Who is the collection agency?
Great video. QUESTION: You mentioned that debt collectors have access to our credit reports. I'm being called now by one who is working on consignment with a local moving company who damaged my piano so I withheld payment. The mover never got my SS# or birthdate -- and I never gave it to the debt collector -- so is there a way they could have accessed my credit report without that info? Many thanks.
I would assume they do still have a way to view your credit reports.
Do you know how low a hospital will go? Apex Collection agency has taken over
I typically want people I work with to be prepared for 50%. I do see some medical debts settled lower though (and some higher too).
I had 2 accounts with Capital One at some point they where sold to Midland Credit Management..On one card my limit was $2,500 but Midland wants $4,000 for that card ....the other card my limit was $1500 Midland wants $3,700 for that one ....Now Midland reports as my accounts where open in August 2019 which is when iam guessing they bought my debit cause Capital one charge off these accounts back in 2016 ...I have tried to dispute it for them report falsely but I have got no where with that ...
5 yr old judgement with MCM, another held the paper before them,2 attempted bank account levies in Florida, what percentage from you're experience can be negotiated?
judgments tend to settle between 50 and 80 percent. There are some limited situations where people can get lower, and also a small number of times I have seen collection law firms hold steady at the full amount.
is it true that the creditor would rather deal with the person directly or would it be easier for them to sell it to a debt collector?
In my experience, our creditors would much rather come to some form of conclusion with each of us directly. That said, they will drop accounts into their collection pipelines like normal, which for some, includes selling to a debt buyer.
Most creditors do not sell debts.
First of all thank you for putting out this video, how much does Discover and Bank of America typically settle for if they have judgements against someone who is in mess of debt?
Judgment debts tend to settle between 50 and 100 percent. More on that here: ua-cam.com/video/W10tKuYkVvE/v-deo.html
Thank you for answering and the video
Thank you so much for this video! Do you have any suggestions when dealing with US Bank? I owe them $9,183 My work has recently been cut in half and can only afford to give them about $30 per month. Do you have any suggestions to me when negotiating with them??? My current interest rate with them is 24.99%
Is your goal to settle with US Bank for less than what you owe? If so, how may months late are you with payments?
@@MichaelBovee I'm not late at all right now but moving forward I will not be able to pay them, so I'm preparing a head of time.
The process for settling with US Bank is much the same as most credit card banks. If they settle for between 30 and 50 percent of the balance (assume it will grow to 10k), how long will it take to raise the funds?
HI, thank you for the video. I received a Portfolio Recovery letter of their intent to sue for a Citibank account for $3,371 but it's been since Aug 1,2013 last payment & I live in CA is it true they can sue me? I thought the statue of limitations in CA was 4 years? I really don't want to pay it since I was told the clock would restart & it's almost the 7yrs but any suggestions?
Oh btw- I have not received any settlements from them. Only collection letters. Maybe because years ago I was sued by Amex & I paid them which obviously they know because it's on my credit report. But yea Portfolio is trying to sue on a account that charged off almost 5 years ago in CA can they?? And would it be prudent to note the CA civil code for statue of limitations o debt accounts 4yrs that's already passed when writing the debt validation letter?
That may be a collection violation by Portfolio Recovery. I would talk aver your situation with an experienced FDCPA attorney in California. Jeremy Golden is a really good one, and he works with you no matter where you are in CA.
We have a 4000+ debt with upstart and they sold it to velocity any advice? Are they typically hard to negotiate with or rude ? We don’t have any family resources to draw from :/ any advice ? Thanks
We can often help settle Velocity accounts for 50% or less, and still get a year or more to pay. It is a good idea to be proactive with debt buyers that place accounts with collection law firms.
More on settling with Velocity Investments here: consumerrecoverynetwork.com/resolving-debt-with-velocity-investment-llc/
You are the most valuable person I have listened to by far thank you. I will be calling
True Accord LLC, Balance is $265. (2 years old) Just wondering if i could chop that in half or at least take a portion off. I also have one (Convergent i think) that is $269. (6 months old) And Knight Bureau in SLC at $600 (6 months old)... Any chance i could cut down on any of these?
I would be shooting for 50% off or more on all of those if it were me.
Remember to get any settlement in writing before you pay.
I have a debt that was originated through BofA but now resides with portfolio recovery for about 5200. My last payment was made in 2012 to BofA. What kind of settlement should I be looking for? Should I dispute this as being too old? My credit report shows the account being opened in 2013 though. Not sure if that's when portfolio recovery got it. I live in AZ if that helps. Thanks!
What month in 2012 did you last pay?
Does the BofA tradeline on your credit report say when it is scheduled to come off?
The PRA entry should come off at the same time as BofA.
It is passed 6 years since you stopped paying, and is likely coming off your credit reports soon as it is.
Do you have an immediate financial goal you are trying to accomplish?
Good afternoon, I have a judgement against me that is over 10 yrs old. The company I’m dealing with is Pressler and Pressler in nj. My question is this, when I try to look up the judgment online with the judgment case # I can’t find it anywhere. It seems to not exist. I’m on the nj court web site and I see other things from 1997, but not this case. I just can’t find it. Do you think they didn’t renew or file for extension.
Even if they did not renew it, it should still show up. You may want to call the clerk of court or even go down there to figure this out.
Is debt settlement more effective with an attorney, or is the net result about the same doing it yourself?
The answer can vary depending on the situation, and the creditor involved. Can you tell me more about your situation?
Do you have a list of the names of the Credit Card Banks to show how low they can go ? Aka like Bank of America, Barclays, chase, Wells Fargo, synchrony bank etc ?
This article covers the top 7 credit card issuers: consumerrecoverynetwork.com/review-top-7-credit-card-lenders-best-offering-debt-relief/
I have individual articles about most of the large banks, and videos on this channel too. But no running list. The results can vary from one person to the next, and change depending on how late you are, and who is collecting. Any running list would not be as useful as you might think.
I'm getting harassing calls from Amex ...multiple per day, and now they're making multiple callls to relatives too. This morning both myself and a relative received calls at 6 AM. Multiple calls at work too...is there a way to stop that?
I would call Amex and verify they have my number and tell them now that they know how to reach me they should not call family and friends for location purposes, as now they can locate you.
I would inform them that work calls are prohibited.
They will want to try to collect form you because they have you on the phone, and you will have to manage your way through that depending on your goals.
Do you help with VA and university debt collection issues?
I can offer feedback about most collection issues. You can post the particulars for feedback here, or call in to talk about it. You can reach me at 800-939-8357 ext 2.
Thank you for this video. How do you handle creditors for Comenity bank claiming that the merchant only allows 80% settlement? Also, what should you do if they’ve filed a judgement but you haven’t been served? Thanks in advance!
How late are you on the Comenity account?
What is your goal for resolving the account you have not been served on? Is it a judgment entered in the court you only learned about way after the fact, or a recent lawsuit filed that you have not been served on.
What are the balances on the debts?
Honey I never got served and my bank account was frozen .. chase took $75 investigation and $13 went to them I guess( why the low because it was the only $93 I had)😭 ..I called the court and the lady spoke to me telling I knew I own this money and blah all I was asking how to solve this problem because I didn’t have the money( thanks god pandemic hits)I haven’t heard from capital one or it’s lawyer since then:)
I have a debt with chase for $17000 due to divorce ,12 months late how low can chase go with this debt? Can I settle by myself?
I see settlements with the outside collection agencies range between 25 and 45 percent when collection on Chase accounts a year late.
You bet you can do this yourself!
If you run into trouble, or just want a pro to handle it, let me know. Our network charges 15% of savings.
Hi there Michael, thanks for making these videos! I have a question on a debt. I wasn't able to pay on it back then while i was in college. Anyways I have saved up quite a bit with my new career and i was wondering if i can negotiate with the debt collector to pay in full or a percentage of the amount owed to have them remove the entire account off of my credit report? Im waiting on the results of a dispute that i submitted to experian before i contact them. Any information would help. Thanks!
Who is the collection agency/debt buyer reporting? What is the balance owed as of today? When did you stop paying? What state are you in?
Same situation. $1065 on visa platinum own by LVN. Now I have judgemebt against me. Almost 21 days to appeal in Texas. What do I do?