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.
@markphillips4682
4 жыл бұрын
That's some damn good advice.
@kathyramos2924
3 жыл бұрын
Thank you it’s 4/13 /21 I will call them at end of the. Month
@ldraiOXO
5 жыл бұрын
Exactly the type of information I needed. Thank you for sharing Michael Bovee.
@katyu16
6 жыл бұрын
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.
@BMill88
5 жыл бұрын
Dan Mackey How can we talk more
@MissionaryInMexico
4 жыл бұрын
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.
@RR98guy
4 жыл бұрын
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.
@danluzurriaga6035
4 жыл бұрын
You must not have a job because for that money, you would have been sued for wage garnishment lol. I call BS.
@DingoTheDemon
3 жыл бұрын
Wow, what a great way to commit fraud! Thanks!
@ShyRage1
5 жыл бұрын
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.
@bbynkz
5 жыл бұрын
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.
@blackqueen2me342
4 жыл бұрын
My bill collector mailed me a stack of proof do you have any suggestions?
@ShyRage1
4 жыл бұрын
@@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.
@ShyRage1
4 жыл бұрын
@@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.
@bbynkz
4 жыл бұрын
ShyRage1 there are several ways to verify a company so yea
@workerbee6619
7 жыл бұрын
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!
@omarporter8569
7 жыл бұрын
Sounds like way too much conversation between you and a debt collector. I say the less talk the better. Get something in writing.
@Joy-eo3nv
4 жыл бұрын
Thank you. My debt is from breaking a rental lease. Total 1600$
@michaelbrown2112
7 жыл бұрын
Eleven debt collectors have disliked this video ;)
@panyaikam9208
5 жыл бұрын
Michael Brown n u thief are watching this video . Must have ur parents taught not to pay on ur bills . Shame on u .
@jackandthepals1372
5 жыл бұрын
@@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
@bbynkz
5 жыл бұрын
Some good info. Beats the crazy girl with the mask that thinks she’s funny. I won’t even link her 😅
@gsusmakama
4 жыл бұрын
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.
@chriskennard8367
3 жыл бұрын
Great Information! This is my first time to battle this and need all the help I can.
@tiffanyt7121
5 жыл бұрын
Needed to hear all this. Thank you.
@nickbowden6250
6 жыл бұрын
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.
@MichaelBovee
6 жыл бұрын
Call me at 800-939-8357 ext 2. I will go over those questions and all the ones you are not thinking to ask.
@nickbowden6250
6 жыл бұрын
Thank you so much, sir. I will call you tomorrow, Wednesday, 5/1
@fascistanarchist
7 жыл бұрын
Michael, AWESOME information and insight into the world. Keep it up!
@freedomoforest6479
2 жыл бұрын
This info is GOLD. Thank you for these videos
@russellhowell9854
4 жыл бұрын
Don't pay anything! It will restart the statute of limitations on the debt!
@markphillips4682
4 жыл бұрын
Exactly!
@markphillips4682
4 жыл бұрын
@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.
@heidimarchant5438
4 жыл бұрын
@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.
@danluzurriaga6035
4 жыл бұрын
@Jeff Chinn That will reset the clock!
@fmspec
4 жыл бұрын
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
@MrStarofTruth
4 жыл бұрын
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 ..
@nunyabiznis817
6 жыл бұрын
A "debt buyer" is not a "creditor".
@Keelanswife22
5 жыл бұрын
Not all debts are bought. Many are still owned by the original creditor.
@ClaudeMarcEDavid
4 жыл бұрын
Thank you for these valuable information.
@whydoyoucare27
6 жыл бұрын
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!
@panyaikam9208
5 жыл бұрын
whydoyoucare27 that means u r stupid
@whydoyoucare27
5 жыл бұрын
@@panyaikam9208 Pretty hard to be stupid with a 146 I.Q., but it works for me and my 764 credit score! :)
@panyaikam9208
5 жыл бұрын
whydoyoucare27 in a way u r thief 😂
@whydoyoucare27
5 жыл бұрын
@@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.
@panyaikam9208
5 жыл бұрын
whydoyoucare27 than why do u think that u bank sold ur accounts to the DC ?
@MasterArmedforces
8 жыл бұрын
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.
@MichaelBovee
8 жыл бұрын
It is possible to settle with PRA for 50% of the balance owed. Check out this video about settling with PRA: kzitem.info/news/bejne/knqAlniop4R6epw You may have to make several phone calls to negotiate lower. That is common with many debt collectors.
@williamadams5695
7 жыл бұрын
Once your debt is turned over to a collection agency your screwed so why pay anything
@MichaelBovee
7 жыл бұрын
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.
@nunyabiznis817
6 жыл бұрын
+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.
@MichaelBovee
6 жыл бұрын
Most people want to avoid being sued. Most debt is currently not sold to debt buyers. Credit does improve with resolved collections.
@kennethdrummer08
6 жыл бұрын
My credit went up from paying an old bill in collections. 17points.
@Wardr0p
6 жыл бұрын
Cant, they just sue you for it and then make you pay for all the court costs too?
@chrisbabcock9199
3 жыл бұрын
Hi Michael-thanks for this informative video! It really helped.
@lisawood365
6 жыл бұрын
I am so intimidated to call yikes!!!! Maybe I should call u instead
@brendaechols2228
5 жыл бұрын
Dont be. They are bottom feeders. Dont let an 18 year old in a cubical 2000 miles away threaten you!
@yodambomb4974
4 жыл бұрын
Lisa Wood I’m about to play this game too ., I’m nervous af ! 23k between 4 balances
@abueloduane480
5 жыл бұрын
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?
@MichaelBovee
5 жыл бұрын
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?
@helendavenport4454
4 жыл бұрын
What if the debt collector has been hired by the merchant. How do you negotiate that.
@MichaelBovee
4 жыл бұрын
What is the nature of the merchant financing?
@alissagriffin3153
5 жыл бұрын
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.
@danoarmstrong2597
4 жыл бұрын
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.
@gregmurrieta1447
4 жыл бұрын
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.
@cathlenethomas5522
5 жыл бұрын
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?
@MichaelBovee
5 жыл бұрын
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.
@RR98guy
4 жыл бұрын
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.
@dolllover2132
5 жыл бұрын
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
@chrisdelgado3530
6 жыл бұрын
thanks buddy. You are a good guy.
@bettyluckey9497
7 жыл бұрын
@MichaelBovee, Thanks for sharing Great Ideas & Info.
@leoscarpoli1nonly
6 жыл бұрын
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.
@BKONEIL2
5 жыл бұрын
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?
@LS-yf6vu
4 жыл бұрын
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!
@MichaelBovee
4 жыл бұрын
How many months late are you on the Capital One payments?
@LS-yf6vu
4 жыл бұрын
@@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.
@MichaelBovee
4 жыл бұрын
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: kzitem.info/news/bejne/soWJ04VqcHWelI4 It is worth a shot to negotiate a better outcome on small debt, but be prepared for a higher outcome is all.
@KarinaIglesias
5 жыл бұрын
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?
@MichaelBovee
5 жыл бұрын
There is a channel on the home page for that.
@tribulationprepper787
2 жыл бұрын
@@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?
@mikemartinez1801
4 жыл бұрын
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
@MichaelBovee
4 жыл бұрын
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.
@dolllover2132
5 жыл бұрын
I'm always polite
@BAYLAvida
8 жыл бұрын
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...
@MichaelBovee
8 жыл бұрын
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.
@tammyhays8825
5 жыл бұрын
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.
@MichaelBovee
5 жыл бұрын
What is your goal to resolve this?
@christianbove870
7 жыл бұрын
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.
@samanthacampbell1913
3 жыл бұрын
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.
@MichaelBovee
3 жыл бұрын
I would dispute this if it were me. Is it showing on your credit reports as a collection?
@milantaylor357
7 жыл бұрын
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?
@MichaelBovee
7 жыл бұрын
Payday loans can be negotiated for a lower lump sum payoff.
@jacksagrafsky4936
5 жыл бұрын
What do you do if the so called debt collector is threatening you or using foul language?
@MichaelBovee
5 жыл бұрын
I would talk over any circumstances like that with an experienced debt collection consumer law attorney in your state. If your rights have been violated, many attorneys experienced in bringing FDCPA (Fair Debt Collection Practices Act) violations will take you as a client at no cost to you.
@solagesture.9982
5 жыл бұрын
Jack Sagrafsky: A very good question!
@Jmhfl7
6 жыл бұрын
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?
@MichaelBovee
6 жыл бұрын
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.
@Uristdorf
7 жыл бұрын
Thank you for uploading this, you're awesome. I'm just kind of worried because I contacted a collection agency on my own behalf after discovering a bill I never knew about (incurred while I was dependent on someone else, but still applied to my credit report). The agent called me back the next day and said she negotiated a settlement for 70% of a medical bill that had already surpassed the statute of limitations. I was eager to just resolve it so I agreed, but then realized I couldn't just send that much money at once. She said it was impossible to make payments on a settlement and that if I were to send in monthly payments, it would have to be on the full 100% amount. I said I'd start sending payments but haven't, yet. This was all before I had done any research. I feel like I've just screwed myself by agreeing to things over the phone, and I don't even know if this agent was being truthful or not.
@MichaelBovee
7 жыл бұрын
What state are you in? When was the medical service or product rendered? What is the name of the collection agency you are dealing with?
@jeffshepard7721
6 жыл бұрын
Never admit to the debt. The only recourse is bankruptcy. I am not an attorney. What I say is based on my own experience from years ago. If they sue. answer the complaint. Research, Research and Research. Go to all court sessions on time. There is security and parking to worry about. Plan for it. Send the opposing party a copy of your answer with the court stamp that you filed it.
@patirios1
7 жыл бұрын
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
@MichaelBovee
7 жыл бұрын
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.
@jeffcfe
7 жыл бұрын
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?
@MichaelBovee
7 жыл бұрын
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.
@voltd393
6 жыл бұрын
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.
@MichaelBovee
6 жыл бұрын
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: kzitem.info/news/bejne/opuevp1upmV6h2k
@Voorhees-Jason
4 жыл бұрын
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?
@MichaelBovee
4 жыл бұрын
Collectors are deemed to have a permissible purpose.
@javierestrada8249
3 жыл бұрын
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.
@fred306801
5 жыл бұрын
Last week I got a knock on the door, a sheriff handed me a summons. The wife is being sued for medical bills. One of the doctors hired a lawyer. Am I to late to try and nego. with him ? She has been in and out of the hospital five times since Aug. diabetes. So far she has lost 3 toes and part of her foot. So she was not able to work. The last time she went in was for a blood clot. Seems every time we think she is getting better something else happens. So far they have repoed her car and camper. Not sure what to do, this is only one of several medical debts. She is a nurse and we went to the hospital she works at. So they know our phone number and address, The phone rings off the hook and the mail box "bill box" is always full. I believe she said all together she owed $ 70,000. Should she file bankruptcy or what ? We live in Ga.
@MichaelBovee
5 жыл бұрын
I would talk to an experienced bankruptcy attorney in your area about whether you qualify for chapter 7. If you do, I would think about waiting until you feel at least a little better about her condition stabilizing before filing ( so that all debts are known).
@tribulationprepper787
2 жыл бұрын
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?
@MichaelBovee
2 жыл бұрын
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/
@YAEteddy
4 жыл бұрын
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?
@MichaelBovee
4 жыл бұрын
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.
@audreylawson6243
6 жыл бұрын
I dispute the amount comity bank says I owe. I was current and had a balance of $1200. I got a bill of over $4000. I called them and said I would pay the full amount now (a year ago) they said they would look into it. They offered my $600 off, then no interest, then 25%. They continue to call me.
@draed1845
7 жыл бұрын
I have been late for over 120 Days and this debt collector (National Systems Enterprise Inc) contacted me this month so not sure when they received it. The debt is for over $5,000. I sent them a validation dispute letter asking for all the necessary documents. I am located in CT
@MichaelBovee
7 жыл бұрын
Did you have a question or concern dealing with National Enterprise Systems?
@dinahmaloka1166
2 жыл бұрын
I have arranged minimum installments with MBD debt collectors but my balances are increasing. I asked for statements but they never sent me
@joshbritton4711
5 жыл бұрын
What do you do if the debt collector tells you they didn’t buy the debt but work with the company they say you owe money to? They told me they didn’t buy it but we’re representing them because they are their clients.
@MichaelBovee
5 жыл бұрын
What you do depends on your goal for resolving the issue. Are you trying to come up with a solution to pay? Most debts are not sold. Hearing from a contingency debt collection company like you describe is normal.
@christinecathcart4864
7 жыл бұрын
I have been sued and have a wage garnishment on me. The company who sued me was Pressler and Pressler on behalf of Midland Funding. i appealed, judge allowed. But no one will verify the account, like who it is, what it is, or anything!!! nothing in writing at all. Dont know what to do.... I was once victimized by identity theft, and not sure if it is that or what
@MichaelBovee
7 жыл бұрын
Are you saying you lost the appeal?
@christinecathcart4864
7 жыл бұрын
yes
@MichaelBovee
7 жыл бұрын
The lawsuit they filed would name the original creditor. Do you have a copy of that? Do you recognize ever having an account with that lender?
@christinecathcart4864
7 жыл бұрын
Michael Bovee Never had an account with the company, it's called Midland Funding, llc
@MichaelBovee
7 жыл бұрын
I know that Midland sued, but they are a debt buyer, and not an original creditor. The original lawsuit they filed will likely name the original creditor they obtained the debt from, or that is who is claimed you originally owed money to. I want to know if you recognize who that is?
@KateGregoMusic
5 жыл бұрын
Do you know how low a hospital will go? Apex Collection agency has taken over
@MichaelBovee
5 жыл бұрын
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).
@groove269
7 жыл бұрын
Michael, I have 5 different collections. Please let me know if any are 'real' and what your next move would be... negotiate or let it fall through ? 1. Portfolio recovery- $2,216 (2years, 5months) 2. Enhanced recovery co - $1,211 (1y, 7m) 3. Credit solutions corp - $ 1,011 (1y,3m) 4. Midland funding - $733 (3y,3m) 5. Ad astra recovery services- $315 (3y, 11m)
@MichaelBovee
7 жыл бұрын
All of those are very real debt buyers/debt collectors. I would need more info from you in order to offer an experienced view as to whether the debt are correct. What credit or finance goals do you have in the next 3 years? What state are you in?
@groove269
7 жыл бұрын
Michael Bovee they are valid debts but I was wondering if I should send the credit bureaus letters to validate debt and if they do come back as valid should I send them letter to not admit it's my debt but rather pay to expedite closing of account by pay to delete at 50% of amount owed or lower?
@MichaelBovee
7 жыл бұрын
If I know a debt is valid I am not going to waste time sending the credit bureau a dispute in hopes of getting it taken off. It may work 1 out of 5 times, but possibly for 60 days and then it pops back on there. I would not send a letter to any of those collectors in order to ask for pay for delete, or in an effort to settle for less. I would call all of them; negotiate the best payoff; get the deal in writing from them; and then pay them. Pay for delete does not work like you may read about. That said, Midland Funding does remove credit reporting after resolution if the account they have is more than 2 years since you stopped paying your original creditor.
@groove269
7 жыл бұрын
Michael Bovee so you're saying to call and pay off the debts? I would really like to get rid of them off my record even if I have to pay the cost of what I owe. If I pay and they stay on my record as charge offs then wouldn't it stay for an additional 7 years on top of the 2 or 3 that have gone by or am I not understanding how it works? Many different opinions online and I just need a straight answer. Please help!
@cindyp8055
7 жыл бұрын
My Mother got a call from a " Compliance Officer" they told her they were coming out to serve legal papers. She said I was rarely there. She calls me in a panic and then my cell phone rings. I tell them that I am hiding from domestic violence and i am homeless trying to save for a apartment for me and my daughter and we are Only Living on her Social security from her Dad passing, Not the guy we are hiding from, they said they dont care and want a third of her social security, she is 11. they ask for almost 200 dollars and wont go lower and the next time they call " I had better give them my Location" I told them to check the womens shelters in the area. I am not there but close to being there.
@MichaelBovee
7 жыл бұрын
Sounds like a collection scam. Red my article and file complaints I refer to in the post: consumerrecoverynetwork.com/question/debt-collection-scams-fakes/
@Cbrenenstahl
5 жыл бұрын
I had a company America express call me about 10 years ago and wanted me to pay my bill which over the 30 years had accumulated a lot of interest & ext.. I had paid this card off YEARS ago so I did not oue anything. They told me they need a cancelled check or something to prove it after all those years I don't hang on to stuff like that for 30 + years. I called an attorney he asked if I had paid anything to them no I don't oue them anything, my attorney contacted them and that was it. What these companies are doing now is contacted the older generation and trying to get them to pay for something they no longer oue. Please be careful
@tomarmstrong181
6 жыл бұрын
Got a notice from legal firm representing a debt collector that my charged off Citi card would be sent for legal proceedings in 10 days. I owed them $6000 from 4/2016. Called and asked what the status is and they immediately offered $4200 at 12 months and said they could go no lower based on the debt collection company policy. They also said that if I offered anything less, they'd need to check in with the debt collection company and noted that if that lower offer was rejected, the current $4200 offer might be rescinded. As noted in your video, they can see that my credit report notes that I'm paying 4 other cards monthly and not theirs, so they see that I can make payments of around $300. Questions: Is that what I should expect to pay given the circumstances? Should I offer something less and anticipate further negotiations? Are they BSing me about the potential of pulling the $4200 offer? There's a point that I could possibly repay in one payment, and another point which I could pay monthly for a short term. What would be a better and more acceptable offer to make?
@MichaelBovee
6 жыл бұрын
Who is the debt buyer?
@tomarmstrong181
6 жыл бұрын
JHPDE Finance 1, LLP is the debt buyer and they're represented by Mandarich Law Group, LLP who wrote the notice I received.
@MichaelBovee
6 жыл бұрын
You may be able to get this down to 50%, but if you cannot do that before being sued, you can defend the lawsuit correctly and have a better shot then.
@tomarmstrong181
6 жыл бұрын
Thanks Michael. Any good reason to accept their offer or try to get a better deal by contacting the debt buyer directly?
@MichaelBovee
6 жыл бұрын
The debt buyer typically refers you back to the attorney now that they have them involved. If you want to be done with this with out the suit would be the good reason to take the offer. Defending takes a bunch of time if you are DIY, or money if you work with an attorney of your own. What state are you in?
@capttug812
4 жыл бұрын
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.
@MichaelBovee
4 жыл бұрын
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.
@aaronrobinson681
6 жыл бұрын
You are the most valuable person I have listened to by far thank you. I will be calling
@jeffshepard7721
6 жыл бұрын
If you settle with a debt collector for a amount less then owed. They will send to IRS a notice that they cancelled the debt for less then the amount owed. The difference is then taxable income. Debt collectors do not put things in writing. They will turn around and sell the debt. The process starts all over again.
@MichaelBovee
6 жыл бұрын
You should never settle a debt without everything in writing, or even a voice recording of the terms of the agreement (let them know you are recording and why... they refuse to send the written agreement prior to paying). Creditors can send the 1099c of cancelled debt even if you do not settle. There are ways to avoid paying tax on forgiven debt too. Also, you can wipe the slate clean with chapter 7 bankruptcy and not owe tax on forgiven debt.
@brendaechols2228
5 жыл бұрын
Its cheaper to just settle and pay the 1099 taxes. Its gone and out of your life.
@Gabe.h.
7 жыл бұрын
so there's no benefit to paying in full vs settling for lower?
@MichaelBovee
7 жыл бұрын
The longer your debt remains unpaid, not really. There are some one off circumstances where paying a charged off credit card in full vs settling for less would provide a better outcome with a certain goal. Call in for a consult to go over your particular situation if you like.
@dbuckner1966
2 жыл бұрын
What if you signed a paper to pay 50 a month but have lost job since then, what can I do?
@MichaelBovee
2 жыл бұрын
Did you sign a stipulation or consent to judgment?
@johnbirnmann2715
2 жыл бұрын
I heard that they have to agree to whatever you put out there or the debt is paid in full is that true?
@MichaelBovee
2 жыл бұрын
No.
@RussellD11
4 жыл бұрын
Just info: Back in 2010 i owed Capital One $24k and I was one year no pay in default. I negotiated $9K through their collection dept as full settlement. They required a direct ACH from my bank account to do it, so it was very scary as I had someone just sucking $9k out of my checking account, which i had to borrow.. They even called me back saying the funds where not avail, again as i had to borrow it and it wasnt cleared in my account yet. I'm pretty sure i got them to fax me or email me in writing the terms, but i forget.. All I know looking back was I could have gotten screwed if they where not whom they said they where! BUT all said an done, it ended up a good deal.......bad recession back then, so maybe why they took it...
@aileenciocon5167
3 жыл бұрын
I paid the debt directly to the business merchant after receiving notice from collection agency. However Pinnacle Recovery is still trying to collect their fees from me. Where do I stand?
@MichaelBovee
3 жыл бұрын
What are the fees they say you owe related to, and what is the total?
@leorodriguez1322
2 жыл бұрын
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?
@MichaelBovee
2 жыл бұрын
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.
@lynseyhall9873
7 жыл бұрын
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?
@suzrk1
7 жыл бұрын
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.
@MichaelBovee
7 жыл бұрын
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.
@NatalieWilsonDNP
5 жыл бұрын
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
@MichaelBovee
5 жыл бұрын
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.
@user-pm5mt8lt5s
8 ай бұрын
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!!
@MichaelBovee
8 ай бұрын
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: kzitem.info/news/bejne/pG-hs5WtkKJ4pIY
@user-pm5mt8lt5s
8 ай бұрын
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
@Joshualibbyy
3 ай бұрын
@@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
@lianshoemake6009
5 жыл бұрын
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?
@MichaelBovee
5 жыл бұрын
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.
@kandicomarawski1171
5 жыл бұрын
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.
@MichaelBovee
5 жыл бұрын
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.
@christiantorres6511
4 жыл бұрын
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?
@MichaelBovee
4 жыл бұрын
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.
@clagueb3686
4 жыл бұрын
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
@kristinuhl8669
2 жыл бұрын
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.
@MichaelBovee
2 жыл бұрын
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?
@kristinuhl8669
2 жыл бұрын
@@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.
@MichaelBovee
2 жыл бұрын
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.
@kristinuhl8669
2 жыл бұрын
@@MichaelBovee 50% of the original principle or 50% of the principle plus interest at the time I call realistically?
@MichaelBovee
2 жыл бұрын
You are typically negotiating from the inflated balance that includes any legitimate fees and interest.
@robertthornton5784
4 жыл бұрын
Does “ legally paid in full for less” hurt me? If it does, what do I need this debt need to say.
@MichaelBovee
4 жыл бұрын
Not really. Not once you are so late that you are settling a debt for less. More on that here: kzitem.info/news/bejne/sm2k3ZZuiairg6A
@tiagoode2288
4 жыл бұрын
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?
@MichaelBovee
4 жыл бұрын
How late are you on the loan? If already in severe delinquency, and 40% is sticky, it may not improve.
@tiagoode2288
4 жыл бұрын
@@MichaelBoveethank you for responding... over 120 days late
@Keltonchanning
4 жыл бұрын
My original charge was 71 dollars for a stained carpet at an apartment, and now it's been in collections and is now 7000 dollars. What should i do?
@MichaelBovee
4 жыл бұрын
How long ago was this? What justification has anyone provided for the massive inflation? Did this go to court?
@Keltonchanning
4 жыл бұрын
@@MichaelBovee I called the original company . They had a misunderstanding thinking I was living there in 2017 which I was not, but I was charged for the whole ten month leasing period when I never actually lived there. Now it's in collections
@MichaelBovee
4 жыл бұрын
I would talk to a tenants rights organization in your area about this. It sounds like they rang up a bill with no legitimacy.
@leftthe99togetthe15
4 жыл бұрын
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.
@MichaelBovee
4 жыл бұрын
Who is the collection agency?
@Maplization
4 жыл бұрын
My main concern was the process for getting everything in writing. Would I just ask them to send over a document saying I've settled the debt? Or maybe a certain document they need to sign?
@MichaelBovee
4 жыл бұрын
Check out this video about getting your settlement agreement in writing: kzitem.info/news/bejne/so-d3p6LpmKnmWk
@XER239
5 жыл бұрын
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?
@MichaelBovee
5 жыл бұрын
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.
@ironmanhabbestad
5 жыл бұрын
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
@MichaelBovee
5 жыл бұрын
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?
@ironmanhabbestad
5 жыл бұрын
@@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
@MichaelBovee
5 жыл бұрын
That would be my goal then. If you are not prepared to make those calls to AFNI we offer help in these situations.
@0Clappy
6 жыл бұрын
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?
@MichaelBovee
6 жыл бұрын
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.
@randallfox4265
4 жыл бұрын
Devastated financially due to the current corona virus and the govt. shutting us down. 1) 2 months behind can I negotiate with the credit car company or should I let it be sold to the debt collector? 2) either way is 30% of the bill a possibility for them to take? Looking forward to your answer.
@MichaelBovee
4 жыл бұрын
Who are the creditors at issue?
@randallfox4265
4 жыл бұрын
@@MichaelBovee Credit cards . Sears, US Bank. A couple more.
@MichaelBovee
4 жыл бұрын
I typically see the better outcomes when you are 5 months or more late with most banks, though sometimes Citibank at 100 or so days late. AMEX deals with third party collection agencies can be earlier than that, though not always. There were earlier than normal opportunities with some banks during the recession around 2008, and there may be here too, though they have not started as I type. Most debts are not sold, though the 2 creditors you listed presently do sell to debt buyers.
@randallfox4265
4 жыл бұрын
@@MichaelBovee Thanks! Appreciate the help. How will I know when they are ready to settle and if so EXACTLY what kind of in writing document will I need to get from them to settle it for good and stop the negative reporting on my credit report?
@MichaelBovee
4 жыл бұрын
Do you want help with this? If you are doing this yourself, when you look to settle can often be set beside how much money you will have available at the 5/6 month late mark, and also whether Amex gets sent to an attorney or not in the early innings. You will not be getting any of your original creditors to stop reporting a negative, but they will do their job and report a paid collection when your settlement is done.
@erickwhitford
4 жыл бұрын
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.
@MichaelBovee
4 жыл бұрын
Who is the lender originally?
@bizsidehustles
5 жыл бұрын
I'm having issues with Synchrony on a couple of cards I'm trying to settle with them. Primarily with a Lowes account. I spoke with someone a few days ago, he was actually nice and seemed helpful. He asked the hardship questions and offered to settle for 35%. I was okay with that. I said I'd be sending a money order, he gave me the address. He said you can also go by the store and pay. I said well I can just do that since we have one in town. I asked for it in writing, he said they would send me a fax. No time frame was given. The fax never came. I called the next day, got a totally rude foreign sounding person who proceeds to tell me my settlement offer is no longer valid because I didn't pay when I promised to. The first agent put the date of pay by as the same day I spoke with them! The fax never came, they refused to send me one during this new conversation, they refused to let me speak to anyone else. I called 4 times that day and got the same rep. He finally let me speak to someone on the last call she seemed slightly more cooperative but I still have not received the fax. She told me I needed to pay right away or the offer could become invalid and basically flat out said I could pay it and take that chance that it may no longer be accepted as settlement. So I didn't pay. My question is what do I do now as far as trying to settle this account? It hasn't been paid in over 6 months.
@MichaelBovee
5 жыл бұрын
You can wait for it to go to a collection agency or debt buyer and settle then. You can do the call again and take notes of the number called, the day and time, the people and extensions, and then record the part of the call where you cover the breakdown of the deal. Tell them you are recording too, and that it is to hold on to until the letter arrives. Then hold that recording.
@dlake145
4 жыл бұрын
Is debt settlement more effective with an attorney, or is the net result about the same doing it yourself?
@MichaelBovee
4 жыл бұрын
The answer can vary depending on the situation, and the creditor involved. Can you tell me more about your situation?
@Briana-hd9mk
4 жыл бұрын
@michaelbovee I'm new to your channel like right now, will call you soon. I'm struggling with very little credit but a few bad items on my credit from simple things I just couldn't pay from life circumstances at THAT TIME including getting a checking account on my own and/or a secured card. I just dont have enough credit and 2 bad things on credit causing me years if headache and lack of independence. I'm so thankful to see this as i plan on communicating with debt collectors on Monday to settle these things out. Id love to have a chat with you so will def be giving you a call first. Your great thank you for helping us. People like me who have such little debt but it ends up being worse than ppl with tons of debt. My BIG companies are HSBC, Convergent Outsourcing and Remex Inc and Labcorp.God Bless You. Be in touch!
@Briana-hd9mk
4 жыл бұрын
Thanks. I'll be reaching out soon
@megalina1425
Жыл бұрын
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.
@MichaelBovee
Жыл бұрын
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: kzitem.info/news/bejne/236l0Wt_cIN2ino I typically do not see property management debts settle as low as you are targeting.
@matthewmanquero1182
5 жыл бұрын
Great video. Do you still offer free consultation?
@murickp23
5 жыл бұрын
What should I negotiate with American Express now transferred to nationwide credit and the debt total is 13356.00
@MichaelBovee
5 жыл бұрын
I tend to target 40% in a situation like this, but it can vary on how late you are and collectable you look.
@OctavianFit
4 жыл бұрын
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
@MichaelBovee
4 жыл бұрын
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.
@OctavianFit
4 жыл бұрын
Michael Bovee thank you 🙏
@shahsmerdis
6 жыл бұрын
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?
@MichaelBovee
6 жыл бұрын
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.
@lauracadriel1602
2 жыл бұрын
Hi Michael, I’ve never been late on any payments so I’m really surprised that I got call today from a debt collector asking my full name, address and last four of my social security number. When I told the woman on the phone that I was not going to give her that information because there are scammers and that I would like to know what her call was about she told me ok and hung up. I have no idea what to do.
@MichaelBovee
2 жыл бұрын
Do you know the name of the collection agency that called? Have you looked to see if there is anything on your credit reports?
@angelawester6538
4 жыл бұрын
What is the best settling mount for discover card? Its an old judgement since 2006.
@MichaelBovee
4 жыл бұрын
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?
Пікірлер: 1,3 М.