Great video. Keep up the good work. I can't tell you how relieved I am to have a better understanding of what I'm up against in this early stage of debt trouble.
Informative video! Thank you so much! Question: What would be the reaction of a debt collector, if all of your old debts were aged off of your credit report? I still have several old debts & judgements, but none of them are showing up on my credit report. The only things remaining are 2 new credit cards (limits $300 & $500) and 1 old debt that hasn't fallen off yet. If I call these creditors to negotiate a settlement, and I have a clean(ish) record, how would they perceive my situation? Would it make them more or less agreeable? Michael Bovee - you Rock!
I’m here because a person from a debt collector called “AMS” keeps contacting me about a collection credit from 2013 😡 he says he will go after my property.
Debt collectors use soft credit inquiries as a tool to help them collect. It is normal. Placing a credit freeze with the credit bureaus does not stop a collection agency from accessing your credit through soft pulls. It is still allowed.
Great info. I had 10 years straight of "on time never late" with 3 credit cards and a paid off 4 figure loan. I had a 820 credit score. Until 2015. Then, something happened. Obviously. It was my health. In a BIG WAY. Mid-2015 my ability to pay went to nothing. My income went to nothing. From then until now, 2019, I have no income. I have disability only. I am being sued. Blood from a turnip?
Who is the creditor suing? When did you get the court papers? How much are they suing for? How much is your total debt? Is your financial situation going to change, or is it going to persist?
@@MichaelBovee Suing me. Got papers a month ago. Filed denial immediately. My financial situation is NEVER going to change because my health situation is never going to change.
If you have no assets and are on permanent disability, than they should come up empty handed, even with a judgment. More about being uncollectable in this article and video: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/
Doing a home remodeling got a lot of stuff from a big box store. I missed my first month's payment. They gave my account to a collection agency. They are sending letters to my estate?? So what do I do? I'm a little pist They did that ín a month
What is the name of the bank behind the card? Is it Synchrony for Lowes? They can do some early collection outsourcing. Citibank will do some early placement for their Home Depot cards too, though usually at 90 days late, and I have not seen them do that in a while.
Great great info!!! I really honed in on a term you all used and that is "privatize" How does one go about privatizing themselves from the internet and the ways that debt collectors might find information about oneself? I'm speaking along the lines of eliminating your digital footprint from sites like LexisNexsis, SageStream, Credco, Innovis, etc. I am just learning about all of these other consumer information sites and honestly, I feel a bit uneasy about all these companies selling my information to one another against my consent. Do we, as consumers have any recourse, or is this now just the state that we live in? Business as usual?
For most of us, it is the world we live in now. For people trying to go off the grid, quit applying for anything, giving your address or phone number, renewing your drivers license, insurances, etc. It is increasingly difficult to not have a digital footprint.
I'm being sued by PRA. An attorney told me my only option would be to settle because PRA usually has an ironclad defense and most likely I will not prevail. I am not working, am married, own property but only on paper and the mortgages do not appear on my credit report. Would they dig deeper and find this out and place a lien?
You can defend the suit with the intent to try to win, and you can defend with the intent to delay. If you defend and got a few months to save up, would you be able to pull money together for a lump sum settlement between 50 and 80 percent?
@@MichaelBovee It's not that I don't have the money to settle but I want to weigh all my options. Another attorney I spoke with today recommended I file Chapter 13, which she specializes in. That seems to be the norm with many attorneys but my gut feeling tells me to fight it. I'm not sure I even owe the amount they claim and they only sent me statements from the original creditor with no original contract or application. I heard this can be a defense but I only have about a week now to file my defense, settle or file Chapter 13. What are your thoughts?
You can dig in and fight to see if you can win out. Your odds improve if you get help from an attorney that regularly does debt defense cases, but the cost of that is often as much as it would cost you to settle this. That often means studying and trying to navigate this on your own.
The debt does not disappear after that 7 to t and one half year reporting cycle. But it does become zombie debt, more on that here: th-cam.com/video/AehXi8m3IT4/w-d-xo.html
I sent in a debt validation request but my creditor refused to send me validation unless I give them my account number, name, address, phone number. If I give them this information, would that validate the debt? What should I do?
What is the name of the collection agency you are dealing with? I assume your name and address was on the letter you sent. Have they phoned you at your number in the past?
Hi Michael. Can debt collectors see how much stock I have? Maybe in the stock record? I have small amount in stock that I'd rather not sell. Thank you.
Not everyone, but to be real many ppl typically know they have collection accounts bc they get many calls, as a collector personally though I promise you or of around 750 calls per day of say on average probably 5 or 6 are voicemail or instant hangups lol. And if you get 10 right party contacts put of those if you get 2 or more to pay you are a collection God lmao. Most people are aware of their debt and even more dont want to pay lol I tell people all the time that I understand they dont wanna pay, nobody wants to have to pay any bills but we as consumers are responsible to pay our debts that we brought upon ourselves
By the way all the unpaid debt accounts aren’t just ignored we get a lot of spam disputes copy and pasted from who knows where about god watching us. Yeah he’s watching you and the photos from your move out report too... if you rightfully owe debt you want to pay it off or else you won’t be happy a few years down the line.
If one collector has taken on your debt, since charge-off (1yr ago), can the debt be "assigned" to another agency? I received a call the other day from an agency saying that the old owner of the debt is not longer over the debt and it will be removed from my credit report. How true is that, and how does that work? They also told me that they had just gotten the debt a week ago & they have about a month or so before they can send it to credit reporting agencies. What's going on here? Thanks in advance
Great video. Keep up the good work. I can't tell you how relieved I am to have a better understanding of what I'm up against in this early stage of debt trouble.
Thanks! Can't wait for the next episode.
Informative video! Thank you so much!
Question: What would be the reaction of a debt collector, if all of your old debts were aged off of your credit report?
I still have several old debts & judgements, but none of them are showing up on my credit report. The only things remaining are 2 new credit cards (limits $300 & $500) and 1 old debt that hasn't fallen off yet. If I call these creditors to negotiate a settlement, and I have a clean(ish) record, how would they perceive my situation? Would it make them more or less agreeable?
Michael Bovee - you Rock!
It would help to know the players involved, and especially the judgment debts.
I’m here because a person from a debt collector called “AMS” keeps contacting me about a collection credit from 2013 😡 he says he will go after my property.
Is there an existing court judgment against you for this debt?
What does it mean if the debt collector did about seven or more soft credit checks lately on me? If I freeze my credit will it stop that?
Debt collectors use soft credit inquiries as a tool to help them collect. It is normal.
Placing a credit freeze with the credit bureaus does not stop a collection agency from accessing your credit through soft pulls. It is still allowed.
Great info. I had 10 years straight of "on time never late" with 3 credit cards and a paid off 4 figure loan. I had a 820 credit score.
Until 2015.
Then, something happened.
Obviously.
It was my health. In a BIG WAY.
Mid-2015 my ability to pay went to nothing. My income went to nothing. From then until now, 2019, I have no income. I have disability only.
I am being sued. Blood from a turnip?
Who is the creditor suing? When did you get the court papers? How much are they suing for? How much is your total debt?
Is your financial situation going to change, or is it going to persist?
@@MichaelBovee Suing me. Got papers a month ago. Filed denial immediately. My financial situation is NEVER going to change because my health situation is never going to change.
If you have no assets and are on permanent disability, than they should come up empty handed, even with a judgment. More about being uncollectable in this article and video: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/
Doing a home remodeling got a lot of stuff from a big box store. I missed my first month's payment. They gave my account to a collection agency. They are sending letters to my estate?? So what do I do? I'm a little pist They did that ín a month
What is the name of the bank behind the card? Is it Synchrony for Lowes? They can do some early collection outsourcing.
Citibank will do some early placement for their Home Depot cards too, though usually at 90 days late, and I have not seen them do that in a while.
City bank
@@MichaelBovee so what exactly are they doing ? Putting a lean on my house? I don't have a contract with this company?? No idea who they are?
What is the name of the collection agency?
Great great info!!!
I really honed in on a term you all used and that is "privatize" How does one go about privatizing themselves from the internet and the ways that debt collectors might find information about oneself? I'm speaking along the lines of eliminating your digital footprint from sites like LexisNexsis, SageStream, Credco, Innovis, etc. I am just learning about all of these other consumer information sites and honestly, I feel a bit uneasy about all these companies selling my information to one another against my consent. Do we, as consumers have any recourse, or is this now just the state that we live in? Business as usual?
For most of us, it is the world we live in now. For people trying to go off the grid, quit applying for anything, giving your address or phone number, renewing your drivers license, insurances, etc. It is increasingly difficult to not have a digital footprint.
I'm being sued by PRA. An attorney told me my only option would be to settle because PRA usually has an ironclad defense and most likely I will not prevail. I am not working, am married, own property but only on paper and the mortgages do not appear on my credit report. Would they dig deeper and find this out and place a lien?
I would plan as if they will place the lien.
How much is the lawsuit for?
When did you get served the legal papers?
@@MichaelBovee The lawsuit is for $2406.95. I received the summons on August 21.
You can defend the suit with the intent to try to win, and you can defend with the intent to delay. If you defend and got a few months to save up, would you be able to pull money together for a lump sum settlement between 50 and 80 percent?
@@MichaelBovee It's not that I don't have the money to settle but I want to weigh all my options. Another attorney I spoke with today recommended I file Chapter 13, which she specializes in. That seems to be the norm with many attorneys but my gut feeling tells me to fight it. I'm not sure I even owe the amount they claim and they only sent me statements from the original creditor with no original contract or application. I heard this can be a defense but I only have about a week now to file my defense, settle or file Chapter 13. What are your thoughts?
You can dig in and fight to see if you can win out. Your odds improve if you get help from an attorney that regularly does debt defense cases, but the cost of that is often as much as it would cost you to settle this. That often means studying and trying to navigate this on your own.
how long is a debt collectible? aka can i start building my credit again 7 years after i stopped paying a creditor? or are they still after me???
The debt does not disappear after that 7 to t and one half year reporting cycle. But it does become zombie debt, more on that here: th-cam.com/video/AehXi8m3IT4/w-d-xo.html
Love real information. Thanks for these videos.
I sent in a debt validation request but my creditor refused to send me validation unless I give them my account number, name, address, phone number. If I give them this information, would that validate the debt? What should I do?
What is the name of the collection agency you are dealing with? I assume your name and address was on the letter you sent. Have they phoned you at your number in the past?
its not in collections yet. its barclaycard
What is your goal with sending Barclay a request for debt validation?
Hi Michael. Can debt collectors see how much stock I have? Maybe in the stock record? I have small amount in stock that I'd rather not sell. Thank you.
That would not be likely. But is your trading account at the same place you are going to do a settlement with?
@@MichaelBovee When you say trading account, do you mean bank account? FYI, I use a firm like "E-Trade" to hold my stocks.
None should be able to see into that account.
Ok. Thank you Michael! @@MichaelBovee
This day and age who answers a # they don't know?
exactly my question
Not everyone, but to be real many ppl typically know they have collection accounts bc they get many calls, as a collector personally though I promise you or of around 750 calls per day of say on average probably 5 or 6 are voicemail or instant hangups lol. And if you get 10 right party contacts put of those if you get 2 or more to pay you are a collection God lmao. Most people are aware of their debt and even more dont want to pay lol I tell people all the time that I understand they dont wanna pay, nobody wants to have to pay any bills but we as consumers are responsible to pay our debts that we brought upon ourselves
5 or 6 hundred
if I win the lottery but remain anonymous, would they find out? could they then sue me for more than what I owe?
I would probably pay it if it were me after that happened.
By the way all the unpaid debt accounts aren’t just ignored we get a lot of spam disputes copy and pasted from who knows where about god watching us. Yeah he’s watching you and the photos from your move out report too... if you rightfully owe debt you want to pay it off or else you won’t be happy a few years down the line.
If one collector has taken on your debt, since charge-off (1yr ago), can the debt be "assigned" to another agency? I received a call the other day from an agency saying that the old owner of the debt is not longer over the debt and it will be removed from my credit report. How true is that, and how does that work? They also told me that they had just gotten the debt a week ago & they have about a month or so before they can send it to credit reporting agencies. What's going on here? Thanks in advance
Who was the original lender? When did you stop paying them? Who had the account for that year, and who is the collection agency contact you now?