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But like, why doesn't he pay his bill... I don't think Capital One is in the wrong here

@Bae_mackx

4 жыл бұрын

PGamero this was a disturbing call. I actually disagree with Dave here. I know he hates CC companies but the guy refused to pay, let’s it go into collections and still refuses to pay...I don’t think they will settle for 20 cents on the dollar like Dave optimistically thinks and they guy will be stuck with paying the full 10k which in this case is rightfully his debt to pay.

@orangutan-halibut-walrus

4 жыл бұрын

exactly my thought. credit card companies shouldn't get stuck with your bill just because you can't pay. they're entitled to regaining the money that YOU spent and THEY covered. really confused about dave's comments here.

*Capital One:* “You can have this money cheap for a year, as long as you give it back.” *Caller:* ~Didn’t give it back.~ *Capital One:* ~Follows contract.~ *Caller:* “I’m calling Dave Ramsey and telling them how bad you are!”

@stephengehly2319

4 жыл бұрын

Top Comment this is exactly what happened.

@topcomment3816

4 жыл бұрын

hoganx90 And the worst part is that Dave AGREES with the deadbeat!

@1adamvega

4 жыл бұрын

Top Comment Dave did clearly say that he didn’t pay his bill for 39 months. He wasn’t letting the man off the hook.

@mrfred1000

4 жыл бұрын

@@topcomment3816 Yeah, Dave is not really thinking here on the details and just following what the guy is claiming. The guy is making it seem as the card got cancelled or something and he made an agreement with them at 2.88% and they lied on it. Low APR is usually the introductory rate not the long term APR. What happened was he failed to pay after maxing the card, they made some agreement, then he failed to pay on that agreement too and by then the regular rate was on the card. Capital one and other companies do have high interest also interest on top of late fees adds up quickly. I owed Capital One 2500 in 2018, they took me to court which they rightfully should, we negotiated to 1700, they honored that agreement and so did I for $80 per month payment for about 21 months. I didn't like the idea of dragging it out, so I paid them off in like 9 months. I also owed BestBuy about $1100, and Amazon Store card $900, all 3 of these cards were cancelled and gained no interest after that. I called them I spoke with them they were never harsh or lied. Once a card is cancelled it's done, the only way they can charge interest is if the card is still active and you guys are discussing repayment while it's active which means interest is still being applied monthly. I've paid off all 3 of these cards as of today and I rightfully owed all 3 and only had to go to court for 1 of them. This guy is a bum. I hate when people try to dodge paying off their debts. You rightfully owe it, so stop whining and develop a way to pay it. TO ADD, since no interest is being added, he never had to pay $1300 a month. It's $14,000, it's no more than that. Pay it or make them an offer. Long as he pays something the company in charge of the debt is satisfied. Also the whole "No access to your account" thing I don't know why Dave keeps saying that, I've done it for the amount we discussed multiple times and they've never done anything shady over the past 2.5 years not can they legally.

@topcomment3816

4 жыл бұрын

1adamvega Yes but Dave immediately told him what he ought to be able to settle it for... instead of saying, “you borrowed the money, now pay it back.” Dave is quick throw those Biblical values away when he sees opportunity for people to game the system like he did.

They're not "crooks" He spent money that he didn't have, and then failed to pay it back....

@junkabcjunk

4 жыл бұрын

On the other hand, the bank also promised him a consolidation offer of low rate for the life of the loan but then began charging ~19% interest along the way and refused to honor the commitment under which he did the consolidation in first place. The terms were changed on him, not that he refused to pay. He owes that money and should pay but he also tried to get them to honor the terms of the agreement to no avail. Who knows, if original terms were honored, he probably would have kept paying as agreed.

@topcomment3816

4 жыл бұрын

Kamal Kishore Joshi Which do you think is more likely? 1. The caller accidentally made a late payment. 2. Capital One has decided to blatantly violate the terms of their contract and open themselves up for a lawsuit. 🤔

@Chicagocubbiegirl

4 жыл бұрын

Sounds like he forfeited the deal by paying late, because he mentioned the balance included late payment penalties.

@junkabcjunk

4 жыл бұрын

@@topcomment3816 I agree the call leaves a lot to be desired in terms of understanding the issue a little better. The terms of the offer could very well be playing a role here since if they had any such clauses in the offer and this person failed to notice or took it very lightly, then he would probably be totally at fault. It also surprises me that if he claims bank lied to him and jacked up the terms later on, then why isn't he talking a legal recourse instead of talking to the bank for renegotiating the terms again? If he had written commitment from bank about offer terms and they violated, then I see no reason to go to them and try renegotiating instead he should be following with legal notice and pressuring them to honor the terms. Something about this whole call leaves so many things to be clarified and you may well be right.

@catherinep4707

4 жыл бұрын

EXACTLY.

“Get a hard copy of the written document and keep it forever. Never get rid of it.” I love it

@nme.00104

4 жыл бұрын

💯💯☝️👌👏 like your taxes etc.

@richardrossi2030

4 жыл бұрын

Capt 1 has the same doc I am sure of showing the increase in interert after 1 year

@SC-gp7kt

3 жыл бұрын

Also take a picture of the document (digital).

This guy's talking like if HE loaned THEM money. Dude, YOU were the one who came to them needing money.

@AngelGarcia-mr4pl

4 жыл бұрын

In addition he has too much interest on his credit score. Seems that there is something he wants to do that involves using his credit. Could be wrong, but I would not care about my credit knowing that my interest is to pay my debt.

@stephensantiago603

4 жыл бұрын

@@AngelGarcia-mr4pl Yup. He probably went to get a car loan and they "reminded" him of the major stain on his credit report.

@ChristoherWGray

4 жыл бұрын

Lol Yes He gave them a chance to negotiate That's a knee slapper

@oreally8605

3 жыл бұрын

He's full of it-

@aaronmurphy8796

24 күн бұрын

This dude is ridiculous . He doesn’t even know how silly he sounds . He’s “negotiating “ but when they do offer a discount on the fees he doesn’t have any money to do it.

"I made a business decision that I'm not going to pay them" lol what in the world kinda "business decision" is that?! You borrowed money, service your debt

@youngtimer964

4 жыл бұрын

Squidian The Bo Fish why didn’t Dave say anything about that ridiculous move?

@leahv5892

4 жыл бұрын

It’s theft by credit. It’s a crime. It has nothing to do with the company being “open minded”.

@MsDezB1

4 жыл бұрын

Thank you! I'm listening to this as I'm getting ready for work and maybe I missed something but did he ever explain why he won't/can't pay off his debt? I don't feel sorry for this dude.

@michalpawel1582

4 жыл бұрын

Exacly!

@richardrossi2030

4 жыл бұрын

@@MsDezB1 He refused to pay the debt off because when he borrowed the money his interest rate on the 10K he borrowed was 2.9%. He claims the Cspt 1 said the rate would never go up. After 1 year it went to 19.9%. So then he refused to pay it. I am sure Capt 1 has all that in writing and his numb nuts refused to read the fine print. I get stuff like this in the mail all the time.

I have used Capital One and other credit cards for almost 20 years. In all of those 20 years, I have NEVER had a problem with any of them. The key is fully understanding the terms (e.g., billing cycles, interest rates, late fees, etc.) of the contract and not getting ahead of yourself. Credit cards are an asset in two ways, advancing you money (that yes, you do pay for according to the contract) and rewards/points. Having a conservative plan to pay back the advanced money is key--paying off the card in one or two months, worked best for me. Rewards and points have also paid significantly toward family vacations, which are time sensitive and priceless as children grow up quickly. Overall, using credit cards responsibly have been a net positive benefit for me, money wise.

“We still love you. Bend over.” Funniest line a caller has ever said on Dave’s show.

@GooniesGirl

4 жыл бұрын

I know right. 😂😆😃

@666dynomax

4 жыл бұрын

Dave didn’t look impressed

@MrPoole

4 жыл бұрын

😂😂😂😂😂😂

@JAMANIJAMANI

4 жыл бұрын

@@666dynomax it caught him off guard!

@SWAGURA

4 жыл бұрын

they went to town on his butthole.

Pay your freaking bills. You already ate the steak, now pay the bill.

@barneystn7521

4 жыл бұрын

🤣

@kaitlync.5079

4 жыл бұрын

Joshua Tate ycrespeh

@vaderwashere365

4 жыл бұрын

Most of us can pay the credit card bill every month, but Dave can't even do it. There are just some people with no willpower and can't control themselves. Just ask Dave how he went broke until Christians gave him money to speak.

@joshuatate5671

4 жыл бұрын

@@vaderwashere365 Lol bro jealous much?

@vaderwashere365

4 жыл бұрын

@@joshuatate5671 yeah, anytime you can use religion to make money I do get jealous. I wish I had less of a moral compass, but alas I am just a jealous truth speaker :)

I guarantee you that 2.99% on that balance transfer was an introductory rate he did not pay attention to the own paperwork he signed and they probably told him it was an introductory rate and after X number of months your interest rate would either go up to X number or be variable at that point when that happened he got mad because he didn’t pay attention

@intimacy2138

4 жыл бұрын

And if that is actually the case, totally on him. If they did lie, still messed up, regardless if he wasn't paying attention. Just my opinion though

@centcent7337

4 жыл бұрын

Yep I had no interest for 6 months it was great..

@Coolxbro

4 жыл бұрын

yea, i have capital one and have done transfers and its typically 2% transfer fee 0% interest for 12-16 months and after that regular rate you have. Or a second offer is 1.99 or 2.99% interest rate for 18 months no fee on transfer and then after 18 months your regular apr depending on your credit. This guy just messed up and wanted to blame them instead of taking responsibility.

@stephenramos2824

4 жыл бұрын

@@centcent7337 what's so great? I mean if you pay your card on time it could be 2% or 50%....interest is 0% otherwise that money is already gone.

@michaelweyenberg6238

4 жыл бұрын

Or he kept using the card and expected those future purchases to have that low rate as well.

The caller got the answer he wanted. I feel like Dave is usually pretty forward with what the right thing to do is, pay your debt. He gave this guy a cop out with the 20 cents on the dollar advice. No major bank is giving 2.99% interest indefinitely on a credit card, especially capital one, that caller was an idiot.

@newtonraymond77

4 жыл бұрын

Exactly and to this day hasn't paid a penny towards clearing that debt. It should derail his plans for an apartment in the future because that shows the future landlord won't get paid

@SisyphusJP

4 жыл бұрын

He said they offered him a credit consolidation for all his credit cards.

@eviedevic9824

2 жыл бұрын

Great comment! First, don’t spend the money that you can’t repay back! Second, try to pay!

I don’t quite understand this guy. He ran up his credit card bill and he’s angry at Capital One because they are daring to require him to pay it back. He talks like he has all of the leverage in this situation.

@catherinep4707

4 жыл бұрын

Corey Burnett YES! Thank you! Asking Dave if he can demand they not report it to the credit bureaus? Come on dude.

@JacobJonesy

4 жыл бұрын

He's mad because he's saying he consolidated all his debt with capital one and the salesperson told him he would be locked in at a low interest rate if he did it, but they raised the interest rate 10x in a year.

@kyledw4381

4 жыл бұрын

Almost a guarantee that he missed a payment and that sent his fixed rate down the toilet.

@aeromedical6750

4 жыл бұрын

@J - hence why you don’t enslave yourself to a CC company. I never sweat interests rates on my CC, because I don’t own or use one. The next time you get one of those CC offers in the mail, read the actual terms of it. They essentially give a CC company a legal license to adjust your interest rates at their whim. They are intentionally written in “legal speak” and often so confusing that the average person struggles to decipher what the actual terms are. You could pay your bill on time every month religiously and they can decide “Well, Mr. Sucker - we see that you are currently at only 25% of your available credit limit. That’s very concerning to us and makes you more of a risk. Therefore, we’ve made a decision to increase your interest rate from 17.99% APR to 28.99%. While, we value your relationship with us, we have to protect our interests!”

This is not Capital One fault! You know good and well the interest is promotional. You just didn’t read!

@MR3DDev

4 жыл бұрын

Yeah I am confused, was it a promotional interest?

@rikkifashionhouse6592

4 жыл бұрын

TechYK I used to have capital one and their balance transfer is only for a certain time frame. What it sounds like happened is that he never paid it off within the time frame before it went to the regular interest rate

@MR3DDev

4 жыл бұрын

@@rikkifashionhouse6592 Yeah I've seen these offerings before and actually used them in the past, they all have an expiration date. That is why I did not understand what was going on.

@leahharden

4 жыл бұрын

It’s still deceitful to advertise for something that you’re not even offering!

@rikkifashionhouse6592

4 жыл бұрын

Leah 88768678 they even have commercials for it with the small print. I don’t think it’s their fault someone is stuck at the first line instead of reading everything. But i definitely understand your perspective

I find it pretty amusing that this guy thinks he’s in the right and he’s in control here. He sounds SO self righteous. Like, no your interest rate went up and you didn’t pay. Read the fine print next time.

@rayn1ful

3 жыл бұрын

there should not be any fine print, i hate fine print.

@antr7341

Жыл бұрын

He's right, that's predatory practice.

Capital One: what's in your wallet? Dave: Money!

@TheLuxeTraveler702

4 жыл бұрын

🤣🤣🤣

@tayloranderson8981

4 жыл бұрын

Cash specifically

@AndyinMTL

4 жыл бұрын

lol thats a good one

@rudabegasschriner3653

4 жыл бұрын

None of your business is how I reply

@georgievvladimir

4 жыл бұрын

Currency, not money

Let this be a lesson to you. Pay off your credit card in full every month.

@NickRaeff

4 жыл бұрын

fef619 thank you!! I love Dave. Really respect him. However, I believe being responsible with a credit card has great benefits.

@junkabcjunk

4 жыл бұрын

So true. If one keeps a balance, they give control of their choice of calling the shots and then all bets are off.

@AlexTraxxas

4 жыл бұрын

Then cut it up and close the accounts and never go back.

@YPEFFLE

4 жыл бұрын

Exactly

@nbrown565

4 жыл бұрын

No credit card debt in 2 years. I'm way better off.

Sounds like this caller doesn't understand how to handle his money or responsibilities!

@vincelam1998

4 жыл бұрын

Yep... hope he learned his lesson, though!

@stephenramos2824

4 жыл бұрын

Yea that's some pretty bad adulting right here.

@DownwiththeGOP

4 жыл бұрын

Most people here don’t lol that’s why they watch Dave

So you used a credit card willingly and now you don’t wanna pay? Well Im going to start eating my groceries at the store and not pay either ...

@aquafishsoup

4 жыл бұрын

Full Tilt Boogie credit card is like loan sharks maybe worst, don’t play with sharks and not expect to get bite.

Because he couldn't read the fine print, he wants to be an a$$ with the bank who are right to continue to charge him. Man up and pay, big baby.

@TheCobruhAlienat0r

4 жыл бұрын

Right. They all have a term limit,usually 12-24 months, of the fixed low rate and then it jumps back up to a rate similar or higher than what you were paying before. Those balance transfers and debt consolidation things only work if you make enough money currently to aggressively pay it off in the time period allowed.

@santino5873

4 жыл бұрын

@@TheCobruhAlienat0r Exactly, this happened to me when I was young, was furious when seen interest spike, went through agreement and seen it.. took responsibility and quickly paid it off, not like this bum and not pay for 39 months.. I know we all want to get on Dave train and bash banks but we have to hold ourselves accountable and responsible for our actions.

@MW-sv1dp

4 жыл бұрын

I'm glad I'm not the only one that feels this way. Dave is quick to call people snowflakes for not paying off student loans but babies people who don't want to pay off their credit card loans... I don't get it, he seems hypocritical

@MW-sv1dp

4 жыл бұрын

@jeremiah sams for sure!

@youngtimer964

4 жыл бұрын

M22W64 he is hypocritical and should be ashamed of himself

Why did you buy things you couldn’t afford and how is that capital ones fault?

@canadiankaren2426

4 жыл бұрын

Hatersgotohell And who’s fault is that? I have a Capital One card and have never had an issue. They don’t hold a gun to one’s head demanding you take their card.🙄🙄🙄🙄🙄

@youngtimer964

4 жыл бұрын

Hatersgotohell wrong

@YPEFFLE

4 жыл бұрын

@Hatersgotohell just about everyone has a phone with internet on it, anyone can take an hour and educate themselves about personal finances, I did in my early 20s and it has served me well

@canadiankaren2426

4 жыл бұрын

Hatersgotohell In this day and age of Internet, television, book stores, free workshops, the library where books are FREE, etc there is absolutely no reason and I repeat no reason for anyone to be ignorant when it comes to credit cards or personal finances in general! If you want better you do better and that is simple math! If one can’t afford to hire a financial coach the library is absolutely FREE! I’m far from rich but I have good credit and working my way towards excellent credit because I pay my bills and live well within my means. If one is poor common sense tell me a credit card shouldn’t even be on one’s mind simply because they may not be able to pay it off.

@hzuiel

4 жыл бұрын

@@YPEFFLE I have no idea what the course is like, but khan academy has a personal finance course. A lot of people use khan academy as part of or a supplement for home schooling, but anyone of any age can use it's courses for free.

This guy is just another slime ball who doesn't want to pay his credit card bill!

@topcomment3816

4 жыл бұрын

Hatersgotohell There is nothing predatory about offering someone a financial product with clear terms. When a person gives their signature, they are acknowledging that they have read the terms. No one to blame but themselves if they put a signature down without reading. Those cards you passed on in college were the same ones that I took advantage of. Free flights, cash back. I even use their balance transfer offers to buy rental properties. I have purchased 6 houses with credit card money. Never paid any interest... because I know how to read.

@youngtimer964

4 жыл бұрын

Hatersgotohell you are either crazy or trolling

@YPEFFLE

4 жыл бұрын

@Hatersgotohell this guy sounds like he knows how to read....but not pay his Bill's every month

He borrowed the money, $10k, and decided to not pay! It’s his fault here or did I miss something here?

@sinthalis

4 жыл бұрын

You missed the entire call. He supported paying because they had interest agreements they broke.

@Coolxbro

4 жыл бұрын

@@sinthalis Depends i have them and unless you miss a payment or start paying late you tend to lose the promotional rate. Also seems like he did not disclose much info. Ive done transfers to them and they have a window of 0% apr or low 1.99-2.99 apr which is for 12-18 months and then goes to regular apr% but does state that if you miss a payment it can void the promo. Just saying alot of that info was not said by the caller and also people need to research and read terms.

@NeilBaylard

4 жыл бұрын

Your right, he did some kind of debt consolidation didn’t like the percentage jack up then stopped paying. He should do the “Dave Ramsey steps”, pay off one credit card at a time I don’t recall Dave Ramsey or others to get debt consolidation loans.

@666dynomax

4 жыл бұрын

No that seems to be all to the story. Why did I watch so long

@ayeflippum

2 жыл бұрын

*Rick walker* I'm not sure whether you missed something here. But, you may have missed something over there

I think he forgot to read the fine print. 2.99% is VERY low, and usually only temporary for 6 - 12 months.

Great advice at 3:58 about not giving electronic access to your checking account, I can imagine them clearing out the account for whatever they want and then telling you to pound sand! 😫 Hope this guy learned his lesson and never has to deal with these companies again.

@simplestatic3751

4 жыл бұрын

What's even worse is when they clear out your checking account and still keep calling for the rest

@ApplicoInc

4 жыл бұрын

@@simplestatic3751 It's terrible that they can get away with that!

@MrCrazyGuy24

4 жыл бұрын

“Pound sand” I almost laughed out loud at work....I’m using that from now on I never heard that one before

@blackworldtraveler3711

4 жыл бұрын

Applico I never let anyone pull from my accounts. Some will lie to you saying they have to access your credit card or checking account like the gym memberships or home security services. They either get an electronic check from me or no service at all.

@ApplicoInc

4 жыл бұрын

@@blackworldtraveler3711 That's a good policy to have, everyone should have some kind of barrier between service providers and your bank accounts.

I had to listen to this twice to understand what went on. Sounds like one of them promotional deals and this dude did not read the fine print, otherwise if it was in the contract that they were going to keep the rate he would be able to sue. Something here he is not saying.

@TheCobruhAlienat0r

4 жыл бұрын

Yeah, usually those balance transfer and consolidation deals have a term limit and its not in the fine print, its right below what the interest rate is. So they aren't burying it in the fine print. He's just an idiot.

@karig1224

4 жыл бұрын

I did the exact same thing lol I was like "Wait.. what did he do?" and i was like "ohh its his fault.." lol

@syloui

4 жыл бұрын

i've never seen one without a term limit; almost only 12 months

@keepitsimpleydb6151

4 жыл бұрын

That fine 😏 print. Will get you in trouble when a person that does not read it.

@hzuiel

4 жыл бұрын

One of two things happened. It was a promotional interest rate that was not in the fine print, it was in great big bold letters, or it said in fine print if you are late on a payment, we jack your interest rate up and he was late multiple times so he ended up at a very high interest rate. Either way he is a dipwad.

So he didn't cut them off when they started to gradually raise his rates? He finally decided to put his foot down when the rates were over 19%? Something isn't right.

Most companies put in small print that they can change the terms of service at anytime.

@1redrubberball

4 жыл бұрын

Yes but if you don't accept the new terms the account becomes frozen under the old terms until paid off.

I don't talk to collections. In the past when I had credit card debt, I talk directly with the company that generated original balance and undercut the balance owed telling them I don't have a job and I can pay this amount. They usually take it.

@YPEFFLE

4 жыл бұрын

But do they still want to tall to you if they sold the debt to a collections agency ??

I worked as a collection agent for 3 months. Dave is correct. I was the ONLY person that didn’t smoke, and everyone was super scummy, except for three people. They make “careers” out of that job. Some make six figures. It gave me TONS of motivation to be better.

Another person who probably shouldn't have had a credit card to begin with. He spent 10k with no real intention of paying it back any time soon. Introductory rates on interest and balance transfers arent forever.

@devanishant

4 жыл бұрын

Good point. Dave councils people how to defraud creditors. A deal is a deal whether it is with a cc company or an individual.

I don't know why Dave hates cc collectors so much. They are doing their job at the end of the day. It is still the ultimate fault of the person who took out loans they couldn't repay at the end of the day. He took out the 10 k or whatever in money he couldn't pay back, and now he is crying about it. They also didn't just jack up his rate out of nowhere. He obviously took way too long to pay it back and that generally has in the fine print they will jack the rate up if not paid off in a certain amount of time. They didn't lie to him.

@gudrh4024

4 жыл бұрын

Sounds like Communist propaganda but ok.

@spiritsofthesky

4 жыл бұрын

@@gudrh4024 paying your debt and honoring a contract is propaganda, how?

@blackworldtraveler3711

4 жыл бұрын

Ryan De Witt American Express did or said something to him through his wife when he was in debt with them years ago. He can't let it go.

@miguelangeldonoso2992

4 жыл бұрын

Debt collectors. Oh they are so cuddly lovable you can go to sleep hugging them like Teddy bears .You are probably married to one of them. but wait, just wait. And sooner than later you 'll find out, to your sorrow, that you've been cuddling next to Anabelle or a rattlesnake . Debt collectors are not your friends. They work for companies that will gorge on you alive as if you were a rat, and enjoy the taste of every inch of it up to the tip of its tail. To be a debt collector you have to really like torturing people, get thrills from their moans and cries, get tremors of pleasure as they despairingly answer their cells with a heart-wrenching 'Stop calling me!' Debt collectors work for the devil.

@Ryan_DeWitt

4 жыл бұрын

@@blackworldtraveler3711 I am aware of that story as he has told it many times. Makes no sense to me either as just because one rogue collector who is probably dead by now called you so many years ago you are going to hate a company and everything about them for all time? It is time to move on. Plus what did Dave do? He got so mad he paid his bill. The guys job was accomplished. If he was kind and friendly, it likely would have never been paid or taken 10x longer to get paid.

I like Dave a lot, and his advice has helped me. But he's overlooking the fact that this guy didn't pay back what he spent and instead of asking the guy to face the music, he calls CC collectors stupid people. Doesn't seem fair.

@Rockabillyrulzok

4 жыл бұрын

Good point. Dave did, at the very least, ask the caller if he learned his lesson using credit cards.

@irishdva3237

4 жыл бұрын

J. Chris Lowe I think you missed the point. Capital One has sold the debt for pennies on the dollar and the COLLECTION COMPANY is trying to collect the original amount plus fees. The debt was not made with the Collection Co but to Cap 1. They sold it. So he can’t possibly pay off the original debt. He’s paying 4K to a company he has no borrowing agreement with to get his credit score up by resolving this negative item. I wouldn’t pay them a cent. I’d fight them with the Fair Credit Act.

@YeshuaKingMessiah

4 жыл бұрын

He called them LIARS and CRIMINALS. Big difference. They may still be stupid but the worse thing is the law breaking. Not following the Fair Act. DAILY.

@Andreas4696

4 жыл бұрын

@@YeshuaKingMessiah What are you on about? He explicitly said they were stupid.

Absolutely it's unethical for them to return your credit score smh

Watch out , they will report the unpaid amount as income to the IRS!

This guy thinks he is a victim. No one forced him to use the credit card. I use a credit card but pay it off every month.

@bobwellington7580

4 жыл бұрын

And you spend 12-18 percent more. You must be new to dave Ramsay

@YPEFFLE

4 жыл бұрын

@@bobwellington7580 not everyone who uses credit cards spend more, personally I spend more if I have cash. Credit cards can be used responsibly, I put my normal expenses on them and pay in full every month with results of a above 800 credit score. (I'm also completely debt free and paid of mortgage at 35, husband is 39)

@bobwellington7580

4 жыл бұрын

@@YPEFFLE if you're debt free then there is no reason to have a credit score. Everyone spends more with a credit card, absolutely everyone. I worked as a clinical psychologist for years and have studied this kind of behavior. No one is the exception

@woods8523

4 жыл бұрын

@@bobwellington7580 God it must be hard being this dumb

Capital One, Wells Fargo, Robinhood.. they are all cut from the same Cloth 🤯

@intimacy2138

4 жыл бұрын

what emoji is that?

@bigwangasltd368

4 жыл бұрын

@@intimacy2138 mind blown 🤯

"I have them several opportunities to renegotiate". That's not how it works, YOU owe THEM. They own you.

Maybe I don't understand this but this is where I strongly disagree with Dave. You borrow the money you pay back how hard is that

@hubbletelescope1721

4 жыл бұрын

It is worth mentioning to pay it back ON Time - thus avoiding paying any interest

@blackworldtraveler3711

4 жыл бұрын

M22W64 My dad taught me how to be responsible with money and pay back what you owe in timely manner. But insist that I just don't borrow,live within means,pay off mortgage early,and use credit card with cash only. Remember, Dave filed for bankruptcy so he borrowed other people money without paying it back.

@Tony_Wes

4 жыл бұрын

I understand his issue. The high interest rate that changes is not something he agreed with. They told him that it would be 2% and later it goes up to 18%.

@billyjobobb

4 жыл бұрын

One issue is that the original creditor sold the account. Do you reward the slime ball collection agency who bought the debt for maybe 20 cents on the dollar?

@1redrubberball

4 жыл бұрын

@@Tony_Wes No doubt he defaulted on the agreement somehow. You must read the terms carefully and never make a late payment or otherwise default.

I’ve never seen any credit card company say that the low introductory interest rate will always be that low. Years ago, I used those 0% introductory offer cards to my advantage. I always paid them off before the interest rate went up. The caller didn’t read the fine print.

Also, if he settles for $4,000, most likely next year he'll have to pay taxes for the remaining balance as an unearned income, right?

@Gaia007

4 жыл бұрын

Irina Drachev yes

@wtk6069

4 жыл бұрын

Unless he is insolvent, yes. But very frequently people who can't pay their credit card bills have debt greater than their net worth anyway.

@jarreaubridgeforth5639

4 жыл бұрын

@Hatersgotohell Well if u had a credit card with $5k spending limit and never paid on it/it gets charge off in collections, let's say u want to settle the debt to get them off your back and so your credit report reflects u settling the debt. They allow u to settle the $5k debt for $2k. At the end of the year u get a 1099 form to file. The other $3k is deemed income like u worked for it and have to pay taxes on it.

@wtk6069

4 жыл бұрын

The other exception is that for amounts forgiven smaller than 600 dollars, they don't have to send you a 1099, and you can get by forgetting it.

@666dynomax

4 жыл бұрын

Irina Drachev oh really didn’t know that would happen

I love these stories that make me even more allergic to credit cards!

@euenfheiejrj

4 жыл бұрын

Slingsomelead you just shouldn’t pay something you don’t currently have in cash. It’s not the credit cards fault.

I have a capitol one credit card. Pay it off every month and I’ve never had any issues. I went college debt free and now have a great credit score at 22 years old. Credit card companies only have as much power as you give them.

@mikes.8120

4 жыл бұрын

James Marquis employers, landlords, banks who provided mortgages, etc. I know you can get “manual underwriting” but it’s just easier to have a score.

@woods8523

4 жыл бұрын

@James Marquis who cares if they make more money especially if it costs you nothing and you could save a little on the side along with it.

@mikes.8120

4 жыл бұрын

James Marquis That’s called cult like mentality. I never pay interest. Might as well have a score. No need to get angry about it. Have a good evening!

@woods8523

4 жыл бұрын

@James Marquis i have its just the same recycled stuff he says all the time. learn to think for yourself and stop being a sheep

People build up all this money in credit card debt then act like it's not my fault u spend that money 🤭

"We still love you Bend over" 😂😂😂🤦!!! Man o man

As a former debt collector, I can absolutely attest to the fact that they are all freaking snakes. They will harass, lie, embarrass and whatever they need to, to get you to pay. After 3 weeks, I told both my bosses that I didn't have the heart to continue working.

Getting everything in writing IS A MUST. There is a limit on how long they can sue you and you can reset that time if you say certain things so be careful!!

@ethangamer3173

4 жыл бұрын

U changed ur profile pic !

@godessofyouguess

Жыл бұрын

What if a company tells u they don’t use paper contracts ?!

Why are the credit companies the bad guys if they’re just trying to get their money back from people who essentially stole it? If you borrow money, spend it, and don’t repay it, you’re the bad guy. There are unfairly high interest rates, but if you just paid the money back you wouldn’t be affected by them.

@gsp49

4 жыл бұрын

You don't get it. Principles on rates the changed, they turned to theivery.

All of them will lie to get what they want! Glad I found Dave before making even worse decisions. Lol.

If they don't want to do a deal, ignore them and do not pay them, after 7 years it'll fall off your credit report or just declare bankruptcy. As Dave said too, if you do make a deal, get it in writing.

Ten years ago, my mother had a Capital One Credit Card. We paid it off by paying $50.00 a month for two years, but with a money order. Never give your life over to any credit card company. All they are taught to do is to take your hard earned money. God, bless the guy. Amen!

Crapital One is always sending me offers. One look at the interest rate, and ot goes in the bin.

@TheKalbo789

4 жыл бұрын

Smart!

@barbaraleszczynski2214

4 жыл бұрын

Exactly! Got the same offer from them, and couldn't rip it up fast enough!

@hbarudi

4 жыл бұрын

Always something from them comes into my mailbox and I just recycle it...

@blackworldtraveler3711

4 жыл бұрын

Shadow of an Enigma Years ago Capital One was sending me offers around three times a week for 2-3 years. All it did was make me dislike them and black balled them from my life. It was worse than those AOL CDs from back in the day.

@1redrubberball

4 жыл бұрын

When I had c/c debt, it was BOA, Wells Fargo, Chase, Citi, and another major one I may have forgotten. The ones I used were in the 8-14% range. Capital 1 was always higher rate and their solicitations went in the garbage. Never trusted them. Credit scores above 750 don't have to tolerate rates over about 13-14% and really can do better, if they threaten to close the account. I still have a card with 8% rate, but pay it in full every month.

thanks Dave Ramsey for all the GREAT information!

I was dumb once; got myself into 6k of cc debt. Tackling that debt now, however, the experience hasn’t turned me against cc. I now realize they have to benefit me (i.e. cash back, miles, point etc.) and that benefit has to outweigh any associated fees for having the card. Most importantly...DONT CHARGE WHAT YOU CANT PAY BACK IN CASH, IN FULL, ONCE THE BILL COMES DUE! Interest rates don’t matter when u never pay interest.

@hzuiel

4 жыл бұрын

I am cleaning up my mess as well, but it is pretty simple to do correctly once you develop a healthy mindset for it, i budget for credit card purchases the same as i do cash budget, make those purchases, and then pay it off. I don't even wait for the bill to come, as soon as the balance actually shows on the credit card i go ahead and pay it, so that i still have 0 balance and the money is gone from my checking so I don't have any chance of confusing myself into thinking i have more money than i really do. You can still do the every dollar calculation for budgeting, then download a very basic checkbook app. Put your entire cash budget in as the balance on the checkbook, then subtract from it each time you make one of your planned purchases on the credit card. That way you always know exactly how much or how little actual money you have left. Then when you get to the bottom of the checkbook, you stop swiping the card. Then go pay the balance out of your actual checking account. It's pretty easy, if you have multiple people working out of the same budgets you can have each person do it, or you can make a collaborative document like a google sheet for everyone to put in their purchases.

So there's nothing in the bible that says something along the lines of "don't call people who make an honest living from working an entry level collections job stupid because one hurt your feelings years ago"

@canadiankaren2426

4 жыл бұрын

patrick pg Amen, I thought I was the only one who caught that!

@YeshuaKingMessiah

4 жыл бұрын

Its not honest to lie and break federal laws. Thankfully, youve never had the experience of dealing with collections. Theres never any reason to speak to a collector. Its a waste of your breathe. Pay as Dave described after getting in writing the agreement. They will offer the low payback eventually. Until then you learn to pay for things in cash and keep doing it after youve paid it off. If you need a CC, you can not afford one.

All I got from this is don't lend money to the caller.

The caller can request his credit report and write to the three credit report bureaus and challenge this with his explanation, which in turn will go on his credit report. .

We all have to eat beans and rice. This guy says he is not paying them back and continues to eat steak? Calls Uncle Dave to back him up? Nice!! He must be the favorite nephew. Uncle Dave told me to go work at the back of restaurant for second job. 🤪👍

You consolidate your debt now you dont want to pay at all?!?🤦‍♀️

I have 2 Capital One cards, I’ve been considering closing them and this convinces me more. I barely use them anyway and held onto them when I had no money. But, as I have more money now, as backup, I really don’t need them. The main thing I’ve used them for were things like surprise car repairs and car rental as, Enterprise seems to need a credit card, with a certain limit, in order to be able to rent out a car. I rent a car occasionally because, you guessed it, I drive a hoopdie as my daily commuter and rent when I’m traveling a distance or need to go somewhere nice, which is rare.

Isn’t introductory transfer apr always low for the first 12 months usually

The real solution here is to not use your credit card on things you simply can't afford. I unfortunately still have a credit card locked away in a safety deposit box for an extreme emergency where my emergency fund can't cover it. Once the emergency fund can equal the credit card then its gone.

Never trust a bank when it comes to them saying how to make money.

The best thing to do is to pay your bills, no matter if it's check or credit card.. Then you don't need to worry about the credit card collector.

“Listen fool” 😂😂😵😵

Love your realness!

Don't forget when you pay them $4K and they "forgive" the $6k that $6K is now considered "cancelled debt" they will issue you a Form 1099 to you and IRS and you will have to pay regular income TAX on that $6K. So if you are 20% tax bracket that is another $1,200 but now you owe the IRS.

the funny thing about credit cards they are so friendly when they want you to sign up , but the second you owe them money they are all over you

@YPEFFLE

4 жыл бұрын

That's how "borrowing " money works. Go borrow from a loan shark and see what happens

Get everything in writing before you send them a penny. Also, make sure the person you are dealing with is authorized to make the settlement! Again, get it in writing from an authorized agent or manager. I once negotiated a settlement, sent the payment, then months later got hit for the balance. Their reason was the agent wasn't authorized to make that deal. They Lie, Lie, Lie-whatever it takes to get money out of you.

In most cases the low interest rate goes away the instant you make a late payment, even 1 day late and the rate goes up to the maximum amount.

I am not happy just charged me a 39 dollar yearly charge! Crooks should be illegal !

I have one for $2000 that is 9 years old and have not heard from them ... all fell off my credit ... without a notice my bank got a garnishment letter. The people who have it more will not respond to phone calls or faxes ... i dont know what to do dont want them attaching to my house or garnish my wages.

He did say that the %2.99 was supposed to be for the life of the loan. He said the cc started raising the interest rate before the balance was paid. However, perhaps he was late on a payment and voided the contract and forgot to disclose that. He should have just gotten another low interest card and transferred it over instead of stopping payments. Capital One isn't the only game in town.

Hey Dave, I Love your show u have taught me a lot , wish I would've found u a while ago trying to teach my kids not to use credit cards , any advice

I guess I was raised different. You borrow money, you MUST pay it back. You’re not entitled to keep somebody else’s money just because you THINK they’re doing you wrong. It’s call principals , morals, ethic

Discover is great. I don't have any issues with them. I don't know why other people have issues. They're easy to work with.

Capital One doesn't answer my phone. Thinking of canceling my card.

It's possible that a payment was made late or the agreement for the lower interest rate was for a set period of time. I'm not defending Capital One but there may be another side to the story. In the past I've used credit cards for a low interest loan and the terms are very specific. If you don't follow them exactly, the interest rate increases.

Lol @ the title 😂 I read this in dave’s voice

@samanthalake5011

4 жыл бұрын

Me 2🤣

I have Capital One card for years, I always pay them back within week or two. Never had issue with them. Althiugh I had same story with USAA, it was in past and I was written off with them.

If the debt has been sold to a 3rd party collection agency then David is correct that you "should" be able to get it down to somewhere around 30 - 50 cents on the dollar as the collection agency just wants to get back what they paid the provider for the debt. They do still have the right to take you to court over the debt though.

Wow , everyone attacking the caller. He had an agreement with the Capital One, and Capital One broke the agreement. If a plumber charges you to Install a new septic tank, and all he does is patch your existing tank. Does he deserve full payment on the original full replacement contract ? No ....... Step 1: Renegotiate terms referring back to the original contract

@adamsaldana5462

4 жыл бұрын

We dont see his disclosure, so anything is possible

Who do you talk to if the collector doesn’t keep their word and you have documentation?

I think he had a variable rate after so many months and didnt pay it off in the 2.99% stage. Why does he care about credit rating he isnt even good with it. He doesnt need credit.

@Coolxbro

4 жыл бұрын

right didnt pay it within the terms time and then went to his regular APR

@edwinlee2343

4 жыл бұрын

Sounds like he wants to go get more credit so he can go default on more loans and then blame it on the lenders.

lol Dave has some good roasts. "Your getting ready to talk to a DIAL TONE" im going use this one.

Unfortunately this guy's attitude is like so many other people. You took their money gladly and now you are shocked they want it paid back? Sorry but I am on their side.

No credit cards for me.... y’all can argue about interest all you want.

@canadiankaren2426

4 жыл бұрын

Nathan Manns The caller definitely wasn’t responsible.

@VlauableFather

4 жыл бұрын

Karen Cole IMO no one who uses credit cards really is... note it’s my opinion

@db4life925

4 жыл бұрын

@@VlauableFather dam Skippy!! Same here. I haven't had a credit card in 12 years. I've been just fine without one and don't need one. Cash is good enough for me 👍

If he was right he could take them to court...but instead he's calling Dave

Dave Is The Man 👨🏽

If they lied in writing, just sue them. It will cost money, but some lawyers will do it for free until a settlement is reached. You will make your money back and they will be penalized even more. It will be one of the quickest ways for someone like you in debt to become a millionaire. It is much more likely you didn't have proper reading comprehension, as almost all debt consolidations have entry interest rates that go up after X months. It is sad that people in debt get further in debt, but if you don't learn from your mistakes, you can't really be helped. Many of us are responsible enough to read credit card agreements and pay it off every month. Dave can't do it, but many of us can.

I've done multiple paid for deletion settlements just tell them this is the only way you will ever receive any payment

They didn’t lie. You didn’t read the fine print.

Sounds like he broke the terms and then they increased the rates

If you have bad credit, utilities just require a higher deposit. Public utilities generally can't deny service because of a low credit score. As for landlords, it depends on who is competing against you for the unit. If you're in San Francisco and there are other applicants with an 800 score, you're out. In looser rental markets or during a recession a landlord might jump at an applicant with a job (especially if you look clean and don't have pets) regardless of credit score.

he made an agreement with Capital One for a low interest rate deal but he didn't ask for it in writing.

Capital one customer service is horrible. Their autopay doesn’t work and they charged me $25 late fee. I called them, they didn’t want to help me. I called my bank, Bank of America and they said they see nothing from Capital one. My Amex and Discover autopay works fine, so I know Capital one is lying.

From Leo: The caller owes $10,000. Pay the 10K, pretty simple. Then he refuses to pay for 39 months. and he wants to stick it to the credit card company. He already did. The man's word is no good, his credit is no good, and he is no good. Expecting to settle for 20 cents on the dollar is immoral.

@chrisrice6639

4 жыл бұрын

Barb Melle he his sacrificing his credit score in which is very important to him

I love how people like to blame the credit card companies. You took out the money, you pay it back. That is your responsibility, no one else’s. Read the contracts before you sign them. This guy is very entitled.

Tell them to go pound sand until they settle on half the loss or a low intrest pay off. As Dave said, get it in writing!

I miss scrolling down to the bottom of videos on KZread app