I've been helping some relatives with debt collectors for a few years now, and I've learned a few things. First, know and assert your rights. All consumers have rights under the Fair Debt Collections Practices Act (FDCPA) that protects them from abusive and deceptive practices and that imposes obligations on collections companies. First of all, you don't have to acknowledge the exist of any alleged debt without a proper validation IN WRITING under the FDCPA. Never, ever assume what a debt collector tells you is true. They must furnish this validation in writing. Compare the information against your records to see if it's even remotely correct. And make sure you demand a rigorous validation. Admit NOTHING to them, ever. Many collectors will simply try to send a generic letter on their letterhead or on the current creditor's letterhead stating that they have validated the alleged debt without providing any documentation to prove. Do NOT accept that. Demand full receipts, statements, signed documents, etc. They must cease all collections attempts until they furnish the validation to you as long as you dispute the alleged debt within 30 days of receiving their written notice of debt. Even if they produce a suitable validation, you can still demand that they stop all communication with you at any time. If they fail to honor these requests, they are liable by statute. The Fair Credit Reporting Act allows you to demand one free annual copy of your credit report from each of the three main credit bureaus. I highly recommend you request your free reports each year and review them carefully. If you see anything incorrect on your report, you have the right to dispute that with the credit bureau. You should be extremely picky. I mean if they have a decimal place or a comma in the wrong spot, you challenge the negative item. Second, there are limits as to how long a debt can be reported on your credit and how long the creditor has to sue you for a judgment. Generally, all debts fall off of your credit report after 7 years. So if you're only worried about your credit and then debt is approach 7 years' old from date of first delinquency, the creditor has no leverage on you to pay. States have various statutes of limitations for civil judgments as well, and some are as low as 3 or 4 years. Even if the debt is "valid," you don't need to pay it after the statute of limitations has expired because there is literally nothing they can do to you. I think people should pay their debts, but sometimes life happens and it's impossible. Lenders assume risk when they lend money as well, and that's just part of business. Once a debt hits collections, I don't think you should assume any kind of moral obligation. Yes, try to pay off your debts if you can afford to do so, but demand steep concessions. Like Chris said, you can pay these old debts for pennies on the dollar, and as time goes by, your leverage increases. And finally, collections accounts are riddled with errors, lies, fraud, and corruption. One relative I was helping received a collections demand for his son's unpaid medical bill! This child was independent, was not on his father's medical insurance, and was not claimed as a dependent on the father's taxes. The father had NO legal obligation to pay for his child's medical bills, but still the collections company tried to go after them. Many of them will still try to go after you even if the statute of limitations as expired or if you've paid it off previously. They have no shame. And collectors are dumber than a rock, for the most part. Expect to hit HEAVY resistance when you demand a full validation and when you ask for a settlement in writing. They will act like you're from Mars. Stick to your guns. Never, ever settle an alleged debt unless you get the agreement in writing to stipulate the terms you demand, no less than payment satisfying the alleged debt in full. In sum, never feel intimidated or threatened by a collector. You have rights and you are in full control, not them.

@tompain2751

3 жыл бұрын

Don't even talk to them. Don't answer letters from them. Challenge the debt. The reason for challenge is: 'No contract'. They won't waste their time validating,unless you have money! If you have money...Why didn't you pay the original creditor?

@brockb3692

3 жыл бұрын

@@tompain2751 Totally!

@blackworldtraveler3711

3 жыл бұрын

Heck I prefer the KISS approach. I learned from other people mistakes in grade school and just avoided debt.

@blackworldtraveler3711

3 жыл бұрын

@Williams Katuka Why are you telling me? Already said I avoided debt so never had debt. This must be one of those scam posts.

I was a debt collector for 5 year's. I would be willing to give some free advise. And some truffle if the debts are 5 years old many of those companies would take probably 10% of whatever the debt is owed. The debt more than likely is not even held by the original debtor it's been bought and sold multiple times. I've worked for multiple banks and multiple debt buyers. They will look at your credit score to determine sometimes what they'll take but I would start with 10% of whatever is owed.

@freshurb8963

3 жыл бұрын

Bad advice! The second you pay ANYTHING in collections to anyone it goes back on your credit for 7 more years. NEVER listen to people who worked for a collection agency like Chris Leblanc, they are morally bankrupt people and will hide truths from you like this to get you to pay.

The way Papa Dave heard 18k in motocycle, :)))))))

I think it's important to consider the statute of limitation for your debts. If you think your credit is important (I know Dave does not), you can simply dispute each debt and the credit bureaus have to verify the debts within 30 days or take it off your report. You may have to do this for awhile, again and again, but it will eventually disappear forever. If buying a home, be sure to check your credit report in advance and, if the debts have reappeared, dispute the debts in advance to get them off your report before applyng for a home loan.

I would also double-check your credit report to make sure that those debts are even still being typically they will be for 7 to 10 years.depending on the amount of the debt and the credit score that the individual has sometimes the bank will not pay the money to have that reporting and then if it's not on your credit report there's no point in paying it. I have been out of the business for 6 years now so some of those laws would have changed there are some lawyers you could probably ask. Also check the CFPB they may have some answers as well.

Debt becomes a security issue when it is beyond your control. It's easy for some nefarious party to come along and offer a solution to the debt in the way of bribes, or buying information, securing contracts they're competing for... it's not only military who are vulnerable in high debt situations, it's anyone in a position with a level of power or confidentiality.

Thanks Dave 👍🏽

Wow this really just helped me so much because I just had a creditor call me with a settlement offer

Very informative information.

That moment when the creditor you're dealing with comes across this video. Lol😬🤣

Need deletion letter from all three credit bureaus. Don't pay if they can't delete

@clearelijah7186

3 жыл бұрын

Whenever i remember the day i met WIRELESSHACKER on instagram i always thank God..

Having no debt is awesome (other than the mortgage). Wife and I make around 110-120k a year and we contribute almost 25% to retirement and at least 20k into savings per year plus have a margin of 30% for fun expenses. Stay out of debt

18k for a motorcycle. 🤯

@yolo-qr2fq

3 жыл бұрын

Probably something like a Harley. You can get a decent 700cc street bike for 8k

Also when you send the mail send it through certified mail with return request and what ever else you can add on.that way you have a paper trail for more proof and documentation.

Hey hope you read this, DONT PAY OFF OLD DEBT, Look up debt statute of limitations old debt your not liable for if you do settle with them another bad thing will happen. It will go on your credit for another 7+ years and thats not helping you out.

@tonyhall9764

2 жыл бұрын

What if your trying to buy a house and settling the debt is the only way lenders will approve you?

Who has a great financial planning calculator they like using?

With a good investment plan that ensures steady incomes without any doubts you can prepare for a well organized retirement. I started investing in stocks 3 years ago and so far, I am making a good yield on my dividend. I use a licensed full service broker who handles my investments and has helped me grow to a 6 figure portfolio. I love passive income...

@jackrichie6853

3 жыл бұрын

Well my Investment spreads across real estate, rentals and stock market. A professional broker is needed to guide you into making profits

@amirablake3597

3 жыл бұрын

I started investing in stocks a little while ago and I've come to realize that nothing beats first hand experience

@stileschristo2739

3 жыл бұрын

Absolutely right! Getting a proper guide is needed especially when it has to do with investment. The financial market don't work the way we see/think it does. I've lost quite an amount taking investment decisions on my own, SMH.. I won't try that next time

@alexandergreenup3169

3 жыл бұрын

Great tips for beginners...like my dad will always say; seek a professional guide or an expert in the field you're about going in. I watched an interview where some investors talked about Kristine Mary Lansing and how her conservative strategies has helped investors amass large profits in the financial market, so I gave her a try and it's over a year I've been on her guide and I can say there's a big difference working with a pro.

@MAXFxShowView

3 жыл бұрын

Another passive income idea should be trading, to be more precised, the financial market or gold (ETF). I have been investing in this avenue for a while now and investment has been great with profits coming in constantly

Also, negotiate for a settlement with NO 1099C. You do not want to be taxed on the interest that you were being charged. In writing.

I imagine it's pretty similar to paying new debt

@clearvaluetax381

3 жыл бұрын

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏.

@clearelijah7186

3 жыл бұрын

Whenever i remember the day i met WIRELESSHACKER on instagram i always thank God..

I have heard that if a person settles a debt for less than what's owed on it, the creditor/collection agency will report the balance that remains to the IRS and the person will have to pay tax on that amount as it's considered income. Can anyone verify this? Thanks.

See if you can settle those collections...

@clearvaluetax381

3 жыл бұрын

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏.

They don’t pay military enough

@pookerboyamos6456

3 жыл бұрын

Yea

@webfreakz

3 жыл бұрын

They should pay less. Way less.

@markh.6687

3 жыл бұрын

Very true, but he also overspent his income big time.

@pookerboyamos6456

3 жыл бұрын

Mark H. That’s why you need to invest

@clearvaluetax381

3 жыл бұрын

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏.

Sorry you are in Portland 🙃

Bloomberg LP is a global media and financial data and analytics conglomerate. The company generates revenue from subscriptions and fees associated with Bloomberg terminals as well as a variety of other services including Bloomberg News and Bloomberg Business, focused on venture capital, brokerage, and more.

@dorisclark6997

3 жыл бұрын

@banking HSBC I have heard about it but I really do not know how it works too

@dorisclark6997

3 жыл бұрын

Can you tell so please

@cidi3377

3 жыл бұрын

@@dorisclark6997 what do you mean it's can you tell us please 😏😏

@cidi3377

3 жыл бұрын

@Lucy Jack yes my friend you are right I will really love to know all about it

@lynhi8654

3 жыл бұрын

@@cidi3377 do you think that Bloomberg company or trading it's the best for now

Grin and bear it.

@emilebichelberger7590

3 жыл бұрын

C’est la vie

Who pays collections? What a waste

@mazibukomail

3 жыл бұрын

lol

@clearelijah7186

3 жыл бұрын

Whenever i remember the day i met WIRELESSHACKER on instagram i always thank God..

Doing into debt to own a car isn't wise 💯😤

If they take to much money from your account, wouldn't that be considered stealing?

@jessvagnar4957

3 жыл бұрын

You owe the money. They just say they didn't agree to only $5k you owe us $15k so we took all $10k you had and now we'll spam requests to keep pulling money out of your bank account once your paycheck hits.

@GolfDuff

3 жыл бұрын

@@jessvagnar4957 but if you agreed in writing to the 5k like Dave always say, then it must be stealing?

@clearelijah7186

3 жыл бұрын

Whenever i remember the day i met WIRELESSHACKER on instagram i always thank God.

👌

But how do you identify WHO you owe i know i have debt but i dont know how to reach out to them.

@TheInnerGPortal

3 жыл бұрын

Credit Karma App!

@clearvaluetax381

3 жыл бұрын

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏.

5 or 6 years old doesn’t that erase from your credit report ? Why even pay it ?

@Hollydudd

3 жыл бұрын

It doesn’t erase as they will transfer it from one collector to another over and over again never erasing it

@cocodakilla

3 жыл бұрын

It does get erased. You must contest the debt and ask for evidence before paying or claiming it's your debt or else the 6 or 7 yrs begins again!

@JakeLesser

3 жыл бұрын

@@Hollydudd True. Other collection companies will buy up old loan books and will then will aggressively attempt to get payment from debtors.

@tompain2751

3 жыл бұрын

@@cocodakilla Never even talk to a debt collector. They have you when you answer to your name! Instead; ignore all calls/mail from collectors.Then, challenge through credit reporting agencies only.

@barbararepko4824

3 жыл бұрын

@@Hollydudd And those can be disputed or see a consumer lawyer.

Vegas will ease the pain...

Doesn’t matter old or new debt you can pay off

@clearvaluetax381

3 жыл бұрын

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏.

@clearelijah7186

3 жыл бұрын

Whenever i remember the day i met WIRELESSHACKER on instagram i always thank God.

Anyone got any tips on how to sell a motorcycle quick? I have a fairly new one I owe $8k on and just want to break even on it

@TonyMaine915

3 жыл бұрын

Facebook Marketplace. List all the Specs and give good pictures.

@kevinclark1482

3 жыл бұрын

Use CycleTrader

@LVX03

3 жыл бұрын

@@kevinclark1482 just listed it thank you

Is this guy seriously worried about how he's supposed to pay off his 5 year old $100 electric bill but doesn't seem to care that he's got 19k in a car???

Less than 7 percent of the 686 billion dollars actually goes the 480,000 actives duty military. Average of 60,000 for each military member before taxes. If you were too split the entire one year defense budget on all 480,000 active, they all would be paid around 1.4 million a year. And many military members re-enlist every 4 years and get zero bonus, and the debt of living just keeps going up.

@KS-cl8br

3 жыл бұрын

The big thing is we spend 5 to 10 times what we should be. We need to stop being the world's police and provide Medicare for All and 2 years of Community College or Trade School instead of wasting billions killing people. Also we spend more than all the next 10 countries combined and 9 are allies.

Not to make anything racial, but hogan looks like a black Dave Ramsey haha.

Don’t pay this old debt it will eventually fall off your report you would be dumb to pay this

@clearvaluetax381

3 жыл бұрын

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏.

@tonyhall9764

2 жыл бұрын

Unless you’re looking to purchase a home in which the lender won’t approve you until you settle the debt.

No cashier's check it has his bank information on there I got caught up doing a payment to a collection person and they went to my bank and garnished my money do not do a cashier's check make it out in a money order do not have any of your bank information on anything that can link it where they can take the money out all the other information that they were talking about do it

@suek7086

3 жыл бұрын

Holy cats! I did not know that.

@brockb3692

3 жыл бұрын

A cashier's check is drawn on the bank's account, not on yours. It shouldn't have any of your personal information on it. That seems very strange it happened to you. You could just get a cashier's check from another bank that you don't have an account with, or use a MO like you suggested.

@TiffanyTifffany

3 жыл бұрын

@@brockb3692 the cashiers check has no personal info it has you bank name at the top and at the bottom it has bank info...trust me I just went through it this year...the lawyer collection agency went to the court and made the bank start garnishment. I asked my bank how this could of happened and they said when I paid a one time payment by cashiers check...the collection people went to the court and got an order which made it legal.I finally paid my debt in full...this past week😏

@brockb3692

3 жыл бұрын

@@TiffanyTifffany Interesting. That is good to know!

@TiffanyTifffany

3 жыл бұрын

@@brockb3692 ask your bank or credit union what information is printed on cashiers check.

You don’t.

@clearelijah7186

3 жыл бұрын

Whenever i remember the day i met WIRELESSHACKER on instagram i always thank God..

Paying any collections is foolish. This is a Rare occasion where DR is giving bad advice. The first step with any collections is to find out what the statute of limitation is on that debt for your state. (if beyond that Statute send a cease and desist letter to them to stop all collections) Paying off any collections puts it BACK on you credit report for 7 years regardless if you pay it in full or pay in in partial. Unless you get a WRITTEN LETTER saying they will accept payment for DELETION from you credit reports.

@tonyhall9764

2 жыл бұрын

The only way a lender will give me a loan to purchase a home is to settle my pandemic rent debt.

Well, let's see, hmmmm, you can do mail-in payment with a check or money order, online payment using credit or debit card or using savings or checking account, wire payment using savings or checking account, or payment over the phone using any of the above, oh can't forget one-time payment or payment plan, they don't care, just give them money!!!😁✌💯

😁✌🖖👌👍 😎