How To Settle Debt With Collection Agencies and Debt Collectors

[@AscendFinance]

Thanks for watching! As I mentioned in the video, you can take our Debt Settlement Monthly Cost and Duration Calculator here: tryascend.com/qualify/calculator/route/youtubehowtosettledebt If you have any questions, feel free to give us a call at 833-272-3631!

[@brizzchizz7302]

Guys... one thing is NEVER GIVE A COLLECTION AGENCY YOUR CHECKING ACCOUNT/BANKING INFORMATION EVER!

[@AscendFinance]

Thanks, Brizz! Would you be able to provide some personal context to this statement? Generally if you have a settlement letter in writing that explains the terms, I have had success with the payments being pulled. That said, I’d love to hear your experience. That said, it could be helpful to do some research to make sure that the collection agency is legitimate. Many still have negative reviews but that doesn’t necessarily mean they are illegitimate.

[@tedbarajas5264]

Thank you

[@bigbubbabrown7628]

great advice thank you

[@AscendFinance]

My pleasure!

[@nickferry8909]

Great video but I think you're giving too much information. Debt Collectors don't need to know about hardships or anything like that. Just say you took on more than you could handle and are actively working to clean it up. You have X amount today (usually around 30-50% of original debt), and if they accept that great. If not, tell them to call back when they're ready to negotiate again

[@AscendFinance]

Thanks for your encouraging word, Nick!

[@ctsnctechnologychannel6342]

Well in any case settling a debt after it has gone to collections ..... even at a discount is still no good because they are both still negative marks and the agency which is allways a independant third party to the action.T

[@AscendFinance]

Hi! It might be difficult to settle once it's in collections but a "settled" account isn't necessarily a negative mark on your credit (whereas bankruptcy may be).

[@daveforeman6931]

If your only income is Social Security, you are judgement proof- you don't need to pay creditors ANYTHING. Many youtube videos regarding that.

[@AscendFinance]

Thanks for sharing, Dave. Yes, totally, some folks I’ve spoken to that only are on social security income still want to resolve the debt just so they don’t get hounded by creditors. But yeah, it’s up to the individual!

[@gtutaj]

I’m on SSDI Retirement because I’m legally blind & all my accounts are just in my name but I’m married so does my wife’s income matter when I do credit settlement with Debt Blue?

[@daveforeman6931]

@@gtutaj I can't give you legal advice, but if she is not on any of your accounts I don't think she is legally responsible for any of them.

[@AscendFinance]

They will still take into account income but if only one person wants to file then it may not affect the other spouse if there are no joint accounts.

[@fjdillo545]

Hey Ben, great info. What happens to a senior whose only income is social security and a small pension - $50,000 of debt. Do have a home in FL protected by homestead and a few other assets (old cars) and some savings. Presently current on payments, but sinking, so thinking of stopping all payments. Can the creditors or collectors find the small savings account and try and reach that money and the vehicles?

[@AscendFinance]

Thanks for encouraging words! So pension and social security may be safe (source: www.leg.state.fl.us/statutes/index.cfm) - I believe bank accounts may be a target though and potentially the vehicles - give me a call though if you’d like to talk through it - 833-272-3631. -Ben

[@ryank0351]

I was gonna pay my debt after tax return for 25% settlement offer. But now my debt was sold to pofolio recovery and they will only settle for 70%. What should I do

[@AscendFinance]

Hey Ryan, Ben here, Portfolio can be rather litigious, so that’s important to understand. 70% per-litigation seems high - you may try showing them that you can’t pay more and also was 70% a payment plan offer or a lump sum? Give me a call if you want to chat -833-272-3631.

[@noneofyourbuisness5885]

comcast sent a bill to collections and im trying to avoid it hitting my credit report of which i dont see it on my report yet. The collection letter is dated 2/22/22 Pay comcast ore agency now?

[@AscendFinance]

Hi! Thank you so much for the question. I'd be happy to go through this on a call, as it may be helpful to understand the status of the account a bit more. Feel free to book some time on my calendar to chat: calendly.com/ascend-finance

[@straighttalk0379]

If I settle my medical debt with collections will I receive a 1099 form for balance?

[@AscendFinance]

You may receive a 1099-c form for the cancellation of debt if some of the debt is forgiven. Are you trying to negotiate it for less?

[@straighttalk0379]

@@AscendFinance Yes, I’m wanting to settle a medical debt with collections but I wasn’t sure if 1099 forms apply to medical debt. I also read that if the settlement is less than $600 one would not receive a 1099 form. Not sure if that’s true or not.

[@AscendFinance]

I am not 100% sure, but you may be able to find the information you’re looking for here: www.irs.gov/forms-pubs/about-form-1099-c

[@yvee410]

Hello, I have a question if you don’t mind. I am going to settle a credit card debt with my credit union (no talks yet) I do have a car loan with them as well.. should I pay off this car loan before going into talks with them? Thanks brother

[@yvee410]

Both accounts aren’t past due yet

[@AscendFinance]

Hey Y Vee, I love this question and don't mind at all. Thanks for asking. So, if you aren't past due yet, it may be difficult to settle the account for less than owed. So, I don't know if it matters if you pay off the car loan before talking to them.You may be able to get in a structured payment plan for the balance due at no further interest, but it would be hard potentially to settle for like 50% or less. If the account is behind, the credit union may see this as a hardship and then be more inclined to settle because they would rather have something than nothing. Just as a quick heads up as well, credit unions don't generally settle for great deals. While I was the CEO of a firm, I had some success in the past, but it can be a bit tricky. Hope this helps! Call or text me if you have any questions - 833-272-3631.

[@yvee410]

I appreciate the info. I gave you a call, please call me back when you have a chance. Peace brother

[@AscendFinance]

Hey! Sorry for the delay. Hopefully we were able to help but give us another call at 833-272-3631! We are open late this week!

[@kevinhobbs9896]

What if you are receiving or about to receive SSDI and are being sued will that make a difference I'm in Tennessee I was approved for SSDI in October 2022 but I don't receive it til April 2023

[@AscendFinance]

I may have responded to another message on another video about the debt collection lawsuit, but it may be helpful to chat. Would you be able to text or call us at 833-272-3631? Or if it's easier, you can schedule a quick complimentary 15 minute call her to go through options: calendly.com/ascnd/call - Thanks, chat soon. -Ben

[@ctsnctechnologychannel6342]

You are giving legal advice which is something you should not be doing !!!!!!!!!!!!!!!!!!!!!!

[@AscendFinance]

Hi, we do not provide legal advice, and we’ve listened to this video multiple times and have not heard any legal advice. What are you referring to? Which minute in the video?

[@linnpierce]

You are wrong. Information only.

[@AscendFinance]

Thanks!