NEVER PAY COLLECTIONS! THIS Is How to Settle Debts With Collection Agencies!

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Welcome back, Credit Heroes!
For this month's Tip of the Month, I will reveal the secret reason why you should NEVER pay collections!
Sometimes, collection accounts can be really stubborn.
But even in cases where it just won't go away after you've applied other disputing tactics, paying off collections is never a smart way to go.
In fact, it's what could end up hurting your credit score instead!
So what SHOULD you do?
Watch this episode to find out!
Key Takeaways for This Week:
00:00 Why you should NEVER pay collections!
00:53 Can paying off a collection hurt your credit score?
01:38 How debt collection agencies actually make money
02:30 How to deal with collections successfully
03:49 Want more credit repair tips?
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[@rhyan1986]

Great info. Straight to the point.

[@IdontKnow-ji3rh]

Ask them to show the contract between you and them... if there is none.... you tell them to remove themselves off your credit report or you will sue them for Administrating Property Without Right or Consent or Contract... I eradicated over 7k by writing them a simple letter... SHOW ME THE CONTRACTS

[@joanbelmont5450]

Yeah, but you just say “pay for deletion”. So you do have to pay collections for removing the account.

[@thwooop9994]

yeah i feel like if u ask them what itll take to get rid of it they are just gonna ask for the balance in full or some sort of settlement so what he is saying just contradicts itself

[@mejhon6592]

I know this people are the same as collectors, they also want money. THey do not gives all the information so we can call their company and pay them.

[@desmapratt9398]

Right I sat here n listen just to get that lol smh

[@malayaanderson8222]

Yeah I tried to settle for less, they wouldn’t budge, which is fine but I haven’t made contact or answered calls since then.

[@Maniacmitchell]

MAGNIFICENT

[@nubiancutie5972]

I love your personality! My question is if I don’t respond to the collection agency letters or emails can they ignore my validation/verification letter due to me not responding to them in 30 days?

[@ethio5184]

Now I regret after I pay he is right I thought will clear from my record still there

[@dwilliams42170]

Damn that was confusing

[@hannahyisrael4444]

The way you talk cements it into your brain lol

[@jaybudzygaming]

Im in a bit of a unique situation not sure how to proceed. Im in FL, I became disabled 1/2021, I filed for disability through my employer however the decision took about 10 months. While this was pending I was unable to pay my credit card bills and the accounts ended up being charged off and are now with collection agencies. I owed 3 different cards, 1 was about $8k, the 2nd was $4k and the third was about $3k. I never answered the calls or responded to their letters. I thought about filing for bankruptcy but just recently got the news my disability case was approved so they will owe me some retro funds (approx 15k). When I receive these funds should I try to negotiate to pay off these collections now? Dispute them? Think bankruptcy is still an option? I know these debts are legit and I dont want to end up in getting sued, thx.

[@BeatBoxBrian]

This is an incredible question. I hope you get the help you need!

[@Rhondior]

The debt is already paid with your signature

[@deedysjourney]

I have a situation I’m have a car loan I no longer kno where the car is the creditor tried to take me to court now I have to pay the court fees on top of the remaining balance but thru a credit collection law firm how would I fix this

[@lachellehoward4149]

What’s the update on your situation

[@krisluvsutube2684]

I have a bill I don't even know why I have in collections and I have asked three times now for an explanation as to why I owe it and they refuse to tell me but the collections people keep sending notices. I've worked hard to rebuild my credit and if it gets put against me I'm going to be livid. I am already!! Does somebody know what I can do?

[@lucabaar1]

Isn't credit just a stupid trap to get people to think they need to make bigger purchases that are not affordable to them? It's a trap that gives you a narrow chance at tasting the industrial "forbidden fruit" that - nowadays especially - costs way too much to be called reasonable for the minimum wage workers to participate in. Credit is just a trap that inevitably makes you pay out sums of money one way or the next ... Is this confusing for all of you? Government mind control that forces people to make bigger, dumber purchases more frequently. Total crap ...

[@dayanordonez6876]

Ask them to send you the original contract through the mail

[@jeahlashelifestyle6816]

Had medical bills, What if the collection just hit my report?

[@coreyhead5777]

Tell the collection’s they’re in violation of HIPAA Law, witch criminalizes action of disclosure of medical records for monetary reasons.

[@DReed1945]

@@coreyhead5777 that’s not violating HIPAA unless the hospital revealed her personal information which they won’t. It’s a debt which will only state a few things, not detailed information.

[@scotthutton8740]

What can I do if I already started paying a debt not realizing the debt collector was obtaining the debt illegally?

[@bodhidixon554]

Hire a lawyer

[@cocodiamonddaze]

Well I paid off a collection from 5years ago yesterday and I screen shot my credit score so we’ll see what happens in 30 days yall… I’ll let y’all know

[@nickcanon]

What happened? I just paid one from a year and a half ago. I hope we waste our money!

[@cocodiamonddaze]

@@nickcanon my credit score went up about 21 points

[@cocodiamonddaze]

@@nickcanon btw thanks for messaging me, I almost forgot about this comment

[@deryllucas7968]

Hey , just checking did you write the letter and got a agreement from the collection company they would remove the debt off your report?

[@cocodiamonddaze]

@@deryllucas7968 nope, I just pay the debt off and 30days later my credit score went up and I do not see that collection listed on my credit anymore. I asked them before paying the debt will my score go up and will it be remove and the collection agency that I worked with stated that it would and I just trust their word and surprisingly it happened. Thank God.

[@mark38699]

I thought pay for deletion is BS? will the contract even hold up under the new law ?

[@lucabaar1]

Isn't credit just a stupid trap to get people to think they need to make bigger purchases that are not affordable to them? It's a trap that gives you a narrow chance at tasting the industrial "forbidden fruit" that - nowadays especially - costs way too much to be called reasonable for the minimum wage workers to participate in. Credit is just a trap that inevitably makes you pay out sums of money one way or the next ... Is this confusing for all of you? Government mind control that forces people to make bigger, dumber purchases more frequently. Total crap

[@mark38699]

@@lucabaar1 good point but I am a Wagie who screwed up. Can you answer my original question

[@lucabaar1]

@@mark38699 bureaucratic shit always works out in the authority figures favor. So no, it wouldn't easily hold up

[@stevenp25100]

They cannot renew the 7 year clock. Only 90 seconds into the vid but damn thats too wrong to continue

[@malayaanderson8222]

It does restart the time though because of how they report it to the credit bureau. That’s why after a certain amount of time it’s not worth it to start payments.

[@stevenp25100]

@@malayaanderson8222 no they don't.

[@mikibaer358]

😱

[@zoa900x]

What if they’re threatening to take u to court?

[@realeyesrealize388]

They can't prove you owe them the debt.

[@jenelleingle7360]

Pay them or they will garnish you... OMG, I'm a senior account representative for a debt collection department. We do not do pay for deletion and we will def pursue legal. Please don't be stupid.

[@realeyesrealize388]

@@jenelleingle7360 I've never paid collections. They can call and send all the funny threatening letters but you will have to get a judges order to garnish wages and you can't even prove the debt is legit because it's not your debt. I took a gym Co collection company to court and it was thrown out. Lot of wasted time on your part.

[@jaybee608]

@@jenelleingle7360 wrong!

[@amymarie7mm818]

I think it's funny how people advise others to not pay their debts are you all narcissists or something people used to get hung for stealing horses that's basically what you're doing you're stealing and making prices for everything else go up you should be taken out in the road and shot they should have more punishment then harassing phone calls and emails for stealing just because you didn't go rob the store next to you it's the same thing you idiot

[@DamonR01]

Background music is annoying

[@cheatingiscompeting3647]

Not as much as his spit going everywhere