What to Say, and Not Say, to a Debt Collector

[@corycooldangerous]

I've heard that when a debt collection works on commission it's better to work with them at the end of the month because they have goals to meet. When they have goals, they need the money by the end of the month. So when trying to do this it's been difficult for me to get something in writing in time for me to get them the payment by the end of the month.

[@markphillips4682]

That's some damn good advice.

[@kathyramos2924]

Thank you it’s 4/13 /21 I will call them at end of the. Month

[@katyu16]

First, make sure the debt collectors can't find you. Don't use your real address when registering to vote. That's how many d/c find you. Don't have magazine subscriptions from big-name magazines. Never tell your card issuer your real address or phone number. Go paperless billing online. Never "update" your contact info "for security reasons" this has only one purpose: To sue you. Seven years ago I walked away from 44k of debt having credit cards initially with 6% interest rates then jumping up to 28% having never been late in paying. So, screw 'em. They asked for it. Then my credit score was in the toilet. I took all the money I saved and bought a car, made 5 payments, then paid the car off in full. This made my credit score jump 200 points! Now, I'm debt free with great credit.

[@BMill88]

Dan Mackey How can we talk more

[@MissionaryInMexico]

Very nice story. Also, never put your current address on fishing or hunting license. Your conceal carry license must be current for FBI background purposes but that's held private in most states.

[@RR98guy]

And NEVER, EVER, leave a forwarding address with the US Postal service when you move. Just inform anyone you want to know where you moved yourself because the US Postal Service will rat you out. When I walked away from over 125K in debts secured and unsecured, a few years ago I told no one where I was going not the post office, not the nosy neighbors. Not even my last employer, I just rented a uhaul and moved out in the middle of the day. I even locked the front storm door from the inside and took the mailbox with me so the lazy postman could not leave any mail so it would be returned to sender. No regrets.

[@danluzurriaga6035]

You must not have a job because for that money, you would have been sued for wage garnishment lol. I call BS.

[@DingoTheDemon]

Wow, what a great way to commit fraud! Thanks!

[@Ms.BeaHavenOXO]

Exactly the type of information I needed. Thank you for sharing Michael Bovee.

[@freedomoforest6479]

This info is GOLD. Thank you for these videos

[@ShyRage1]

The first thing to really do before giving the debtor any information is to request sent information proving that it's your debt to begin with whether it is yours or not. There are too many debt collector scam companies out there looking for vulnerability. You can tell them it's you but don't admit to it until you see the proof.

[@bbynkz]

Tell them it’s you but don’t admit to the debt? People get in debt for MANY reasons. Chargebacks, missed payments, medical reasons, & job loss. So what would cause you to not admit to it? Bad service is it’s for serviced goods? It’s all situational. Talk to the debt collector, that’s all.

[@blackqueen2me342]

My bill collector mailed me a stack of proof do you have any suggestions?

[@ShyRage1]

@@bbynkz You are not admitting to it because you don't know if the company whos calling is a legit company. Admit to it like you say be prepared for a whole bunch of so called legit companies to raid your number.

[@ShyRage1]

@@blackqueen2me342 The next thing to do is to request your annual credit report from all three credit beraus. Do not request it online because you forfeit your rights if those companies screw up. Write to each of them requesting your free credit reports. When they arrive, look through them carefully. You should see that company that sent you proof. From there if its yours, you can start a negotiating process.

[@bbynkz]

ShyRage1 there are several ways to verify a company so yea

[@workerbee6619]

This is great! I do these things you advise. You've also given me some great tips I didn't realize. I'll keep watching!

[@omarporter8569]

Sounds like way too much conversation between you and a debt collector. I say the less talk the better. Get something in writing.

[@michaelbrown2112]

Eleven debt collectors have disliked this video ;)

[@panyaikam9208]

Michael Brown n u thief are watching this video . Must have ur parents taught not to pay on ur bills . Shame on u .

[@jackandthepals1372]

@@panyaikam9208 I was always brought up to pay my bills but if they think like they can give you a loan with a lot of interest then f*** them that's my attitude but I never had that attitude when I was younger I would lose sleep over it but now I am not bothered in the least

[@bbynkz]

Some good info. Beats the crazy girl with the mask that thinks she’s funny. I won’t even link her 😅

[@gsusmakama]

This is glorious, I've been looking for "how do you get bill collectors to stop calling?" for a while now, and I think this has helped. You ever tried - Donadelyn Stupefying Dominance - (do a search on google ) ? It is a good one off product for discovering how to repair your credit minus the hard work. Ive heard some decent things about it and my mate got cool results with it.

[@chriskennard8367]

Great Information! This is my first time to battle this and need all the help I can.

[@tiffany_sant]

Needed to hear all this. Thank you.

[@ClaudeMarcEDavid]

Thank you for these valuable information.

[@russellhowell9854]

Don't pay anything! It will restart the statute of limitations on the debt!

[@markphillips4682]

Exactly!

[@markphillips4682]

@Jeff Chinn That's a hard question to answer because 15 years is a very long time and that is considered a "STALE DEBT" and the statue of limitations in most States is usually 5 to 7 years. If you make a payment on the debt then you just reinstated a new statue of limitations. Your admission to the debt is what makes your situation complicated. Sorry that I can't give you a better answer. Hope that you get it all worked out.

[@heidimarchant5438]

@Jeff Chinn look up your state statute of limitations for collections/debt. Where I live it's 10 years. Throw that at them and if they don't comply then tell them to take you to court. Just keep in mind you can't pay anything on it within those limited years or the statute will reset it's self from the last time you made a payment. You should have a shot, I'd ask the advice from a consumer attourney before and if it goes to court tho. Don't be nice to the credit agency either or they'll walk all over you.

[@danluzurriaga6035]

@Jeff Chinn That will reset the clock!

[@fmspec]

Russell Howell Thanks for your response sir, by the way I intend to pay the full money in a single goal and also asking them to note Paid in Full. It’s not a problem for me, I was only set back due to divorce but I’m good now

[@chrisbabcock9199]

Hi Michael-thanks for this informative video! It really helped.

[@MasterArmedforces]

Hi Michael, Let me start by saying that I think it super cool that you have this channel to help people with their debt problems. I got into some deep credit problems about 5 to 7 years ago and for the most part they have all aged out. I do have one account that was originally a Capital One credit card which has been sold off to Portfolio Recovery about 4 years ago($1,097). It is still active and not set to be removed from my credit reports until 2019, so I would like to do something about it because the subcontract company that I work for part-time has some new requirements for their employees which require stricter qualifications regarding ANY delinquent credit accounts. So basically I will not be given any job offers from that company until I either pay off the account, or set up a payment plan to pay off the account (and I will need to provide proof in writing). Other than that company I used to get part-time work from I do not have any income from employment. I am going to school online and I am living off of my student loans (so obviously I assume that Portfolio Recovery is aware of this when they look at my credit report and see the GESLI(?) $23,000 account loan). I had not heard from Portfolio Recovery regarding the payment of this Capital One account in about 2 years, and I recently contacted them about setting up a payment plan (without letting them know that it was for a job requirement). The customer service guy that I spoke to told me that I needed to pay the full amount and that they would not offer me any extended payment plan, so I told him to go pound rocks because I did not have the ability to do that. Now today, out of the blue, I received a letter from them in the mail with some payment plan options. One was for the total payment of $878 to settle the $1,097 debt, the next option was a plan which would have me pay them $78.00 for 12 months, and the third option was to pay $33.00 for 33 months. As I said I do not have any income but a friend has told me that he would loan me $500 if I can get them down that far for a total settlement. So my question is this, can I get them down that far and what can I do to ensure myself that I get a letter stating that I have paid that account off and have them say so to the credit bureaus? Thanks so much.

[@MichaelBovee]

It is possible to settle with PRA for 50% of the balance owed. Check out this video about settling with PRA: kzbin.info/www/bejne/Z3WtYXeoo7d8fck You may have to make several phone calls to negotiate lower. That is common with many debt collectors.

[@Joy-eo3nv]

Thank you. My debt is from breaking a rental lease. Total 1600$

What's the best free way for me to get my credit report to see what debt I have? Thanks

[@MichaelBovee]

www.annualcreditreport.com You are entitled to one free report from Equifax, Eperian and TransUnion in a 12 month period. That site is what they put up for you to access your free report, or you can write in to request it.

[@gingerelvira6587]

Buy a report

[@samahvargascapellan]

Credit karma

[@MrStarofTruth]

i had a credit card back in 2007 and could not pay on it now im disable and all i get is welfare and the debt collector is trying to sue me by default. i told them all i get is welfare because i have third stage cancer and i have not worked in a year he told me he is still suing .... im scared now and feel i need to close my bank account ..

[@fascistanarchist]

Michael, AWESOME information and insight into the world. Keep it up!

[@helendavenport4454]

What if the debt collector has been hired by the merchant. How do you negotiate that.

[@MichaelBovee]

What is the nature of the merchant financing?

[@nunyabiznis817]

A "debt buyer" is not a "creditor".

[@Keelanswife22]

Not all debts are bought. Many are still owned by the original creditor.

[@nickbowden6250]

Michael, your videos have been a godsend. I was on the phone with someone from Capital One just today, and it was a nightmare. I am in a situation where I have multiple credit cards (capital one, Amex, Target, Walmart, Amazon, Belks). My wife has a medical issue that has recently caused her to be unemployed, and it is going to be a permanent situation, and a permanent loss of income. I have literally never missed or been late on a payment on any of these card, my capital one card being 6 years old. I am current on all of them right now, and have not let a single one lapse. I asked for a lower interest rate and was denied, and the best the lady at the Early Assistance Dept. could do was lower my payment to $76 a month and shut down the account. I was irritated because I have been such a good customer, so I thought they would be more helpful. but I now see, after watching some of your other videos, that my desire to always pay on time may be working against me. I get the feeling that I was being worked. The outcome I would like is this: I have to get this high interest credit card debt off me and start saving, paying as little as possible. I've got three kids who need for me to be able to continue saving for their college tuition. Right now I am flat broke because of the credit card payments; without them, my family would still be able to live comfortably, though humbly. Having a great credit score is not as important as it may be to some (I already own a home, two cars, and have family that could cosign with me if I ever needed another loan), so essentially, I need to get out of each of these debts for as little as possible. I have three questions for you: 1) On average, how long would I have with banks like C1, Synchrony, Citi, and Target before they lawyer up and file a law suit against me? 2) Is there any way to know if they are about to file a law suit, but haven't yet? Would they contact me first, and give me a chance to negotiate? I imagine once that happens, then my options for lower payments are reduced. 3) How could I connect with you, or someone like you, to help me navigate this process? If it is affordable, I would appreciate the help. Thank you.

[@MichaelBovee]

Call me at 800-939-8357 ext 2. I will go over those questions and all the ones you are not thinking to ask.

[@nickbowden6250]

Thank you so much, sir. I will call you tomorrow, Wednesday, 5/1

[@whydoyoucare27]

If they buy the debt...sounds like it now belongs to them and they can pay it! LOL! For...I just keep paying what I can afford to the company I contracted with. I didn't contract with those collectors and I don't pay them, especially with all the scammers out there!

[@panyaikam9208]

whydoyoucare27 that means u r stupid

[@whydoyoucare27]

@@panyaikam9208 Pretty hard to be stupid with a 146 I.Q., but it works for me and my 764 credit score! :)

[@panyaikam9208]

whydoyoucare27 in a way u r thief 😂

[@whydoyoucare27]

@@panyaikam9208 No, I am not. I pay what I owe....to those I owe money to. I do not owe a collection agency. And IF I am sent to collections over fees I refuse to pay that I feel I was shyster-ed into by THEIR unethical ways...then I do not pay them. I will not be taken for an unfair ride.

[@panyaikam9208]

whydoyoucare27 than why do u think that u bank sold ur accounts to the DC ?

[@abueloduane480]

I really appreciate your advice. I realized that I was being sued for a debt only because I started to receive numerous letters from lawyers who were interested in representing me. My debt exceeds $15,000. Do you recommend hiring a lawyer? If so do you have a list of reputable lawyers who will not seriously add to my debt?

[@MichaelBovee]

What is the goal for resolving the debt? Do you want to try to defend the case to trial, or are you looking to defend it in order to optimize your settlement?

[@williamadams5695]

Once your debt is turned over to a collection agency your screwed so why pay anything

[@MichaelBovee]

Usually so you are not screwed more, or have financial goals unresolved collections will hold you back from, or you identify it is the right thing to do for yourself.

[@nunyabiznis817]

+William Adams - there really is no good reason to pay once your debt is charged off from the original creditor and sold to a debt buyer. Your credit will NOT get better just by paying off the debt that has been reported as "delinquent" on your credit report. I just wait for them to sue me then I get a lawyer.

[@MichaelBovee]

Most people want to avoid being sued. Most debt is currently not sold to debt buyers. Credit does improve with resolved collections.

[@kennethdrummer08]

My credit went up from paying an old bill in collections. 17points.

[@Wardr0p]

Cant, they just sue you for it and then make you pay for all the court costs too?

[@danoarmstrong2597]

My son was in the military. He was killed in 2012. We paid off all the debts we knew about (not sure if we had to, but it seemed the right thing to do) and we were not co-signers on any of his debts. Well, 4, 5 up to six years later, we get calls from debt collectors on bills we didn't know about. Most were good about it, wrote the debt off. A few we found to be scams and obviously we ignored them. A few we could not determine if they were legit, or scams, and they were persistent, aggressive and hostile.

[@lisawood365]

I am so intimidated to call yikes!!!! Maybe I should call u instead

[@brendaechols2228]

Dont be. They are bottom feeders. Dont let an 18 year old in a cubical 2000 miles away threaten you!

[@yodambomb4974]

Lisa Wood I’m about to play this game too ., I’m nervous af ! 23k between 4 balances

[@MaryWarling]

I was served by Velocity for a $7200 collection. Would you know what percentage they usually settle for before I call them? What would my best option be to get the best rate? Thank you so much. This is a great video!!

[@MichaelBovee]

You will not be calling Velocity to negotiate. You will have to do that with the suing law firm. What to aim for when settling a collection lawsuit is a moving target. More on that here: kzbin.info/www/bejne/eWrOfpStjNV6p7M

[@MaryWarling]

I called the attorney and they would only reduce the amount if I could give them a lump payment. I was able to work out payments of $150 a month until the amount is paid off without the interest. Thank you for all you do!@@MichaelBovee

[@Joshualibbyy]

@@MaryWarlingu got screwed hard lol. They gave u a zero percent discount. Also I don’t believe they can charge interest on a delinquent balance like that

[@LS-yf6vu]

Thank you for this informational video!, I owed about $10,900 in credit cards, i just finished paying all of them in three months, but i have a collection from capital one for $3490, I called them several times to settle for $1500 and denied me, they would only go for $3000. I live in NY, THANK YOU SO MUCH for your help!

[@MichaelBovee]

How many months late are you on the Capital One payments?

[@LS-yf6vu]

@@MichaelBovee Thank you so much for taking the time to respond me back!! I appreciate your time tremendously. I think a little bit over a year, I still owe student loans ~ 31,000, which plan to pay it over time- Thank you so much for your help! I also have a small collection from my other school ~$600 which is like 5-6 years old, can a settle this one, or you think i should just pay this one.

[@MichaelBovee]

Settlements with Capital One after a year late are typically much better than this. I would encourage you to get help with this. You can schedule a consult with me here: consumerrecoverynetwork.com/free-debt-consultation/ Small balances, like the one with your school, do not settle all that well. More on that here: kzbin.info/www/bejne/h4C2noRqbKigl7s It is worth a shot to negotiate a better outcome on small debt, but be prepared for a higher outcome is all.

[@milantaylor357]

Would I be able to settle a payday loan if it has been reported to a lawyer or debt collector who is treating to put the debt on my credit report?

[@MichaelBovee]

Payday loans can be negotiated for a lower lump sum payoff.

[@dinahmaloka1166]

I have arranged minimum installments with MBD debt collectors but my balances are increasing. I asked for statements but they never sent me

[@Neolantern]

How much does Midland typically settle for?

[@MichaelBovee]

It can vary widely. Some of what can impact what Midland will settle for can include: How collectable you appear to them. If your account is in the main collection department. If your account is pre-legal. If your account has been placed with a collection law firm.

[@julianmontanez2745]

happy new year mike, are you familiar with verizon 3rd party collections and what to expect with settling.

[@MichaelBovee]

Verizon can use several different collection agencies over time. Who is trying to collect from you right now?

[@julianmontanez2745]

jefferson capital systems balance is 1k.

[@julianmontanez2745]

also mike is it ok to bring up what they paid for the file and how should i use that as leverage to say ill pay little bc thats what they paid for it?

[@julianmontanez2745]

and if i settle with them and it gets removed do i still owe taxes since it would be considered income?

[@MichaelBovee]

I see settlements being around half, but with potential to go a little lower too.

[@Voorhees-Jason]

they can add things to your credit report only related to the debt, how are they able to look up your credit without you authorizing them legally?

[@MichaelBovee]

Collectors are deemed to have a permissible purpose.

[@leorodriguez1322]

Thank you for the video. What percentage of a debt 2k you'd say is a good closing offer? Would 25% be a low ball? And are emails for proof of closing a good option?

[@MichaelBovee]

Who is the creditor? Is that who is collecting on the account today? If not, who is? When did you stop paying on this account? The answers can impact my feedback. It is becoming more common to get the settlement agreement letter via email. I would prefer it to be attached as a pdf if it were me.

[@jessicaluna1574]

I was with Liberty Mutual Insurance through the pandemic. Had a bit of hard time paying. Had policy canceled on Jan. 18 2021. It looks as though I still owe them money. Never received anything about a final balance. Anyhow when I pull my credit report they put 2 account in collections totalling 3100 dollars. I would like to try and settle and get them removed from my credit report.

[@MichaelBovee]

I do see these balances settle for less. Pay for delete is less common in these situations.

[@tammyhays8825]

I owe $2300 capital one. Received a court notice from the sheriffs office today. At the top of the court documents it does Say capital one but it is signed and from a Law office by the name of cooling and Winter which says they are capital ones attorney.

[@MichaelBovee]

What is your goal to resolve this?

[@YAEteddy]

is it true that the creditor would rather deal with the person directly or would it be easier for them to sell it to a debt collector?

[@MichaelBovee]

In my experience, our creditors would much rather come to some form of conclusion with each of us directly. That said, they will drop accounts into their collection pipelines like normal, which for some, includes selling to a debt buyer. Most creditors do not sell debts.

[@murickp23]

What should I negotiate with American Express now transferred to nationwide credit and the debt total is 13356.00

[@MichaelBovee]

I tend to target 40% in a situation like this, but it can vary on how late you are and collectable you look.

[@mikemartinez1801]

I currently owe $1k on my phone bill and growing unfortunately. Only way I paid the monthly charge before was because I had a job at this time of getting the new phone and I currently am jobless, unable to pay this bill and worried it's going to escalate to a debt collector. Any advice would be appreciated

[@MichaelBovee]

Most telecom debt is not being sold to aggressive debt buyers anymore. This can mean you will have time to save up to settle the debt for less at some point.

[@kimberlyreigert6129]

This is wonderful information. I am trying to get a settlement letter before giving my payment info. They are saying they can’t send until then, what can I do?

[@MichaelBovee]

Who are you settling with?

[@kimberlyreigert6129]

@@MichaelBovee A division of Synchrony

[@MichaelBovee]

Set up the payment date a couple weeks in advance to leave time for the settlement letter to reach you prior to the payment pull. You could also record the phone call where they outline the settlement agreement. I would tell them I am recording, and why.

[@kimberlyreigert6129]

@@MichaelBovee ok wonderful thank you for this advice. I have been recording my calls as well...I only had one person tell me that I couldn't and I just told them that was my deal in order to talk to them...I called and got someone else and it was fine. Great idea to set the date a few weeks out I will try that too. Thank you again for your advice it is very helpful. And your videos have been lifesavers.

[@cathlenethomas5522]

Hi, love your channel, thank you for providing this information, invaluable! I have a debt collection agency Phoenix, that accepted my offer, but they said they will only Email the acceptance letter only if I do check by phone. Is this normal?

[@MichaelBovee]

They all like to get the payment in the system over the phone when they can. Did you get the email settlement agreement as an attached PDF? That would be normal.

[@gregmurrieta1447]

There seems to be conflicting advice on You Tube and all I know as a business owner is when I received an additional invoice for $1,700.00 dollars from my workmans comp insurance I asked for an accounting of how they arrived at that figure ( which I never received or was justified ) I got the run around. About 8 months later I started receiving calls from a collection agency. Whenever they called I told them I didn't want to be recorded nor would I verify any information about myself. Each time they insisted that they needed to record me in order to speak with me I told them that it was their problem not mine. After about 5 or 6 calls they gave up calling me , then I started receiving official letters from an attorney which I promptly threw them into the recycle bin. I never verified any of my information or allowed them to record me and I haven't heard from them for about 3 years now.

[@ironmanhabbestad]

I recently was involved in a auto accident and at the time did not have insurance and about a month later I received a letter from afni collections telling me that ameriprice (there insurance) made a claim for $4,058.34 from damages and believes they are entitled to recover some or all off the money from me which I'm guessing through afni, I've never delt with anything like this before and wanting to know my options

[@MichaelBovee]

Do you agree you are liable? Do you want to set up a payment plan or try to settle with them for a lump sum, but less than the balance they are trying to collect?

[@ironmanhabbestad]

@@MichaelBovee yes I do agree that I am liable but I barely bumbed them so I dont agree that it would cost that much to fix? And yes I would want to set up a payment plan but not for the whole amount

[@MichaelBovee]

That would be my goal then. If you are not prepared to make those calls to AFNI we offer help in these situations.

[@sharonhouston1358]

Ncb management on an old auto loan. How would you deal with them.?

[@MichaelBovee]

Is your goal to settle the debt for less? What is the balance owed? Who is the original lender? Does NCB say they are collecting for the original lender, or is it a debt buyer?

[@cookiepuss8182]

Hi there . Nice video . My credit report shows the credit union is where the dept is and it shows twice . Also I received a letter saying a new company Credit solution Corp. has been assigned to the account but this does not show on my report . Thank you

[@MichaelBovee]

Who is the credit union?

[@cookiepuss8182]

Michael Bovee together credit union . Used to be Anheuser Busch credit union .

[@MichaelBovee]

If the credit union is showing a balance owed to them still, they only have the account out to Credit Corp Solutions as a contingency collector. You can settle with this agency if that is your goal.

[@cookiepuss8182]

Michael Bovee thank you very much . It also shows twice on my credit for that amount also . I will look to the recovery dept. to try and work something out . I love in Florida and the last payment was almost 4 years ago . What happens if the 5 years to collect passes ? I actually settled another with Chase 3 years ago directly at 20% of the total amount .

[@MichaelBovee]

If the 5 years passes they lose the ability to legitimately sue. They then have another 2 years to credit report. After that, this would become a zombie debt. Check out my video about what to do with zombie debt: kzbin.info/www/bejne/d5bLiZxuoph8ipY I would dispute the second credit reporting entry if it were me, but likely after I get my settlement done. More on filing credit report disputes here: consumerrecoverynetwork.com/dispute-tradeline-diy-credit-repair/

[@Johnny_Torrio]

Wife made a Discover loan before she passed. She passed before first payment. I tried to make payments but Discover refused. They sold to DCM services. They (DCM) are now trying to collect but I don't want to talk to them. Should I consult an attorney? They will probably sue me. Original loan was $25k. I have the means to pay just not sure after discover sold the debt. I live in community property state and did not sign anything on that loan. Again, discover refused access to me and wouldn't let me pay.

[@MichaelBovee]

I would indeed talk to an experienced debt collection consumer law attorney. There are a few issues here that are not typical. Her having passed, and no payment ever being made, make this not a normal situation. Check out the National Association of Consumer Advocates.

[@christiantorres6511]

I have a debt with chase for $17000 due to divorce ,12 months late how low can chase go with this debt? Can I settle by myself?

[@MichaelBovee]

I see settlements with the outside collection agencies range between 25 and 45 percent when collection on Chase accounts a year late. You bet you can do this yourself! If you run into trouble, or just want a pro to handle it, let me know. Our network charges 15% of savings.

[@russdangelo7274]

Michael, I have a question. I have a debt that is three years old from a debt collection agency. It is for $958. Should I pay it? If so, what settlement amount would work? Should I pay it if they refuse to delete it from my credit report? I have another account for $50. It is in collections. Should I just pay that and be over with it?

[@MichaelBovee]

Who are the creditors?

[@kaykayhoward1002]

Hello Michael so if you owe TMobile 2500 and you agreed to settle 1400 through collection should you still owe the remaining balance of 1000?

[@MichaelBovee]

If it is a legitimate settlement, no, you should not owe that portion that went unpaid. Be sure to get your settlements in writing before paying them. That settlement letter, combined with proof from your bank account that you paid, is what you would use to stop any other collections in its tracks, and correct any errors on your credit reports. More on settlement letters here: consumerrecoverynetwork.com/debt-settlement-letters-agreements/

[@Keltonchanning]

My original charge was 71 dollars for a stained carpet at an apartment, and now it's been in collections and is now 7000 dollars. What should i do?

[@MichaelBovee]

How long ago was this? What justification has anyone provided for the massive inflation? Did this go to court?

[@Keltonchanning]

@@MichaelBovee I called the original company . They had a misunderstanding thinking I was living there in 2017 which I was not, but I was charged for the whole ten month leasing period when I never actually lived there. Now it's in collections

[@MichaelBovee]

I would talk to a tenants rights organization in your area about this. It sounds like they rang up a bill with no legitimacy.

[@joseayala9311]

Hello Mr. Bovee, I have credit card debt but they are all current. However most of them have gone way high on their payments and I can’t no longer afford them. What % is the lowest USAA, Discover and Amex would take to settle? Highest card is over 12K with USAA. Thank you in advance.

[@MichaelBovee]

The lowest you can settle a debt for is often going to vary from person to person. Generally speaking, I would target all three of those creditors at around 40%, but Discover and Amex can often be 50% or higher depending on the timing and circumstances.

[@nelsonsummerall9151]

whats does KLS FINANCIAL SERVICES settle for in your experience?

[@MichaelBovee]

Who are they collecting for?

[@lizettemancia9675]

FRS is calling me but they don’t say my name so don’t know who it is.what should I do because I don’t have any money to pay them am I single parent running behind even on my car now I pay rent so what should I do?

[@MichaelBovee]

You are likely not at risk of being sued by Financial Recovery Services as they are a contingency collector. This is a good place to reach a settlement of your debt, but only if you are financially able to do so. What is the balance they are collecting and who for? What do all of your unsecured debts add up to? If you are unable to pay debts, including your vehicle, was there a trigger for the setbacks? Is it short term or going to persist?

[@megalina1425]

Hello Mr. Bove! Thank you for making this video first and foremost! I have debt is 3 years old property debt, happened during Covid, 7,900, with pro collect. Any chance you could help me find out if I could settle for 30%? I’ve heard this company can be a bad one to settle with.

[@MichaelBovee]

How low you can negotiate a debt for can often vary, and not just collector to collector, but from person to person. You may look more or less collectable to this collection agency than someone else based on the shape your credit reports are in: kzbin.info/www/bejne/sHnSnGp_bLZ4jac I typically do not see property management debts settle as low as you are targeting.

[@phonickz116]

Credit Core solutions. Debt was charged off 2 months ago. 6300. Any idea what I should propose as a settlement amount? Best wishes

[@MichaelBovee]

Credit Corp Solutions will often determine collection targets based on how collectable they see you. They mainly use real time access to your credit reports to form that opinion. Do you have other collections unresolved on your credit? What does your credit show you are current paying? Who is the last place you heard from trying to collect on this account?

[@phonickz116]

@@MichaelBovee you are quick, appreciate you. This would be my only account in collections, I have other cards that are current but they are nearly maxed out so I have very little credit to debt ratio . I received a letter in the mail from them saying they purchased the date and I need to dispute or contact them by May

[@MichaelBovee]

I would realistically be targeting fifty percent. Not that you should not be trying for lower but be prepared.

[@patirios1]

Hello Michael, What are your thoughts on Contract law? When a collection company calls you, asking them to give you proof of how much the paid to aquire the debt. I would appreciate you guidance and knowledge in this area. Thank you

[@MichaelBovee]

I would encourage you to talk with an experienced debt collection defense attorney in your state. I am not an attorney, and also do not understand why what you are asking has anything to do with a contract.

[@samahvargascapellan]

I just had a debt collector called me. My student loans with Great lakes defaulted and now it's in collection. I dont know what to do next, can I still contact the original lender, or I have to deal with the debt collector now? I know theres options to do the rehabilitation plan? Or will it be better to enter in negotiations and settle?

[@MichaelBovee]

Are these federal student loans, or private? If private, and you can pull money together quickly to settle, now that you are in default and collection, I would prefer that path if it were me. If the loans are federal you cannot settle them, and I would rehab them.

[@samahvargascapellan]

@@MichaelBovee they are federal loans.... I called great lakes and they said the student loans domt belong to them anymore so they cant offer me no type of plan payment ( I was asking about the rehabilitation program)... i wonder if its the collection agency who offer the rebah in this case?

[@MichaelBovee]

I would call them and talk over those options.

[@samahvargascapellan]

@@MichaelBovee thank you

[@jacqelinebarbknecht7913]

Have a balance with americollect and credit bureau data in Wisconsin. No idea where the balances came from. Any idea what to offer?

[@MichaelBovee]

Without a better understanding of who they are collecting for, how much is owed, how old the debt is, it is difficult to offer feedback.

[@dlake145]

Is debt settlement more effective with an attorney, or is the net result about the same doing it yourself?

[@MichaelBovee]

The answer can vary depending on the situation, and the creditor involved. Can you tell me more about your situation?

[@janicebright9578]

Hi, great info. I owe Parnell & Parnell from an AmEx debt that’s about 10 months old

[@MichaelBovee]

Has Parnell filed a collection lawsuit? What is your goal for resolving the debt?

[@janicebright9578]

@@MichaelBovee No, they haven’t filed a lawsuit. I plan to settle for around 50% or < ultimately

[@MichaelBovee]

Okay, thanks. Settling AMEX accounts with law firms can be a bit tricky. Let me know if you need help.

[@luperubio167]

What would be a reasonable settlement for a $600 debt?

[@MichaelBovee]

It can vary based on who is owed and how late you are, among other things. I have a video up about settling small balances like this: kzbin.info/www/bejne/h4C2noRqbKigl7s

[@ashervigil9958]

I have a 6500 debt from my university. I didnt make any payments but now it’s been passed on to a collector. I have a 640 credit score. How do I proceed? Do I need to request a lump settlement? How will this affect my credit score ?

[@ashervigil9958]

The collector is Williams and Fudge.

[@MichaelBovee]

A lump sum is often the most ideal way to settle. Can you pull together half-ish of what is owed?

[@ashervigil9958]

I think I can probably pay half. But is this going to drastically affect my credit score

[@MichaelBovee]

Having a paid collection is better than having an unpaid one. Especially if you want to get a home loan.

[@johnbirnmann2715]

I heard that they have to agree to whatever you put out there or the debt is paid in full is that true?

[@MichaelBovee]

No.

[@CaitAlexandria]

Hi Michael! I’d like to know what will happen to my credit score once I’ve settled with the debt collector? I have a $5600 apartment debt on my credit score that I want to get removed. Once I settle this debt, how will it appear on my credit score? My current apt lease ends April 30th and I’m not sure if I’ll be able to apply for any apartments with that debt still showing on my score.

[@MichaelBovee]

Each of our credit reports are different. Hard to say what exactly will happen to yours once you resolve this unpaid collection account. If this is the only unresolved negative it should be a net positive to your score fairly quickly. The main thing, which you already pointed out, is that you are far less likely to get approved for a new apartment when there is an unpaid debt from an old place showing.

[@decorbyme_]

Hi , Great video! I have two accounts (JP Morgan & Customers Bank) with National Debt Relief . Chase transferred the debt to a law firm and I was given a summons. NDR then became proactive with negotiating after 4 months of silence . Unfortunately , the settlement offer came back about 80% of the original debt . I rejected the offer. A part of me feels like NDR isn’t very eager to get the lowest possible settlement . Customers just sold my debt to Velocity. I’m considering trying to negotiate the velocity debt myself and leaving Chase with NDR since I’m being sued by them. What do you suggest . What is the average settlement percentage for Velocity?

[@MichaelBovee]

Velocity settlements, like in many negotiations, can depend on how collectable you look to them. How prepared you are to pay a settlement, and still be ready for a Chase deal, is also a concern. You can schedule a call with me to talk strategy here: calendly.com/debtbytes/15min I can get into better detail of what I would do in your situation when we cover some details on the call.

[@hungerycascio]

I know it's not a better set up, but what about paying it in full so as to not deal with the hassle of the rest being written off as income for me? Mind you I don't have anything astronomical but I have a debt or two I just can't pay in one payment.

[@MichaelBovee]

I understand where you are coming from, but even if you were to owe taxes, you come out ahead with a settlement. But there is the effort/hassle element to it. The smaller the debt, the more that consideration would come in to play for me. But the smaller the debt, the more likely I may not owe tax on canceled debt (have to save more than 600 dollars).

[@randallfox4265]

Devastated financially due to the current corona virus and the govt. shutting us down. 1) 2 months behind can I negotiate with the credit car company or should I let it be sold to the debt collector? 2) either way is 30% of the bill a possibility for them to take? Looking forward to your answer.

[@MichaelBovee]

Who are the creditors at issue?

[@randallfox4265]

@@MichaelBovee Credit cards . Sears, US Bank. A couple more.

[@MichaelBovee]

I typically see the better outcomes when you are 5 months or more late with most banks, though sometimes Citibank at 100 or so days late. AMEX deals with third party collection agencies can be earlier than that, though not always. There were earlier than normal opportunities with some banks during the recession around 2008, and there may be here too, though they have not started as I type. Most debts are not sold, though the 2 creditors you listed presently do sell to debt buyers.

[@randallfox4265]

@@MichaelBovee Thanks! Appreciate the help. How will I know when they are ready to settle and if so EXACTLY what kind of in writing document will I need to get from them to settle it for good and stop the negative reporting on my credit report?

[@MichaelBovee]

Do you want help with this? If you are doing this yourself, when you look to settle can often be set beside how much money you will have available at the 5/6 month late mark, and also whether Amex gets sent to an attorney or not in the early innings. You will not be getting any of your original creditors to stop reporting a negative, but they will do their job and report a paid collection when your settlement is done.

[@shannonstout6094]

I am selling a lot that is attached to my property. I have 2 credit card judgements that are 8 and 9 years old from BB&T and Discover. They will have to be paid and I need to try to negotiate or I will actually owe money at closing. What is the best I can expect they will accept? The sale does not show up on Zillow when you enter my address, so I'm hoping the collectors will not know about it.

[@MichaelBovee]

Most legal collections do not go below 50%, and judgements are a bear to get that low when there is a property lien.

[@shannonstout6094]

@@MichaelBovee Thank you for your reply. I actually was quite pleased after talking to BB&T today. They dropped it to 40% of what was owed right off the bat. Discover was much more difficult to deal with, so I will have to try again later with them.

[@deedrathelibra]

If I’ve already been sued by a debt collection law firm am I negotiating with the debt collector or the law firm?

[@MichaelBovee]

You typically have to go through the collection law firm once they get involved.

[@deedrathelibra]

@@MichaelBovee I’m going to schedule a consult with you. I’ve talked to two attorneys and a “mediator”, and I’m confused. Thank you for responding🙏

[@lianshoemake6009]

I'm getting harassing calls from Amex ...multiple per day, and now they're making multiple callls to relatives too. This morning both myself and a relative received calls at 6 AM. Multiple calls at work too...is there a way to stop that?

[@MichaelBovee]

I would call Amex and verify they have my number and tell them now that they know how to reach me they should not call family and friends for location purposes, as now they can locate you. I would inform them that work calls are prohibited. They will want to try to collect form you because they have you on the phone, and you will have to manage your way through that depending on your goals.

[@adriennedunston828]

Are you familiar with how much TMobile and Comcast would settle for ?

[@MichaelBovee]

Utility bills that are newly delinquent may not settle as well as when they have gone unpaid for years. The balance size can also impact how low you can get.

[@dbuckner1966]

What if you signed a paper to pay 50 a month but have lost job since then, what can I do?

[@MichaelBovee]

Did you sign a stipulation or consent to judgment?

[@tribulationprepper787]

Question: Would telling a collector that everything costs, on average, about twice what it did 15 years ago but my Social Security checks have not increased significantly over those same 15 years be a good excuse as to why I recently quit paying my CC bills?

[@MichaelBovee]

It is absolutely a good reason to have missed payments on credit cards. Unfortunately, it may not slow the collection process down. Check out this article and video for more details about unpaid debts when you are on a fixed income: consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/

[@pum2090]

I owe mid land funding LLC 4000 it was originally a credit card that got charged off about years ago Plaza services I owe them $5,000 from a payday loan that got charged off also about two years ago any recommendations on how much I can settle these debts for

[@MichaelBovee]

Has either account landed with an attorney for collection?

[@justinzunker]

Michael, What should I do? Just got a letter from firstsource advantage for an $8500 debt. Got any advice when dealing with them?

[@MichaelBovee]

Who are they collecting for? How many months late are you with payments?

[@justinzunker]

@@MichaelBovee I think it might be Capital 1. Just charged off and went to them, so probably 6 or 7.

[@MichaelBovee]

Thanks. Is your goal to settle? Are there other debts besides this? How much do they all add up to?

[@justinzunker]

@@MichaelBovee Settle eventually, need to save more as this is one of my last accounts that I'm dealing with. How long can I drag this out so I can save money to offer a settlement ?

[@MichaelBovee]

You can often settle and get months to pay, so think about doing that, as Capital One sues a lot themselves, and also started selling to debt buyers again, who will often sue as well.

[@jessap5072]

We have a 4000+ debt with upstart and they sold it to velocity any advice? Are they typically hard to negotiate with or rude ? We don’t have any family resources to draw from :/ any advice ? Thanks

[@MichaelBovee]

We can often help settle Velocity accounts for 50% or less, and still get a year or more to pay. It is a good idea to be proactive with debt buyers that place accounts with collection law firms. More on settling with Velocity Investments here: consumerrecoverynetwork.com/resolving-debt-with-velocity-investment-llc/

[@oklp9533]

Hello Michael. I had 4 account with bofa total around 20k. Now 3 higher balance account from bofa is with Nelson kennard which they threaten to sue. What's the realistic number I vaj negotiate or focus on at this point. Thank you very much

[@MichaelBovee]

Once accounts take the legal track, settlements tend to be between 50 and 80 percent.

[@destincasimiro6984]

Thank you so much for this video! Do you have any suggestions when dealing with US Bank? I owe them $9,183 My work has recently been cut in half and can only afford to give them about $30 per month. Do you have any suggestions to me when negotiating with them??? My current interest rate with them is 24.99%

[@MichaelBovee]

Is your goal to settle with US Bank for less than what you owe? If so, how may months late are you with payments?

[@destincasimiro6984]

@@MichaelBovee I'm not late at all right now but moving forward I will not be able to pay them, so I'm preparing a head of time.

[@MichaelBovee]

The process for settling with US Bank is much the same as most credit card banks. If they settle for between 30 and 50 percent of the balance (assume it will grow to 10k), how long will it take to raise the funds?

[@aileenciocon5167]

I paid the debt directly to the business merchant after receiving notice from collection agency. However Pinnacle Recovery is still trying to collect their fees from me. Where do I stand?

[@MichaelBovee]

What are the fees they say you owe related to, and what is the total?

[@celesterousseau7398]

Citibank has offered a settlement at 40 % of the original bill. Is it realistic to ask for a 20% settlement? I am 6 mnths behind in payments.

[@MichaelBovee]

I have not seen Citibank accept a settlement that low in a lot of years.

[@NateThoo82]

I am dealing with Midland Funding LLC for a debt total of $2662 that was auctioned off to them about 2 years ago. They have filed a lawsuit against me but sent a letter saying they a still willing to accept voluntary payments. What should I settle at?

[@MichaelBovee]

Lawsuits tend to settle between 50 and 80 percent.

[@KarinaIglesias]

These videos have been very informative. Do you have a video on how to defend yourself after being served papers? The do’s and donts of defending yourself at a mediation? Or would the advice on this video suffice?

[@MichaelBovee]

There is a channel on the home page for that.

[@tribulationprepper787]

@@MichaelBovee Question: Would telling a collector that everything costs, on average, about twice what it did 15 years ago but my Social Security checks have not increased significantly over those same 15 years be a good excuse as to why I recently quit paying my CC bills?

[@kandicomarawski1171]

I got a bill in the mail yesterday for a doctor's visit from about 8 years ago that I had insurance for the time that is no longer active. This is the first time that I've been informed that this bill wasn't paid by the insurance. I don't know if I should even bother responding because currently the statute of limitations to take me to court is already all over but if I call and say anything about my other insurance I'm opening myself up to be sued if they are unable at this point so long after to get it from the insurance.

[@MichaelBovee]

If a debt is too old to sue you for, and too old to appear on your credit reports, there is little that will motivate me to resolve it.

[@saca2314]

Contract Callers keeps calling me for a debt I don’t owe. Xfinity Charged me for cable I didn’t consent to. When I canceled my internet I was told I would receive a refund of 293.12. They say I owe over 70 dollars for the cancel fee due to having cable.

[@MichaelBovee]

I would dispute this if it were me. Is it showing on your credit reports as a collection?

[@angelawester6538]

What is the best settling mount for discover card? Its an old judgement since 2006.

[@MichaelBovee]

Judgments can be settled, but the savings is often not great. I see between 50 and 80 percent, but sometimes you cannot get the law firm to budge. What is the amount of the judgment? Did the court grant interest, and if so, at what rate? How prepared are you to pay the settlement with a lump sum?

[@xxwrongpathxx]

I have. 1200 collection from portfolio recovery and credit karma states that it’s 6 years old. I am coming into some money soon what do you suggest I do?

[@xxwrongpathxx]

Previously GE Capital

[@MichaelBovee]

What is your goal? Are you trying to improve your credit? Is this the only thing negative on there? PRA now deletes paid tradelines, so you could have an immediate impact, but it sounds like it will fall off in a year too.

[@StephenMarino]

What are the settlement trends with BoA? How does the amount due impact the settlement percentage and payment terms? Finally, when the interest amount is nearly 30%+ of balance due, how does that impact settlement?

[@MichaelBovee]

How to go about getting the best settlement and savings from Bank of America is more a function of how late you are with payments, and not the size of the balance, or what the interest rate is. When did you last make the required minimum payment to BofA?

[@StephenMarino]

The last required payment made was Sep 2014.

[@MichaelBovee]

You are plenty late enough to target the better settlement outcomes. Now it will often boil down to who has the account for collection, and how collection worthy you are viewed. I would be targeting anywhere between 20 and 40 percent. What is the balance owed? Who is the last known collection agency to contact you, and when was that?

[@StephenMarino]

$18k and BoA has hired Jawitch Block debt collector who has filed for a notice of mediation at Dallas County Dispute Resolution Center and sought discovery in Dallas County District Court for an Oct 2016 date. They say they will withdraw the court filing if mediation is satisfactory.

[@MichaelBovee]

That changes things up. Legal collections are harder to get reduced to the best savings. You may be hard pressed to get to 50% in some of these situations. It would be a good idea to connect on the phone for a consult. I am not available today, but you can reach tomorrow, and the rest of the week at 800-939-8357 ext 2.

[@jonderisi6945]

I have 2 cc I need off first is Bank of a america for around $1800 second is Citi for about $1500 both are in collections stage no law suits or anything like that, what can I except from both of them when calling to settle?

[@MichaelBovee]

How loan ago was it that you stopped paying on both?

[@jonderisi6945]

just under 2 years ago

[@MichaelBovee]

I would target BofA between 20 and 40 percent depending on who they have it out with. Citibank I target at 35%-ish, but Citibank may have sold your account by now, and depending on who to, that will change what you can settle for.

[@kristinuhl8669]

Good evening Michael! Your video was helpful and am hoping I can still get some feedback on my situation. I have a collection account with I.Q. Data International Inc. I am incurring interest or late fees on it monthly. My original balance was $7687 which was charged off in 2020 and now my report is showing $9126. I have also been paying off my smaller accounts lately. I am working towards buying a house by the beginning of next year and need some type of resolution.

[@MichaelBovee]

Are you prepared to pay a settlement? Have you talked to them yet, and if so, how did that go? Who is the original creditor?

[@kristinuhl8669]

@@MichaelBovee the original creditor was an apartment complex. Unfortunately I was in a TERRIBLE situation with an ex and I took 100% of the fall. I have not called them yet and I am not prepared to pay off a settlement. I would need a payment plan.

[@MichaelBovee]

A realistic settlement target would likely be around 50 percent. A lump sum settlement is often better than monthly payments in this type of situation.

[@kristinuhl8669]

@@MichaelBovee 50% of the original principle or 50% of the principle plus interest at the time I call realistically?

[@MichaelBovee]

You are typically negotiating from the inflated balance that includes any legitimate fees and interest.

[@NatalieWilsonDNP]

Do you have to wait until it goes into collections? You miss several payments? Or can you just be paying and then say let’s implement this planned negotiation prior to missing payments with the assumption you won’t be able to make future payments from a foreseeable hardship

[@MichaelBovee]

You typically have to wait until you have missed several payments before settlement becomes an option. You do not have to wait for it to go to a collection agency, but depending on the creditors, you may want to wait that long if the deal is going to be better with the collection agency.

[@kuhiolanifilimaua5481]

Can you still negotiate if you are being sued and your court date is soon?

[@MichaelBovee]

You can indeed. Check out this article for more about settling when sued: consumerrecoverynetwork.com/question/can-you-negotiate-and-settle-a-credit-card-debt-if-you-are-being-sued/

[@jeffcfe]

Great video! I HAD A $6K BALANCE WITH CHASE AND IT HAS BEEN SOLD TO NATIONWIDE COLLECTION, INC (NCI). I HAVE SENT A VALIDATION OF DEBT LETTER...WAITING FOR THEIR RESPONSE. MY QUESTIONS ARE WHAT TO DO NEXT AND WHAT % SETTLEMENTS SHOULD I AGREE TO?

[@MichaelBovee]

Why are you sending a debt validation letter when you are trying to settle the debt? When did you send it? When did you stop paying Chase? Debt validation requests get in the way of settling in most instances. You may be dealing with a new debt collector or Chase directly now (and the better deals often come from the collection agencies compared to Chase). Chase stopped selling debt in 2013, so if you stopped paying in that year, your debt is just rotating around to contingency collection agencies.

[@tiagoode2288]

Great video Mike! I have a question regarding private student loan debt with Wells Fargo: The loan is currently in recovery with their in- house collections. They are offering a settlement of $18,000 on a debt of $45,000 (40% off) that has to be paid in two years. I still can't afford that monthly payment. Do you think we can get that amount any lower?

[@MichaelBovee]

How late are you on the loan? If already in severe delinquency, and 40% is sticky, it may not improve.

[@tiagoode2288]

@@MichaelBoveethank you for responding... over 120 days late

[@RR98guy]

Best thing to say to debt collector is NOTHING!, Don't answer unknown callers on your telephone. Change your telephone number to an unlisted one and never answer ANY calls you don't recognize the number and even then you could be dealing with a spoofed caller ID incoming call.

[@HandsInReach]

I have debt collector calling me about a car insurance payment. I had insurance for 12 month ( end of my insurance contract). Assuming that was the end. However, they tried automatically renewed my insurance ( Nov) & payment didn’t come out. I got insurance from different insurance ( Dec). Am I obligated to pay the old insurance for that month ? I also lost my job in Oct so I didn’t go anywhere on NOV to be covered Do I still need to pay that although

[@MichaelBovee]

I would refer to your terms and agreement with the insurance company to help determine their billing and cancellations policies. If they are charging you, but should not have, I would file complaints with your state insurance regulator, and also the CFPB. More on that here: consumerrecoverynetwork.com/filing-complaints-with-the-cfpb/

[@HandsInReach]

Michael Bovee thank you soo much

[@mattbrown5511]

Do you help with VA and university debt collection issues?

[@MichaelBovee]

I can offer feedback about most collection issues. You can post the particulars for feedback here, or call in to talk about it. You can reach me at 800-939-8357 ext 2.

[@KingKevsLife]

Hi what could I expect to settle for on a 3.5 year old debt through Jefferson Capital Systems for verizon wireless totaling $2,000?

[@MichaelBovee]

I would be targeting between 30 and 50 percent as realistic. What you can settle for is often going to be based on how a collector views you. If you are paying 8 things on time that appear on your credit reports, you look like someone who can pay compared to someone who has nothing being kept current on their credit, and has other unresolved accounts.

[@juanitaybarra9955]

I want to know what do you recommend. My husband will be retiring at 65 this year. I’m 52 and have not been able to work for 13 years. Started working this last month temp job. Wondering what we should do. Thinking about debt of credit card, 1 small bank loan and 1 motorcycle loan totaling $61,000 debit. He has 401k of 130,00. I’m thinking of just not paying the credit card debit we have so we won’t deplete of 401k. I won’t qualify for my retirement until 60. What do you recommend? We live in Texas. This does not include our car payment/debt total $42,000. I want to make sure I make the right move. Thanks for your advice it’s greatly appreciated.

[@MichaelBovee]

If you meet the state income means test I would look at filing chapter 7 bankruptcy. It will wipe out the unsecured debt, and give you a fresh start, and typically for under 2k. Check out this article where I compare debt options for cost, credit impacts, and more: consumerrecoverynetwork.com/debt-solutions-review/

[@juanitaybarra9955]

Michael Bovee thanks for your information.

[@OctavianFit]

Amazing info in this video. Thx. Can they see through my credit report the amount of minimum payments of the other bank accounts? Where could I find their lowest percentage allowed for the deals? THX

[@MichaelBovee]

They can see that you are current with other accounts, and credit being used. What you can settle for varies by creditor, how late you are, who is collecting, lump sum vs stretched out payments, and often enough, things unique to you.

[@OctavianFit]

Michael Bovee thank you 🙏

[@demetriabrown4749]

Karma report i have 8 collection 4 out of 8 less then 5 month the rest 1 year to two years 3400 dollar total medical bills. It recommend to settle or paid in full i have an increase of 21-25 point added to my score is that true

[@MichaelBovee]

Once your accounts are several months later or more, there is little difference to your credit score if you settle for less, or pay in full.

[@demetriabrown4749]

@@MichaelBovee thank you. I enjoy your video

[@nelless813]

Hello Michael! My Merrick acct was recently charged off to North American recovery, this is the 3rd company that has handled it over the past 6 years. I called to pay for delete they declined & offered to settle for 900 on a 1280$ bill. I declined that. This is preventing my car loan approval. What should I do? Thanks

[@MichaelBovee]

You could likely settle it for lower than that with some additional effort. My experience is that most settlements happen over a series of calls.

[@nelless813]

@@MichaelBovee ok I'll try to wear them down. thank you for the feedback.

[@upstateallierealtor]

I owe portfolio recovery associates. Debt has been in collections for 2 half years. I want to call and settle. If they accept the settlement offer, does this restart the 7 year fall off period ? Also, what if they decline sending me an email or letter for offer in mail? Would i then, be stuck with statue of limitations starting over

[@MichaelBovee]

Most states do not reset the SOL to sue with a conversation about settling. Nobody can reset the credit reporting SOL in this situation. Even if you agreed to pay over 3 months, made one payment, and not the next two, it would not reset the 7 year credit reporting time line.