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

Most people shouldn't have a problem talking to a debt collector, but if you're uncertain of how to handle yourself over the phone, we're here to help.
Knowing what to say, or what you shouldn't be saying, is key to setting the foundation for a good settlement with your bank or a collection agency.
SHARE THIS VIDEO: • What to Say, and Not S...
SEE RELATED VIDEOS: goo.gl/18zp9a
∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷
For more tips on how to get out of debt,
SUBSCRIBE ➤➤➤ bit.ly/1ZPZ8Q2
∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷∷
▼FOLLOW US:
LinkedIn - www.linkedin.com/in/debtbytes
Twitter - / debtbytes
Facebook - / consumerrecoverynetwork
▼READ OUR BLOG:
consumerrecoverynetwork.com
▼FREE DEBT CONSULT:
consumerrecoverynetwork.com/f...
▼FIND YOUR DEBT SOLUTION:
consumerrecoverynetwork.com/de...
▼ASK ME YOUR DEBT QUESTIONS:
I answer all questions in the comments section daily.
Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

[@ldraiOXO]

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

[@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.

[@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

[@tiffanyt7121]

Needed to hear all this. Thank you.

[@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!

[@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

[@ClaudeMarcEDavid]

Thank you for these valuable information.

[@freedomoforest6479]

This info is GOLD. Thank you for these videos

[@fascistanarchist]

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

[@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.

[@lynseyhall9873]

Hello, my uncle currently has a 5k judgement on him for Discover Card. I would like to help him settle this debt. Judgement is from 2015. Do we need to contact the creditor's attorney or do we call Discover first to get started. How much should we realistically expect them to settle for?

[@chrisdelgado3530]

thanks buddy. You are a good guy.

[@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

[@nunyabiznis817]

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

[@Keelanswife22]

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

[@chrisbabcock9199]

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

[@chriskennard8367]

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

[@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 ?

[@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?

[@bettyluckey9497]

@MichaelBovee, Thanks for sharing Great Ideas & Info.

[@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.

[@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

[@peanut-qc2ww]

Hello, I was wondering if I like to discuss a couple debt issues with credit cards or pay day loans Am I able to call in and speak to you or some one on your team ?

[@decayednutzgaming2270]

Hi there Michael, thanks for making these videos! I have a question on a debt. I wasn't able to pay on it back then while i was in college. Anyways I have saved up quite a bit with my new career and i was wondering if i can negotiate with the debt collector to pay in full or a percentage of the amount owed to have them remove the entire account off of my credit report? Im waiting on the results of a dispute that i submitted to experian before i contact them. Any information would help. Thanks!

[@MichaelBovee]

Who is the collection agency/debt buyer reporting? What is the balance owed as of today? When did you stop paying? What state are you in?

[@davesaenz3732]

Same situation. $1065 on visa platinum own by LVN. Now I have judgemebt against me. Almost 21 days to appeal in Texas. What do I do?

[@catjames1843]

I am working with a Sears Citibank settlement. In 2 weeks it goes to 'Charge Off' They have offered a settlement of 40% at the current balance, which has gone up with monthly interest. I offered them 35% of the original balance, which only make a couple hundred difference. They say they're at the bottom of what they can do/offer BUT would be willing to take what I offered and them space out the remainder over the next 3 months. Should I take their offer? Or should I wait for the account to 'Charge Off' and than work with the next collection CO on a settlement?

[@MichaelBovee]

I often find the 40% deal is better now, than dealing with the debt buyer they will likely send it to right after charge off. I find that Citibank sells the Sears debt rather than assigning out to a couple of contingency debt collectors for several months before selling (like they do many of their other account types).

[@catjames1843]

Thank you SO much!!

[@rosaotero6526]

HI, thank you for the video. I received a Portfolio Recovery letter of their intent to sue for a Citibank account for $3,371 but it's been since Aug 1,2013 last payment & I live in CA is it true they can sue me? I thought the statue of limitations in CA was 4 years? I really don't want to pay it since I was told the clock would restart & it's almost the 7yrs but any suggestions?

[@rosaotero6526]

Oh btw- I have not received any settlements from them. Only collection letters. Maybe because years ago I was sued by Amex & I paid them which obviously they know because it's on my credit report. But yea Portfolio is trying to sue on a account that charged off almost 5 years ago in CA can they?? And would it be prudent to note the CA civil code for statue of limitations o debt accounts 4yrs that's already passed when writing the debt validation letter?

[@MichaelBovee]

That may be a collection violation by Portfolio Recovery. I would talk aver your situation with an experienced FDCPA attorney in California. Jeremy Golden is a really good one, and he works with you no matter where you are in CA.

[@amandasoto1563]

Hi Michael, your videos are very informative. I have a question for you, I’ve been served court papers this September 16. the lawsuit is from Mandarich Law Group. I was in contact with Nevada Legal Services, but it seems like they might be buying time... I have until the first days of October to answer the court or came to a settlement with Mandarich before I get a judgement. I am very anxious. I can barely concentrate on my college classes. Should I try to call Mandarich and come to a settlement with them? the lawsuit is for 3,317.00, I could attempt a settlement for 1500 maybe a bit more if I push it. would you recommend to wait this last 9 or 10 days for this nonprofit to see if they can help? or should I use this precious last days to negotiate to my advantage with terms in written etc. I have been sued by the moore law group last year... I negotiated with them and payed a little less than what I was been sued for... For that case, Nevada Legal Services wouldn’t, initially, have a straight forward advice, and would leave me like hanging for days. I hope this is enough info for the situation I am in, I have a gut feeling that I should do what I did the last time I was served papers... I really hope that you could respond!

[@MichaelBovee]

More often than not I find it helpful for people to have someone in their corner, who knows their way around the courts, or the law firms suing. Having said that, many people reach an outcome they like, or are confident they can follow through with on their own. If you wait a few days for legal services to get back to you, you could still figure out how to craft an answer, or general denial to the lawsuit, while you wait. If you end up filing your response with the court, you can still call Mandarich to negotiate after that. And you may find they are more negotiable than if you had started off talking to them with a defense, or without the legal service on your side. I also think you could come to some agreement you can live with today, if you called them, but you would likely have to sign a stipulation or consent to judgment if paying over time, now that they have sued. But like I said above, you can still do the same thing after defending too.

[@LoganVega]

Well done!

[@kylebrown6829]

Hey, so i have something negative on my credit score for about 5 years and i assume it has gone through multiple agencies but im not sure because i have moved 3 times since then. my debt is around 2k and it was originally from national grid (my only debt)... any idea on a round about estimate that i should settle for? NTL RECOVERY AGENCY is the mark on my credit score.. any advice would be appreciated

[@MichaelBovee]

Generally, I would look to settle with power company and utility providers for the full amount if I will need their service again in the future. Otherwise, I would target 50% or less on a bill this old.

[@gunna48]

I am dealing with afni and would like to know how low do you think they will go. They are coming after me for $2262.66.

[@ModestNea]

HI, I just received suit papers from capital one for a credit card that was originally $5,000 and ended up being $5,900 which I defaulted on almost two yrs ago. An attorneys office bought the debt and is suing me. Any advice on if I should call them and try to settle or what I should do with the court clerk? I will not be able to afford paying that much at a small period of time at this moment

[@MichaelBovee]

If it were me I would file an answer or general denial to keep my options open for settling in a few months, and still avoid a judgment. It is a good idea to connect with an experienced debt collection defense attorney in your state. Where do you live?

[@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.

[@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.

[@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.

[@davidro397]

While being enrolled with CRN for settlement, are all enrolled debts subject to settlement fees even if you happen to settle one or two on your own?

[@MichaelBovee]

It can depend. We historically do a ton of one on one DIY coaching.

[@Jmhfl7]

I see banks set up a percentage on the dollar of how low they can go (4:45), how do I know how low Banco Santander can go and can I break that threshold? I think everything is negotiable in life.... Isn't it better to get 20% vs. than nothing?

[@MichaelBovee]

I see 35% on those deficiency balances with Santander as being the floor on too many files to suggest 20% is a realistic settlement target. Banks do not think individually. The set policies and tend to stick to them, and with few exceptions.

[@joelbenites9111]

Hello Michael, I was wondering about an account I have for a car i got in May 2014. It was repossessed in Jan. 2015. Yikes. The account balance is 4100 dollars. It's through carmax. How much would be a good starting point of $ for settling the debt. I've come into a bit of money and I'm looking to get this off my credit report. Thanks!

[@MichaelBovee]

You should not expect to be able to negotiate a settlement and get this off your credit. You likely could not offer 10 times what you owe in return for removal. But you can expect them to update your credit that the account is now zero balance owed. I typically target deficiency balances on auto loans and leases at 40 percent (if not sued on them). There are situation where you can shoot for lower, and some where you have to settle for higher.

[@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

[@Jays81305girl]

Hi Michael, We spoke over the phone, a few days ago about my husbands 6 yr old Capital One judgment. He's placed a call to the agent handling his account, and left a message to receive a call back. Regarding the revocation of an attorney, is this verbal or a written statement required from him ( my husband)to the collectors? From your experience do attorneys normally agree to the satisfaction of judgment letter before receiving payment? We want to negotiate the 40% lump sum in order to close on our house by month end.

[@MichaelBovee]

I would do the revocation in writing. You have no shot at getting the satisfaction filed before payment being received and funds clearing. You can get the settlement agreement in writing before you pay, and that document, along with proof from your bank account that you paid, can help you make progress on a loan while you wait for the satisfaction to be filed.

[@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.

[@dathoang6993]

Michael, i have few account from navy federal but the last paid statement was Oct, 2010. what should i do with this account. it's still on my report. will it get off my report soon? i am from new jersey. please reply. thanks for the help

[@MichaelBovee]

Check out my article about debts dropping off your credit reports from age. It sounds like you are real close to that happening. You were never sued for these debts, right?

[@Niaswrld]

GOOD STUFF!

[@0Clappy]

Hello Michael, I have a Synchrony Store Card (Amazon) Account turned over to Portfolio Recovery Assoc for the amount of 1,712. The card itself was about two years old and the debt has been in the debt collection agency for about 18 months. I would like to settle for about 500'ish. I have several other negative accounts on my credit report. Moreover, I have recently been added as an authorized user of a credit card from a friend, so that gives my "I'm reaching out for help strategy" more validation. Is this a realistic goal?

[@MichaelBovee]

Settling with PRA is a realistic goal. But getting them to go that low may not be. Be ready to add a little to the deal if you cannot get them to budge. And get everything from them in writing before you pay.

[@jdalia143xo]

Wondering if you have advice for a specific type of debt. I enrolled in school in 2016, could not prove my residency, so I had to drop the classes. I dropped after the drop date, so the school charged me the out of state fees for the classes that I NEVER TOOK! I went to the school to get this resolved in 2016 but was run in circles and never got it resolved. Now in 2020, it is still in collections (about $5800) and I cannot get my transcripts from the school because it shows as a hold. Is there a way to get this taken off or is the only way to pay it off?

[@MichaelBovee]

Could you have proven residency at that time? If your existing credits are important to your future goals, I do tend to see settling the debts to be necessary in past situations like this. I saw that you scheduled a phone consult with me tomorrow, so can talk through more details of your situation then.

[@katieivins1116]

Good afternoon, I have a judgement against me that is over 10 yrs old. The company I’m dealing with is Pressler and Pressler in nj. My question is this, when I try to look up the judgment online with the judgment case # I can’t find it anywhere. It seems to not exist. I’m on the nj court web site and I see other things from 1997, but not this case. I just can’t find it. Do you think they didn’t renew or file for extension.

[@MichaelBovee]

Even if they did not renew it, it should still show up. You may want to call the clerk of court or even go down there to figure this out.

[@turboredcart]

Hello- I love your videos. On credit karma I noticed a new credit card is on my credit report -it says joint- it has $1000 limit and the user charged $800. I phoned synchronacity to tell them about it- but I cant get thru the voice menu- because they ask me "my" account number. I dont know any account number, as I never applied for this card. When I googled that card is for lasic eye surgery or dental work I see dozens of people have this same problem..

[@MichaelBovee]

I would dispute the item as not mine directly with the credit bureaus that have it showing. Check out this page for disputes: consumerrecoverynetwork.com/dispute-tradeline-diy-credit-repair/

[@GodLike_Wave]

Hey Michael I have a repo on my report from 3 years ago... the repo was from “West lake financial” and they sold the debt to “Collins Asset Group LLC”, my debt is $6,680. do you know by any chance what’s the lowest they’ll go ?

[@MichaelBovee]

It will vary from one person to the next. Do you know how long they have had it already? Has it gone to an attorney? Do you have accounts showing as positive and being paid each month on your credit reports (home, car, student loans, credit cards)?

[@shahsmerdis]

Hi there, do you know typically how much a debt collector from citibank would settle for on a ~10k debt, they have a default judgement (long story) its 3 years old the judgement but the case is from 2010. Perfect talking points! I really appreciate the video. I Was told ~30-50% is about right. What would be right cost for lawyer handle this?

[@MichaelBovee]

Judgment debts often settle for 50 to 100 percent of the balance owed at the time of negotiations. Lower than half is not common at all on judgments, while higher than half is. Professionals fees for negotiating are all over the map. You call in for a consult at 800-939-8357 ext 2.

[@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

[@lorikat1163]

Is there a way to get State Tax collections off your credit report if you don't have any income? additionally, someone filed my taxes under my name which were incorrect to get a BK13 to go through, and I amended them immediately, but apparently put them on the wrong form even though I wrote across the top AMENDED. I was owed quite a bit of money back then and they won't return it after 3 yrs, but they will come after me for 7 yrs for back taxes. doesn't my amendment hold any regard in their processing, particularly since I didn't sign the original "estimates" that I didn't know were being sent in by my BK atty? He said it was just to get an idea of the numbers to calculate my repayments. HELP!?! I'm in Utah if that helps!

[@MichaelBovee]

I would contact an experienced CPA or tax attorney about your amended returns. Many state tax liens are being removed this month, but not federal. See this video: kzbin.info/www/bejne/sHSuaWOYm8uJr6c

[@XER239]

5 yr old judgement with MCM, another held the paper before them,2 attempted bank account levies in Florida, what percentage from you're experience can be negotiated?

[@MichaelBovee]

judgments tend to settle between 50 and 80 percent. There are some limited situations where people can get lower, and also a small number of times I have seen collection law firms hold steady at the full amount.

[@deepthinkerrising5696]

hii i need small information i have a twocredit card one with bofa and citi with total of 14000$ i cant able to pay because i have meet with a immgration problem and i cant able to come to usa at all is there any changes of catching me in india

[@MichaelBovee]

I have not seen Bank of America or Citibank pursue legal collections on US based debt, outside of the US or its territories.

[@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.

[@nunez300c]

Great info. Right now I been and keep getting calls from collectors regarding school loans. Been paying 1 loan out of 4. Do they sue if I don't pay? Anything I can do to waive any interest?

[@MichaelBovee]

Are your loans federal or private? Are the loans in default and been assessed the large penalty that comes with that?

[@georgethorne4519]

Good info. Mr. Bovee. My situation is this. I have a collection account for an electric, from the UI Company, that originated in May of 2019, for $1200, with IC Systems. I have read reviews about them and they were horrible. Is this something you could handle, and what would that cost me?

[@MichaelBovee]

I typically do not work on utility bills.

[@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.

[@brenci14]

Hi Michael, I'm wondering if you have had any experience with PSB? They are attempting to collect on a $15K medical debt from Mayo Clinic which we have been making very small payments on. They called yesterday threatening to send the account to an attorney. They said they could offer a payoff of $7K. I counter-offered $2500, but they refused. The collector says I have until tomorrow to come up with a plan, or they will send it on to the attorney. I am assuming this is a ploy, but I really don't want to be sued. Any idea on how low percentage-wise they will typically go to settle? This was the first phone call or contact of any kind they have tried to make stating that the payments were not sufficient. Thanks so much for your guidance!

[@MichaelBovee]

That offer from PSB may be as good as it gets, or you may be able to negotiate a better reduction, perhaps closer to 5k, but not 2500. Can you raise the 7k? If not, what about 5-ish? Established debt collectors that are collecting on legitimate debts will not make a threat of suing unless that is indeed the intent. I am sorry, but that is where this is likely headed if you cannot reach a deal with them. Bankruptcy would put a stop to any of it, and likely for the least cost if you can do a chapter 7. But settling now would be ideal.

[@Joy-eo3nv]

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

[@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.

[@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 ..

[@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?

[@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 🙏

[@jacobtrung5528]

Thanks for the advice! I've been receiving letters from FIRSTSOURCE ADVANTAGE LLC regarding my $815 BofA debt that was charged-off in 07/2013 Sounds like a little compared to others but I have no money to pay these debt. I have not paid a penny since and don't know how to tell them I can't pay the debt. I'm 27 and want to remove this debt in the best way and lowest cost possible. Can I still contact BofA direct to settle this debt as "Paid In Full" instead of paying FIRSTSOURCE? What would you recommend?

[@MichaelBovee]

You cannot pay settle for less and then get Bank of America to say that you paid in full. BofA will update your credit reports to show there is now a zero balance owed. It will show as a resolved collection on your credit. That is typically fine, as it will allow you to rebuild and accomplish major financial goals. I find better settlement deals with a collection agency like First Source than by working to settle with Bank of America.

[@jacobtrung5528]

Called firstsource - they declined to settle my offer at $210 and "spoke to supervisor" and came back with a counter-offer for $325 and asking for a "check" to be issued from my bank to take care of it. We ended the phone conversation with me declining the counter offer. He mentioned to call them back if I decide to take that deal. Should I just sit on it and wait for them to call me back and wait until they accept $210 or do you think I should take the $325 deal? ***Also sorry the debt is $716 (not $815).

[@MichaelBovee]

I would likely be shooting for 250 as a realistic outcome. The difference is not huge on small balance accounts, and some of us would just have it done.

[@DarkAshnikko]

True Accord LLC, Balance is $265. (2 years old) Just wondering if i could chop that in half or at least take a portion off. I also have one (Convergent i think) that is $269. (6 months old) And Knight Bureau in SLC at $600 (6 months old)... Any chance i could cut down on any of these?

[@MichaelBovee]

I would be shooting for 50% off or more on all of those if it were me. Remember to get any settlement in writing before you pay.

[@TheFriendlyTroll]

Great video. QUESTION: You mentioned that debt collectors have access to our credit reports. I'm being called now by one who is working on consignment with a local moving company who damaged my piano so I withheld payment. The mover never got my SS# or birthdate -- and I never gave it to the debt collector -- so is there a way they could have accessed my credit report without that info? Many thanks.

[@MichaelBovee]

I would assume they do still have a way to view your credit reports.

[@ICruz1387]

My sister received a summons court papers on sat 11/11/2017 for $2,800 that a debt collector is suing her for a sears card balance of $1,900. What can she do? She is so stressed. She has a newborn working part time and is barely making ends meet. Any advice? Can she contact the lawyer and see if she can reach a settlement or contact the debt collector directly even if they are already suing her? The debt collector that is suing her is called Midland Funding LLC. Please help. Thank you.

[@MichaelBovee]

Once the collection law firm is involved you pretty much have to deal with them to resolve the debt. Check out this article about dealing with lawsuits: consumerrecoverynetwork.com/question/can-you-negotiate-and-settle-a-credit-card-debt-if-you-are-being-sued/

[@christianbove870]

Is it better to have it say "paid in full" vs "settled in full" on your credit report? I have a debit with PRA for $806. I can pay it in full. I know I can try and settle for less but if I pay it in full will it be better for my credit report?

[@MichaelBovee]

I see people get the same mileage whether paying in full or settling. The only thing those trade line comments are good for is manual underwriting. And hardly then. What credit or finance goal are you looking to accomplish after this?

[@Aiijuin]

Can a free debt relief company, such as InCharge, help people manage old debts, such as collection agency debts? I had InCharge mediate my bills for me five years ago, when I could no longer keep up with payments. They worked with my creditors and I paid off over an $XXXXX debt in five years. My credit card companies confirmed my debts paid, and sent me closing statement letters to confirm each complete debt payment and account closures in the end. Would a company such as them be able to step in as a third party to third party collection agencies trying to collect what is owed to them?

[@MichaelBovee]

Nonprofit credit counseling agencies are often not effective at dealing with older collection accounts. They are not accustomed to negotiating for less than what you owe (with a few exceptions). But call InCharge and ask what they can do for you. You can also post the details of who you are dealing with, the balances involved, when you stopped paying originally, and I can offer feedback.

[@jerry44687]

What's reasonable settlement percentage target for Credit One/Midland? My daughter has two credit one cards of about $1200 each that have been sent to Midland. About 3 years since last payments. I have an offer for about 50% now. Good to go, or keep pushing? Daughter has no job, with medical issues that make employment unlikely.

[@MichaelBovee]

50% can be as good as it gets with Midland sometimes. Many people struggle to get that low.

[@jamainesmith9952]

I am trying to pay off a debt from a collection agency and I need a letter from them stating that it is being resolved so I can give it to my landlord to rent an apartment it's only about a $1586 debt will I be able to negotiate seeing as tho I don't have the money to pay a lump sum? Also the debt is 5 years old and it is from CBSA collections in Stillwater ok and I have seen nothing but bad reviews on them

[@MichaelBovee]

All you can do is try. And I do not believe there is a single debt collection company out there without bad reviews. They are debt collectors. You can be sweet as honey and nice as pie, but the nature of the work will always be negative.

[@dolllover2132]

Yes I would love to do on my on because I don't like the debt consolidation company they try to get more money out of me thank you for your help

[@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

[@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.

[@ivaan0o3]

With the Covid-19 pandemic, is this a good time to try and settle collection accounts? I have 7 medical bills in collections. I have tried to reach out to each agency but it appears that many are closed.

[@MichaelBovee]

We are having a hard time reaching collators of every flavor and type too. Keep trying. Yes, the coming months will provide good settlement opportunities. Not everyone will see improved savings and flexibility of payments.

[@megankelly6682]

Michael Bovee was the

[@ernestkennedy3139]

Hi Michael, just finding your videos. I bought myself (thus far) 6 months from being served with Discover Card, via F-G & G in New Jersey. Once I was served I responded, went through the whole process of request for admissions and interrogatories with the goal of saving money. The date of last payment on the debt is from June 2017, charged off in Jan. 2018. I owe 21,000. I'd have the card for 5 years prior to the diliquency. Do I wait until they revisit the courts and file for a court date or do I call them? How likely that they take 50% lump sum of the debt? I'm expecting an inheritance as my brother recently died. My goal in challenging it was to be able to save up a large portion of money. My hardships were a major medical trauma followed by a divorce within a year's time span. Have been paying minimums on all other cards and mortgage, though was late with that a few times last year, which they will see.

[@MichaelBovee]

You will likely be able to settle for between 50 and 80 percent. If it were me, I would have those discussions now, and if not successful, continue the effort leading up to the next hearing, and even outside the court room if necessary.

[@teresalundholm3254]

Michael- I have $14K owed to Discover, and try levied my Chase checking account, and luckily I only had $14.00 in it. I’ve kept my $ out of my account. Do you know any negotiating terms with them? Also, I am was on a payment plan with a law firm who is collecting for AmEx. They had the sheriff levy my bank account, the sheriff dept sent the $1270 to the wrong persons account with another law firm. I’m trying to get that released to credit my account, but there is no movement on it. I pay the AmEx pmt of $150 a month and have $1350 due if I include the $1270, that should be credited to my acct. can you advise?

[@MichaelBovee]

You can often settle judgment debts for less. Do you have a way to pull together between 50 and 80 percent of the Discover balance in order to settle for a lump sum? How long ago did the sheriff mess up that payment? I would look at noticing the court of the issue if it were me.

[@blackmasculine1]

Awesome video.

[@jimmybritton1028]

If I settle with a debt collector or even pay it... Is it possible they will remove the record from my credit report or is that just unheard of? I have something called Credit Systems on mine for 4 small medical bills.. I want to work it out, but didnt know if some will remove it from your report if you pay or settle.

[@MichaelBovee]

Paid medical debt does not hurt our credit reports like they once did. I would not get too hung up on the credit reporting deletion. See this video: kzbin.info/www/bejne/enyoh4WnotWjbdU

[@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/

[@lydiaoaks6448]

My student loans have been passed down to Conserve collection, doesn't this forfeit contract between gov and I? I'm also just finding out they have taken my taxes in April and applied it to my loans.

[@MichaelBovee]

I am not sure how to interpret your forfeit question. There really is no way the government forfeits their collection rights unless you find a way to discharge federal loans in a chapter 7 bankruptcy.

[@1changaloka]

Hello, dealing with Midland Credit Management. Defaulted on A judgment. I jus don’t understand how that is if there is a court date of October 2021. After reading the fine print with a magnifying glass i read i was supposed to respond within 30 days of being served??? Now what??? I am in California can you help me? Do you have experience dealing with a debt collector junk buyer?

[@MichaelBovee]

It sounds like they got a default judgment. What is the balance owed on it? Are there other debts besides this, and if so, what do they all add up to?

[@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.

[@Epylon]

In the case of a medical debt where a judgement was made and now sits on your report. What is the best course of action? We have $5300 med bill with a company called Accounts Management Inc out of Souix falls SD. However upon calling them they transferred me to an unknown source. She did say once during the call that she worked with Avera but I dont know if this is true or not.

[@MichaelBovee]

State court judgments generally no longer appear on our credit reports. Double check and see if it indeed is the judgment appearing in the public records section of your credit reports and let me know. The medical collections tradeline (non judgment) is normal. Paid medical (whether in full or for less) really does not have much of an impact on our credit scores these days. What is your goal? Who was the law firm that handled the lawsuit?

[@amandahphx]

I have a debt that was originated through BofA but now resides with portfolio recovery for about 5200. My last payment was made in 2012 to BofA. What kind of settlement should I be looking for? Should I dispute this as being too old? My credit report shows the account being opened in 2013 though. Not sure if that's when portfolio recovery got it. I live in AZ if that helps. Thanks!

[@MichaelBovee]

What month in 2012 did you last pay? Does the BofA tradeline on your credit report say when it is scheduled to come off? The PRA entry should come off at the same time as BofA. It is passed 6 years since you stopped paying, and is likely coming off your credit reports soon as it is. Do you have an immediate financial goal you are trying to accomplish?

[@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.

[@ced6660]

NCAC in Texas is claiming I owe4000 for an apartment collection. I asked for validation but they sent a copy of unsigned lease with my name typed in and charges for carpet replacement and other fees. what is the best way to address an apartment collection that almost 3 years old and SOL in TX is 4 years?

[@MichaelBovee]

Are they suing? Did you ever sign a lease?

[@ced6660]

They are not suing as of now. They have not produced a signed lease.

[@MichaelBovee]

If you are trying to resolve it to get into another place, or if you are trying to improve your credit, you may want to look at negotiating a settlement with them. You would also prevent being sued if you take care of it prior to the SOL in Texas expiring. Are you inclined and able to approach it that way?

[@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.

[@louzola8677]

Great vid Michael, I have a issue going on with Clearview Debt Holdings. They purchased this and are attempting to collect on a high interest loan I took out about a year ago, They call everyday at least once and insist they need to speak to me on the phone and not work out something by e mail or post. They also had someone call about a month ago stating he was going to be escorted to my place of residence to serve me and I should be home between the hours of 9 and 12. Needless to say this person never showed and the number he called from was listed as no longer in service when I attempted to call back. Is this practice legal? I have saved the voicemail from the call I received.

[@MichaelBovee]

I would take issue with the threats for sure. Talk to an experienced consumer law attorney in your state. And check out this article about debt collection scams: consumerrecoverynetwork.com/question/debt-collection-scams-fakes/

[@kateh8151]

Good day! I am glad to have found this channel. I am sincerely asking for directions, please help! I have two accounts in collection (Midland and Cavalry). I have been diligently trying resolving the situation, but I feel like I hit a roadblock. I have sent numerous settlement offers and “pay to delete letters” to CAs and also several letters and emails to the attorneys assigned to my accounts, however, NO ONE is getting back to me. For the past five months, I have been sending/emailing follow ups and I get absolutely nothing back, no response. I have spoken to several attorneys in my state (AZ)- legal consultation, but because I am wanting to settle before the case gets to court, they cannot really help me. What else can I do? TIA.

[@MichaelBovee]

I typically want to call in to negotiate, not send mail. You do want things in writing, but from them, and before you send them money. Cavalry deletes if you resolve the account with them. They do it for everyone as a matter of policy. You do not have to negotiate this as part of a settlement. Midland Credit also deletes when you resolve a debt with them. The account has to be more than 2 years since you stopped paying the original creditor: consumerrecoverynetwork.com/midland-funding-mcm-encore-receivables/

[@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.

[@carlosjlanderos]

Will LVNV Funding LLC remove my collection debt from my credit report if I pay it in full?

[@MichaelBovee]

They are not doing this as of now.

[@vincekeovanxat563]

Hi Michael, my student loan debt collector is ECMC - Educational Credit Mngmt Corp. The loan has been in collection since 2009. I've had my wage garnished for a few years and my tax returns for the past 7 years has been applied to the debt by the US Treasury. Can I request for a transaction statement for the life of the loan to see what I've paid and how much interest has accrued? Last time I checked, they said the loan is about $20K. How much do you think I can settle for? Please help!

[@MichaelBovee]

You cannot settle federal student loans. You can get out of default and get on an income based repayment plan, even if that payment is $5. Talk to ECMC about what will be required.

[@DianaRodriguez-ot9kk]

Hi, I have a 4K debt with General Revenue for a university fee I didn't pay. Im experiencing financial hardship which i explained but I gave them money 50 dollars the first time they called however I was wondering if this company is known for reaching settlements? Also I didn't pay last month(September) but if I could come up with maybe 1500 borrowed do you think they would accept that? I just want this one gone, they were very rude on the phone but never threatened to sue. They do call often I just have other accounts to pay about 6k in other cards so I can't give them 4k at once.

[@MichaelBovee]

Most thing are negotiable. The deals you can get will vary though. Who are the other accounts with and what are the balances? Some of those may be a bigger priority.

[@DianaRodriguez-ot9kk]

American Express is about 4k and Discover is 2k but I haven't been late on those payments i always give at least 100$ I just had hours cut at work so thats why I haven't been able to pay them off faster but those Im never late on. The 4K from Collections is the one I haven't been able to pay.

[@MichaelBovee]

Okay. When will you be in a position to pay a settlement of, say half the balance owed?

[@nelsonsummerall9151]

whats does KLS FINANCIAL SERVICES settle for in your experience?

[@MichaelBovee]

Who are they collecting for?

[@fmspec]

Hi, i have a charge off on a $20,000 limit Bank of America credit card, i currently owe $11,000 but the sent me an email to pay $3,000 as settlement. Do you think i can negotiate to pay the full amount owed instead of the settlement amount for a chance to still do business with them in the future? i miss my Bank of America credit card. I need your expertise advice

[@MichaelBovee]

I cannot say whether they would offer you another card again in that situation. They do tend not to if you settle for less.

[@jsalgado1226]

Hello Mr Bovee I currently owe PayPal credit 2180 and am 3 months behind how long should I wait with them before charge off or when will they begin to offer settlements?

[@MichaelBovee]

I would not wait for them, you can be proactive in bringing up settlement. If it were me, unless I get a pre approved offer, I would typically wait until 5 months late to bring in up on credit card debts.

[@zerospecs2331]

Hi Michael, I received a Warrant for Debt earlier in the month, court date is May 16th. The total amount is 1101.75. I don't have a lawyer, and at first I was thinking about going to court, but I am considering trying to reach a settlement outside of court- so long as the case will be dropped and they will be removed from my credit report. I said I could do $600 of the 1101, over a few months, but they want $937 upfront, or the 1101.75 over a span of time---which I want to avoid. For me, the sooner I can pay (if need be) and handle this, the better. Any thoughts/suggestions? Or should I just call? lol Thanks! -Liz

[@MichaelBovee]

I would call for sure. You will not likely succeed with negotiating credit removal, so I would not get hung up on that. Who is the plaintiff, and who is the collection law firm?

[@dianaruedas211]

Right now I am dealing with Capital One, I owe them $$3,800 & I got a letter in the mail by a law office representing them saying if I don't respond in 30 days the amount owed is assumed to be mine. I am willing to settle for a less amount because this has been at least a year and a half overdue. What should I do? If I ask for a settlement in writing is an email by them okay?

[@MichaelBovee]

Getting settlements in writing by email is typically okay when it is an attachment. This article describes content to look for in the agreement: consumerrecoverynetwork.com/debt-settlement-letters-agreements/ Getting collection law firms to settle can be more difficult than settling before your account took the legal track. Who is the collection law firm involved?

[@ChristinaBurtonRidesMoto]

Hi Michael , thank you for all you do . I have a Chase on credit report that shows a balance of 17,000 zero payments since 2019, lived in Hawaii ,recently moved to CO and now trying to clear up my credit score /report. This is the only debt I have. Was using National Deb Relief and today I cancelled realizing I can call myself and settle. Using the five grand they will be reimbursing as my starting. Should I call them myself or call one of your people to call for me?

[@MichaelBovee]

I would call Chase and find out who they have your account out with for collection. If it is internal with Chase at that moment you can talk to them about settling. If the account is with a collection agency you would then call that company to negotiate. You can negotiate with debt collectors yourself. If you are nervous about it, or simply want someone else to do it, help is available.

[@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?

[@BAYLAvida]

Hi Michael, Thank you for creating this video! It's super helpful. I have a private institutional loan that just went into collections and received the letter on the 17th of this month. The collector is COAST PROFESSIONAL INC and they are seeking $13,478.81 which is something I definitely do not have. Just trying to learn more about what I should do because I feel pretty stuck...

[@MichaelBovee]

What is the debt for? Who is the original creditor? I can offer better feedback when I know those details. Also reply with what your goal is for resolving the account.

[@kylerace1]

I'm dealing with Volkswagen credit with a 20000 balance due I only have 5k saved up can you give me some advice on them

[@MichaelBovee]

Is the 20k owed after the auction? How long ago was the auction? Is anyone other than Volkswagen collecting now?