Why you should NEVER stress about defaulted debt
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- Опубликовано: 8 сен 2024
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➤ LINKS MENTIONED IN THE VIDEO
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Make sure you make your house payment first. The other stuff, you can deal with. Make sure your home is secure.
Great advice. I hope this information stops people stressing themselves out when the debt companies just don't care.
Thank you .
Wow I never thought of it like this I was stressed and depressed I was having sleepless nights overthinking I’m at ease now God Bless you brother
You right, when I struggled financially I rang the bank and there was no help from them. I only asked for some time to breathe and guess what? They didn't offer me a payment plan because my expenses were more than my income. In the end I gave up and I prioritise myself and yes I will pay them back but I'm not going to be anxious every day about it because they really don't care. The back financial advisor talked to me like I was a piece of s...t. and here we talk about a £ 2000 loan which I never failed paying until I lost my job. Your absolutely right xx
many of us have been there
so grateful for this video and for your sound wisdom...i've literally come a whisper away from being homeless just to pay off a small credit card debt that I "hired" a debt councilor to handle...I end up paying this company almost as much as I pay my creditors... There is an entire industry that makes money off people who want to do the right thing and not declare bankruptcy.
I know this is dark but I want to share it because I know I am not alone. I found your video because I searched: "suicide and money problems." .... I know suicide is NOT an option, but the shame that accumulates in our society around being broke can tragically lead you there. Listening to you video was so helpful because you take the shame out of something that many have. Thank you, truly.
You’re very welcome
I get how you were feeling. I’m in extra debt to help my kids cause I didn’t want them getting bad credit so I took extra loans cause I already have bad credit now getting them to pay me back is like blood out of a stone. I’m last on the list of paying back. I wld be fine if they paid me back regularly but not helping them with $ anymore cause I’m struggling financially and I’m sick of it
Because of u I sleep easy at night... may u be blessed immensely my friend
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Great video my story I had 2 credit cards that I maxed some years ago minimum payment each month was just keeping me afloat then I lost my job thinking I would have another job in a month or two I used one to pay the other definitely a bad move soon I defaulted. Should of defaulted the moment I was out of work would of saved me some more debt. Went to collections started paying token payments of £50 month per card. At least there was no interest going on the debt, 7 years on still have some debt as £50 month adds up but not the much. No longer is it on my credit file I acknowledge I still have some debt left on these noting the one with the collection agency has offered me a part payment in the past which I could not afford anyway the one that stayed with the bank collections never offered me a part payment I guess this is because they never sold it to a debt collector. Luckily I am inheriting a large sum of money so I can soon be debt free.
Morale to this story credit cards can be dangerous if used incorrectly would never have another one
I must say thank. Before I watched your videos I used to be like that. I was raised not understanding finance and debt and being in debt used to stress me out. But now no more stress. I pay £1 per month and I'm stress free. No ones bothering me and I can afford to live and put my money towards me and my family.
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how do you get into the position where they accept £1 a month, when minimum requested on statement is £900?
@@paulc3749 read this article:
www.therealdebtguy.com/articles/token-payment-method-and-debt
@@paulc3749 it's exactly what you just said.... It's the request of a payment.
My advice would be to look back at Oye videos and he'll help you or contact him directly. His advice worked for me.
@@Oye_TheRealDebtGuy , thank you Oye, it’s really appreciated 🙏
Thank you so much brother, gonna share this video with my mum as she's a pensioner and stresses all the time about her debt to the point she gets migraines at times. I've watched both my parents work very hard yet struggle financially their whole lives and I realize the problem is financial literacy. I'm going to make sure this video gets out to more people because as you said, the big players at the top know this information and use debt to their advantage whilst those ignorant of this struggle to no end. May God bless you man.
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This video has saved my life you don't understand. Token payments I haven't heard of until now. What a star if I could hug you I would ❤️ ❤️
I’m glad I could help. 🙂
thank you im now sleeping at knight im .was in porsonal debt of £27.000 and got my payments down from £790 a month to £80 a month so thank you so much for all your help
You're very welcome
How did you get it down to 80
@@Icemanr85 £13.000 to £40 £6000 to £15 £7000 to £ 15 all a month £3000 to £10 all a month I sent a budget sheet that you can fill in and down load from national debt line its good for that and you can put anything down they all agreed and they stoped all interest on them all .you can also download that form from national debt line just google them do it all yourself and send letters with offers reg post. singed for .they have no choice but to except good luck.this was all thanks to Oye and Im going to get it down to £50 a month for all of them soon they can't do anything its a unsecured loan so get on to them
Congratulations on your "Why You Should NEVER Stress About Defaulted Debt" inspirational thanks for sharing. Debt To God. 🙏
This is exactly why I'm here! Thank you for breaking it down this simple.
You help so many people mate, more people need to hear your content
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I care about my debt because of my credit score not because I owe them money. Without a good credit score, which btw is a truly flawed system, I can’t get a mortgage or end up paying more with bad credit.
But if the debt has already defaulted. It won't really make a difference
A defaulted debt is bad for your record for 6 years.
But a defaulted debt is bad for your record for 6 years whether it's paid off or not!
These defaults take around 350 points from you, but after a couple years only 300, then a couple more years 250.
Not exact figures but the point is that given time, lenders don't see them as quite as bad of you've been behaving well since
@@kerrywilliams8975It matters. A debt collector got a judgment against me and since I'm self employed and they can't garnish my wages, they took the money out of my savings account, $6k.
If the amount you owe is large enough, they WILL go to court for it if you don't set up payments and pay it.
True until they garnish your wages then it may cause you to lose your home and car so be careful listening to these tactics
Wow! What did you do for this to happen to you? Unsecured debt is non priority. FYI I'm a qualified Financial Adviser.
Absolutely 💯 agree iv been thinking like this for a few years and started a business when I was 30k in bad debt
I defaulted on the full 30k but just pay small token payments and then forgot about it and put my focus into earning learning and investing. I’m so much better of financially and happier for it.
Very good advice
Keep up the excellent work Oye 👏
How long ago did you start the token payments? I’m in the same amount of debt. Has anyone bothered you? How much was you paying beforehand and i take it you’ve managed to live a more comfortable lifestyle now? That’s all I want, to be comfortable and help my family as they are suffering with mental health and my mum on her pension
Good to have you back on RUclips mate. As always very useful information.
You're a LEGEND.
Thank you my friend. 🙏🏾
Hey Oye, watching your video has made me believe there is light under the tunnel. I will try and summarise this, I bought my buy to let flat off plan in 2007 for £118,000 (discounted) by 20%. I paid a deposit of of 15% (£20,842) but by the time the flat was completed, it was valued under 100K. I held on to it thinking the value would go up to it decreased instead. Lenders changed hands but its too much for me rent couldn't even cover the mortgage with high service charges, ground rents etc. I have just managed to negotiate with the lender to sell it but I'm given condition that I will still owe nearly 50K and they will be reviewing my income and expenditure and also to put a charge on my family home or any home that I might own. This was my pension! I can't believe have been working for lender all this time and at the end, I still owe so much. How can I get out here please help
Bankrupsy, the house is gone anyway if you own anymore property you need to move those under a trust fund and appoint a trustee of someone you trust like family.
Really useful advice. I am so stressed, getting emails and texts about a debt 9 years ago.
They have just put a ccj on my credit file in February. Until then, my credit was OK . Now I have a white letter that doesn't even look real saying about a court that's so far away I couldn't go to , at the end of March. I was hoping they'd go away after 6 years, so nine years later, getting harassment. One, I don't even know what it is. Moved away so many years ago I can't remember.
I'm sure I read that if a debt is over 6 years old it's 'Statue Barred' I think it's called. It means they cannot take action on the debt even though the balance is still standing due to it being older than 6 years old. They won't tell you that cause they want the balance paid, but if I had debts 9 years old I would get advice but if what I read is correct they can ask but there's no legal obligation for you to make payments now. Double check though.
In Florida credit card debt, and in most states is only five years so your dad is time bard. There’s nothing they can do tell them to pound sand.
Very cool music, very uplifting while dealing with the major streasor that is debt, you get me?! you are like Martin Lewis and you should have your own show, podcast if you don't already! Huge gratitude to you, yo!
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Yep, focus on future!!!!! Thanks for all info looking forward to finding out more on getting rid of debt!
Wow its helping me understand and think about my debt and priorities ive been so worried about how to pay £22000 off ive just sorted out a debt management plan and still worried but this video has actually made me feel more calm and able to move forward thank you
Bravo mate. I bet this job gives you massive satisfaction. Helping all these people.
It definitely does
Absolute Legend
You're such a bloody legend. One day I want to be in a position to drop you a genuine massive thank you for all your work. I can only share, comment like for now, but just now if I could, I would do more to say thanks.
🙏🏾 I appreciate that.
Thanks Oye, came across your channel earlier this year and your advice has been a real blessing. Thanks for the tips! You're making a real difference. God bless you
Thank you very much. Honestly u changed my mindset. I'm more happy after watching this video. And I always come to it every now and then to watch, just to feel happy again. Thanks man💙
You're welcome
Excellent points! Love the hair too!
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My mindset switched instantly thanks for the advice im going to watch stress relief stuff 😮 who knew it was that simple
Because a default on your file cripples your credit file and you lose maybe 350 points and it becomes harder to obtain more dept while the default is marked as unsatisfied.
So you should stress about defaulted debt because it will be harder for you to get acquire more debt for you to stress about?
@@Oye_TheRealDebtGuy No, don't stress about having a default on your credit file, or stress in general, this should apply to most aspects of someone's life not just having a default. But people should understand it does have a negative effect when applying for future credit if left unattended. The whole topic is regarding a default, so regardless of being stressed or remaining calm, the issue remains of still having that default on your credit report for 6 years, and the whole aim of building credit is to obtain more credit, otherwise what's the point. There's certain do's and do nots when building your credit for lenders to see, and a default is a big red flag so my opinion is if you have a defaulted debt on your file, clear that debt so is marked as satisfied and carry on as normal obtaining debt. But this is just my opinion 🤷
Thanks for your videos man.. Just sorted out a loan.. went to default and paying a 5 er per month... You are as good as gold my brother..
I’ve been making on time payments to my SBA loan. Over $4000 I’ve paid, and my balance is still the same😒 I’m exhausted, and don’t understand why my balance is still the same after 2yrs of making on time payments
You’re paying the interest off first! 😂😂😂
Great video! I'm glad you're back.
Is it easier to remortgage with a bad credit than getting a mortgage in the first place?
Can you also make a video about hire purchase please? I'm getting to the point where I can't afford the monthly payments on my car and I just want it gone. But on the phone they always recommend stepchange and debt charities. I'm not halfway yet so I guess I can't volunteer terminate the contract.
Thank you.
@@samcasamassa It's a Hire Purchase. Thanks for the reply.
Good to see you again!! 😄🔥👏🏽👌🏾
Well, one reason a person may wnt to consider paying it, is they can sue you, I had it happen to me.
you need to follow my channel
Absolutely love this video goes straight to the root problem...pure bars over here👏🏾👏🏾👏🏾👏🏾
Genius wish my parents had this understanding
OMG 😲 your video shows up at the right time, and it's the first time watching your video, not the last.
I'm so stressed and worried about my debt and how Am I going to get off of it.
Your message was very clear and has been very reassuring.
Right now, I feel so relieved it's like you took my worries of my chest within this 10 minutes of watching.
Thank you sooo much for this video
Bless you 🙏🏾
Came here to understand if there are technical ways to deal with defaults not mental state . Apple has a revenue stream and billions of dollars in the bank , a lot of folks are unemployed and what are options for them instead of restructuring and going into more debt ?
click on this link and navigate yourself based on your situation for your answers - www.therealdebtguy.com/help/i-need-help-with-debt
Really great advice about mindset.
Thank You !
Your the real deal bro . Thanks for your help
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Exactly how I think. But my wife is so tird to the American FICO score. I could stop making these debt payments today and suffer the consequence but be in a better financial position. $500 U.S. per month debt token times six to twelve months time to potential judgement pays off most debts in total. Not to mention, we'll likely settle for a fraction of that.
Hiya Oye, good to see you again, great advise as always.
Thank you my friend.
Your website is absolutely phenomenal, thank you!
I'm very glad you like it!
I am currently in a debt from loan apps amounting to #1300000 and overdue charges coming on it on a daily basis with all sought of calls and insults from my lenders. Please how can I get out. I need help
You are a blessing, I’m so glad I found you! 😊
I believe Apple is not stressing out as if they asked to pay off, they can do it. They only use it so more credit is available if needed like we, privates do with our credit cards.
Nice. I am here. I have cash, but i dont want to live on debt anymore 🤷🏾♀️ can buy a new car, i dont need a new house, dont buy on credit card anymore. Its ok not to have it for 6 months.
Love your channel! Can you please advice what energy companies can do re the payments once you’re at deadlock? And have 12 months to complain to the ombudsmen ? Thanks!
You sir, are a fucking hero thanks for putting people's minds at ease! as I got in a bad situation where i was using credit cards as i didn't have a job ect and it spiralled out of control when i couldn't keep up with payments it kept getting worse, I will/have used your advice for atleast 1 card at the moment and set up a £1/month token payment See I'm hoping they just keep reducing so i can/would be willing to pay 70-80% of the debt
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Hey, how is the situation now? Did they reduce it or anything ?
Hey, Mate, if you've got outstanding balances on credit cards or other debts and they're hounding you for the full payment, just ignore them. They'll persist or attempt to pass on the debt elsewhere, ultimately leading to a potential reduction. Expect emails pressuring you to pay; disregard them to potentially negotiate a lower amount. Be cautious, though - this strategy might harm your credit. The key lesson I've picked up is not to stress over these matters. When you receive an email urging you to pay the "full balance" with provided login details, log in to explore options to reduce or pay your preferred amount. Also, steer clear of unnecessary expenses forms
Thank you for the incorrigible message. I appreciate your effort 👌 💪
Great video thank you soooo much, in regards to token payments should I be making this just before the date on which my direct debit is due to come out?
I pay £50 a month on a £9000 debt after finding this guy. Feel a lot better about it now im paying at least a bit.
@@orange300-ct8fc day trading crto. £1000, I do wonder how you got your self into debt 😉😂😂😂😂
@@orange300-ct8fc I pay 0 interest actually
How did u manage to do this?
@@AshFx86 right to them directly and state you are in financial difficulty and offer an amount of money. Make sure you keep all contact by email so you have a copy of it all on record. Even if you default to a token payment some months they are not that likely to take you to court if you pay something.
Also, when they as you to fill an expenditure form out. Just re send the same letter and don't do it.
Always a pleasure to see your videos
Good to have you back my friend
This video can save lives, thanks for this video man.
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So informative, thank you so much Oye.
I’m paying only my ccj nothing else ii learn if you ignore it nothing happens
Nice to see you back Mr 😀
Thank you.
Bless you young man , you are the voice of reason , you really are very wise and your advice is Sterling .
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I needed this today. 👊
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I was thinking of stop paying my credit card since the interest has gotten so high, I just can't anymore......So the steps are....Stop paying my card I will start getting letters and phone calls from collections...do I just ingnor all those things and never answer them or read every letter and at some point tell them ...I will give you X amount of money to clear the whole debt ? or since it is in collections the debt has been cleared and they are trying to get more money ? Thanks for any info and the video
Check out my site www.therealdebtguy.com
Another brilliant talk
Thank you
Wow thank you.
Welcome!
Great like always, thank you.. I wrote to you before regarding (( how to spend our cash )) and you said you'd talk about it. it was on your last Video here if you want kindly go there... imagine I've been refused to pay for my private dentist via cash? We're forced to put every penny in the bank.
Ah yes. I remember. That doesn’t surprise me that way everything is tracked.
If I just don't care about my credit score anymore. Is there really any downside to defaulting on 30k loan say something like a car or other collateral type loan? Can they come after my house for that or something?
They can get your car they can’t get your home
Oye, when/how does a non-priority debt become a priority debt or enforceable?
Thanks
Blessings for you and your family
Thank you kind sir. I have a new perspective now. I am retired anyway, thus income here safe from my own bank. And they are just predatory agencies. Now I look at my debt balance and cackle. Lols. Gonna see if some fool will sell me a 2025 Land Cruiser. 😂
Revenue stream for the bank
Thank you it is really helpful.
You’re welcome
So good to hear this...thank you
Absolutely Magnificent advice ❤️🙏🏿👍🏿💪🏿👊🏿
That was a great video. I want to ask, though. I read, and credit cards usually won't care of missed payments for 3 months but the 4th month of non payment. Is it where I would be sued? Also, what if I paid the minimum payment after 2 missed payments due to reset the late payment count?
When those letters from the attorneys start showing up in your mailbox and the credit card lenders start blowing up your phone all day be sure to tell them how much debt Aplle owes. Let us know how that works out.
Who is Aplle?
Really helpful thank you. Does paying a $1 amount apply for America? I know everyone is discussing pounds, but idk if America is the same and if I can tell them to pay $1 amount for a while and not worry about it. I have so much damn potential and want to work on myself and invest in myself full time and get my business going rather than working a job that doesnt bring the investment to myself and work and be a slave to debt that isn't helping me. I've been doing it all year and have gotten really no where with no finances or personal goals yet im working so hard. If I could invest in my tools for my art and business I would start bringing in alot in a couple months. This is also pertaining to my credit cards.
Great advice made me feel better, but i don't think Tim Cook from Apple is ever going to get he's massive TV taken away by debt collectors.
Thanks for the message. Subbed.
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Great video. A quick question, do you have to complete the income and expenditure form sent to you from creditor? Is there a timeframe?
Thanks for that advice ❤
I was with you until you said, “unless you’re trying to buy a house, then sure enough to pay it off.” I mean, that’s the reason why most stress because we won’t be able to qualify for loans or credit cards. So basically what you’re saying is if you’re not trying to get approved for a home loan then don’t pay off your debt??? If so, this is the silliest advice I’ve ever heard!
@@Oye_TheRealDebtGuyYour logic makes absolutely no sense! 🤦♂️
If we make token payments, that prevents it becoming statuette barred surely , oye..
Please clarify??
You are truly a wonderful person! I have set up a payment plan and pay a token payment of £1 per month. What happens once it cleared off my credit file , should I continue with the token payments ?
Got 4 accounts on my credit file in default
Lowel offered me a 70% discount
I m in the middle in not knowing what to do?
If I pay will show for another 6 years on my credit file?
did you find out?
Hey can I please contact you? I’ve got some questions
My issue is I'm always minus 700 in my overdraft... any advice? I have a 20k loan that I seriously can't pay and I have a mortgage, I worry if I can't pay my loan bills I'll be told to sell my house? Any advice would help me out big time as I'm stressed like mad.
So if you don't pay the credit card, you will receive a letter from court and it will become a priority loan. No?
Gold. Thanks man.
If you are delinquent then eventually defaulted, are they able to sue you? Track you down? Take all your assets to pay for the defaulted loan?
It depends usually if it’s under the statute of limitations they will settle with you for pennies on the dollar cause that’s what they bought it for but usually they will not go through that process unless the debt is over $2000 because it’s not worth it to them
Hi Oye, thanks for the video. So just to clarify, if a credit card non priority debt goes to court and becomes a CCJ, does it then become a priority debt? If so, then does that mean focusing on paying it off?
Interesting video, thank you Oye
This video is so helpful. What a guy.
Would i still send a letter to loan/bank asking to accept a token payment even tho it's just been defaulted
Dam I didn't know you could pay token payments ill be looking into your website tomorrow when I wake up
Uhh…you can’t even lease an apartment with poor credit in the US.
My credit score is low. If i not pay credit cards at least i will not be able to get loan for other car to taxi. Simple.
Ahh so you need to have the ability to get yourself into more debt. Interesting.
Ok but what if they are threatening wage garnishment
who?
Good to see you again Oye
Listen I don’t know who you are but there is a big difference between corporate finance and personal finance.
I can educate you on Director financial responsibility you will find it can be far worse than personal finance. You probably should avoid owning a large organisation.
So they dont freeze your bank accounts?
who?
Hi Oye, great video. Quick question If a default stays on your credit file for 6 years. And you’re paying £1 payments and its not paid off at the end of the 6 years. What happens?
@@samcasamassa Debt collectors cannot force you to pay more than what you can afford, as far as i was aware from watching Oye's videos, they HAVE to accept token payments and they have to be seen working with the debter otherwise they're in breach of the FCA rules 7.3.5, So if circumstances do not change within that time frame. i'm curious to know what happens to the defaulted debt on a credit score
@@samcasamassa i see, thanks for the information!