DO NOT Pay Debt Collectors | How to Handle Debt When It’s Gone to Collections
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- Опубликовано: 23 янв 2022
- Know your rights when it comes to debt collectors and collection agencies.
Debt collectors will try to prey on your emotions or lack of knowledge about how debt collection works. Don’t let them take advantage of you!!
In this video, I’m explaining why you should never pay collections (and why it probably won’t affect your credit score). You’ll learn what happens when your debt goes to collections, what rights you have when it comes to debt collectors, and how to deal with collection agencies and handle debt collectors.
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• DO NOT Pay Debt Collec...
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Lol
Do I have to pay late installment fees after I paid the full amount that was originally agreed upon on the contract.
Im getting sued by a city I never lived in for trash service I never had at a house I've never seen.
@@slimnim1753 sounds like a scam
I just constantly call them to waste the company’s time. I’ve now been blocked by several companies. Great fun.
Looool u funny, does that mean they erase ur debt?
@@zeelife6518 they will never cancel the debt, they will just sell it onto another company. But after it’s statute barred and you know what your doing, you can mess with them big time. If it’s an old debt tell them to take you to court and also tonsupply details of the credit agreement ( they can’t) it’s all gravy. They bought the debt. They want people not to defend themselves and they win by default.
If you cant file bankruptcy and you are not judgement proof then you need to remember THEIR ARE NO DEBT JAIL so let them wast their time and money just hang up and don’t even admit your own name.
Lol I hope y'all get sued
@@wallywally1984 Don't even talk them if you are judgement proof... There is no need to... Let them waste their time and money finding out the hard way that you are judgement proof... They probably wouldn't believe you if you told them you were...
My debt is to the company I made the purchase from. If some collection agency wants to pay it off for me, then thanks! I don't owe them a penny.
🤣🤣🤣🤣🤣🤣🤣
If you're not trying to build your credit just ignore it and don't go in more debt eventually it'll go away.... mine did from years ago.
But you can always find your name in collection no matter how old you grow😂😂😂😂😂😂
A friend of mine tried this, and her bank accounts were locked.
@@spankynater4242 There's also the issue that there are things like apartments now that require a credit check, not to mention that some jobs aren't available if your credit score is low enough to flag you as a theft risk.
@spankynater4242 that's because they owed the federal government. 3rd party debt collectors don't have the means or authority to do that.
@@ThaRealest616 It was a third party debt collector, not the Feds. They filed a law suit and had her accounts locked.
The best way to handle a debt collector? 1) Do not answer a call from an unfamiliar number. 2) No voicemail? Then block the number. 3) Credit score? Take a break. It's what got you in trouble in the first place. Nothing personal. It's how the game is played.
Best comment I’ve ever read 😂 this is amazing
I’ve been doing all of that. The statue of limitation’s for meat is in four months, but Bank of America did initiate a lawsuit for me. If a lawsuit is initiated by the original creditor, what’s your best recommendation? Because from what I understand if they win a judgment by default if I don’t do anything, they could levy my bank account and my car.I am 1099 so they can’t garnish my wages
@@LunaBobbihow much debt?
@@rawkingkong 10k
i dont need credit the reason i got fked is using credit cards. just pay cash from now or dont buy
The last thing I ever feel about my debts is to feel guilty.
Same
Yep, especially when you paid more interest than you borrowed in the first place. They got their money back.
@mr.frandy7692 actually, in my case I didn't. I simply stopped paying and they couldn't do anything. They tried to bombard me with emails and collection agencies but when they saw that I knew the law and they couldn't get it from me, they left.
Thank you for this wisdom!!
@@mr.frandy7692 if you don’t pay your bills you’re not paying interest are you. 🤔
A debt collector called my job and I don't know what happened but two weeks later the collection was no longer on my credit report
They seized your bank?
That's odd if it was actually on your report because it doesn't go away just because they get paid off. If it was just someone claiming a debt was on your credit report and you pulled your credit report and it wasn't there you probably had a scammer phishing for money.
@@ImadZeryouh no
@@theyaden I check my report daily. The collection was from an apartment I rented. they tried to come up with some bogus fees and it was on my report for 5 years
Your job might have called the authorities on them or threatened a lawsuit for you to keep their phone lines open.
Had a debt collector call me up and I agreed to pay $20 a month or something like that to pay off a debt. It still would have been paid off in less then a year and they tried to tell me I needed to pay it off faster to help my credit score out and told me to narrow the money to pay it off. At that point I refused to pay it.
I was told that if the debt was SOLD, that you do not have a contract with the debt collector unless, you confirm your identity via phone or certified mail signature. You do not have a contract with that type of collections, so ignore. I have done this with the proper collections and it worked.
😂 that don't work anymore company's are taking people to court and legally garnishing wages now good luck
What worked? They stopped contacting you? Didn’t affect your credit score?
@@rra7490 If your debt got sold, your credit score is already affected. It's not gonna get worse just because you ignore independent debt collectors.
The original contract most likely says it transfer if sold. so yes you do agree to it.
When you sign up for a credit card or line of credit If you don't pay them and they give you notice then they're allowed to send it to collections because you agree to the terms and conditions which is in the cards and loans you sign up for.
Many many years ago, My brother received a phone call from a debt collector. He told them that He put every debtors name in a hat, and when he pulled out just one name, he stated it wasn’t your company. Hopefully your name will come up in the next drawing. Not how I would have handled it, however I guess he was tired of the constant phone calls.
To all my Veterans out there that receive VA disability compensation. Your income is Federally protected from garnishment unless it is federal dept, or court ordered child support. Any money deposited into the same account as your VA compensation also becomes protected. So, your spouse's income in a joint account will also be protected. When they call you tell them the dept is not yours and your sole income is VA compensation, and you will never be served with court papers because they know they can't collect, and the calls stop.
Does that also include Retired military pay? No VA disability pay, just regular Retired Military pay?
same thing with SS I have both
Disability is protected against child support also. My bank gets a garnishment notice from California but never respects the order because they acknowledge my Disability as protected income.
Simple. Don't respond to them. No letters, no phone calls nothing. In the unlikely situation one does sue, don't panic. Contact an attorney who will have the case thrown out of court. The lawyer's fee will certainly be less than the amount plus add-ons the collector is demanding. Hint: lawyers will take payments and your first consultation is free.
Just simply pay ur debt, u used the money tho
Had, did collections for a good decade. Only ever lost a case once.
If you’re going to pay a lawyer you might as well just pay the debt. This advice is ridiculous, unless you’re a lawyer.
@@MrRichgounder1969 The attorney's fee is less than the debt. Plus the debt is on your credit. The collection agency bought the debt for pennies on the dollar. Eff collection agencies. Go on and sue me. You won't come out ahead.
Or you can be a grown adult and actually pay your bills.
Shaggy said it best. “Wasn’t me”.
I'm in debt with discover card from back in 2020 fast forward to 2023 after hundreds of collector calls this guy shows up at my door tells me his name and "servers me" with "court papers" I tell him thanks but get off my property don't come back. The next day I go to my local court house as the papers said I was going to be sued and the local court was 5 minutes away.....so I inquire about the papers and the court tells me the papers are false and there's never been any case against me...they continue by saying if you get anymore of these papers ignore them unless you hear directly from us....since then I've been mailed multiple "court day " papers and all turned to be fake....now I just block collector n I mbers and toss any additional " court papers"
Holy cow! The audacity of some people. This is harassment!
they think when you see your getting dragged to court, that you will call to strike a deal to start paying
Brilliant, comprehensive information, thanks Gentle Lady, be well...
Mortgages, credit cards... you forgot medical care providers like hospitals.
Awesome video! I almost was scammed. Smh. It's getting bad out here with this type of crime.
This is absolutely illegal
It's literally extortion what they're doing
HOW TO ACTUALLY GET BAD MARKS OFF YOUR CREDIT REPORT
you send them a certified letter demanding an agreement to payoff terms, and demanding that once you pay them off they WILL remove the marks from your report within 30 days. when you get the agrement letter back agreeing to the terms, THEN pay them...if they dont remove the bad marks after 30 days...DISPUTE the bad marks and send copies of the promise letter of debt paid off that you got back from the debtors to the 3 agencies and BAM!! bad marks off...100% Guaranteed EVERY time....THIS is what all those credit repair people wanna charge you 300 bucks to learn.....your welcome.
There is no law that says they must completely remove it from your credit report, but they must correct the report and make a 0 balance owing. That still is on your report.
@@kenm6049 i made them remove mine i told them remove or no money, and they removed it
@kenm6049 i settled a collection with it being completely deleted from my account 4 years ago. So idk who told you this but you can in fact have it removed from your credit report upon paying them. However like the OP said you have to get that in writing till this day I still have may deletion letter settlement with me just in case.
@@kenm6049they just have to abide by the written agreement.
bad advise. You don't even need to pay them back anything, don't deal with them, they are all scammers, lending you nonexistent money and demanding hard cash or property back.
As an attorney, do this.
Do not take the call from an unknown number.
Do not pay the collector.
Contact the original creditor and tell them you do not have the money to pay the debt.
Ask them to please write off the debt and send you a 1099 for the amount owed (aka forgiven debt).
Then at tax time talk with your tax accountant and they will assist you with dealing with the IRS. Usually they way it since you did not have the income to pay the debt. But that is what your account is being paid to help you with.
Wave the income. (Sorry, auto correct).
When the creditor issues the 1099, the debt is forgiven and MUST come off the bureau as a paid debt including any & all collections. And the debt cannot be re-sold to another collector.
Wow! Thank you so much!
I have a $2500 line of credit debt, which I could pay off but not at the rate of auto debiting $200 out of every paycheck and they won't renegotiate. Thinking of letting it go to collections and negotiating with the collectors for a lower payment. Worked with Visa, pay $17 every two weeks.
Awesome advice! I live in Ohio & the statue of limitations is (6) years. On credit card debt ect . Every state has its statue of limitations. My advice to all is to check with the laws in your state . Know your rights .
In Texas it's four years for any kind of debt except student loans and child support. I know, child support is not technically a debt, but it is treated as one.
@@johntracy72 4 years ? In AZ it’s 7 ! Do student loans stay on your credit forever ? Even if you default. What’s the law in Texas for student loans and your credit ? If you don’t mind me asking.
I'm in Ohio too
@@MoonWitch77 Thanks in part to Biden, federal student loans are essentially forever, or until you pay up. There are a few situations where you can get one discharged, but in general, they aren't dischargable in bankruptcy court.
Mine is 10 years lol
Great video.Thank you 😊
Had a credit card company lie to me & screw me but they never considered that id be recording them. Lawyer told me i have enough that if they took me to court id win so to tell them to F off & not pay them
Not only is this good advice, you are adoreable.
That was actually very impressive. Thank you for this video!
Great content! Thank you
Good advice. I can confirm some of it
Very impressive
Great video! The young woman who did this was very pleasant and a pleasure to listen to as she explained everything. Thank you for sharing.
I knew the day would come when I never have to pay another bill again! Thank you!
haahhaahahahahahahaa facts
@@leavemealone5602Only if you have zero income, because they can garnish your wages.
My brother successfully sued a debt collection agency twice at 2 different times for 10G …..😂😂😂😂😂. After the 2ond time they didn’t try to contact him anymore 😂😂😂. The first time they didn’t learn their lesson….They wanted 30 G and ended up up paying him 20G 😂😂😂😂😂. The debt was almost 30 years old….He eventually went to court and the debt was written off. 😂😂
Thanks debt collectors For your generosity.😂😂😂
How did he go about this ?
@@strongtv_creator He had to go to court numerous times over the years and he had a pit Bull attorney help him…..He just got postponement after post ponement until finally one day he got older and was on disability…..And the judges got tired of dealing with it and tossed the whole thing out because they said it was becoming a nuisance and costing the court system more money than it was worth😂. But them nasty debt collectors got taken to court twice for harassment and sued twice and paid dearly 😂
@@bluemoon2934 thanks for responding see I had a kidney stone and went to the ER now they charge me 15k I know I have time till it hits my credit I’m trying so hard to figure out what to do… I’ve been working on my credit for a long time and life happens now it’s a chance my credit score will drop!! Them court dates cost though I bet ? Thanks again 🙏
@@bluemoon2934 sweet man!!!
@@bluemoon2934 That brings joy to my soul! F them collectors!
Good Video. Another thing people in bad debt should not consider doing, is falling for the ads on tv and radio from companies that say if you are in bad credit card debit, you could owe far less because there are secrets the Credit Card companies don’t want you to know. It’s All BS! There are no secrets! They just take your money and tank your score anyway. Your better off listening to this girl and try to negotiate your self. Or if it’s that bad. Calm BK. suck it up for 7 years and start over.
How is selling debt even legal??
'Merica......
Our government does it every day to our dollars in the form of selling bonds to other countries like China
It is usually in the original contract that it can be sold
When you decide not to pay it when the original creditors and ignored the original creditors mail and phone calls. Debt collectors don't exist if people pay their bills it's not a hard concept.
I've had debt collectors calling me for 20 years looking for the wrong guy. I told them many times I'm not the person they are looking for.
Every time I have gotten a new phone number I seem to spend months dealing with these calls. Hope I never have to change numbers again.
If a third party buys an alleged debt, you do not owe the debt collector a cent. Only communicate thru the mail. When they file....you file on the collector. You subpoena 1.....the valid hard copy contract between you and the debt collector.....they don't have a contract. A corporation can only interact with another corporation thru a contract. 2.....supeona a certified full forensic audit in accordance with international accounting standards. The audit will show there is no debt. They won't let go that far. Tell the debt collector to remove any info they placed on any credit bureau
Did tik Tok university teach u that?
This is all factually incorrect.
@@bananathebadguywilliams4868 They obviously read it on the Internet somewhere so it must be true
@toddrunyon it's always funny. People don't know the fdcpa laws, and it shows that a lot of people, especially in the comment sections, don't read the fine print on anything because the fine print will tell them this.
the statute of limitations usually is around 4 to 7 years depending on the state and amount of the debt ...if you reset that by admitting to it or paying a minimal amount for whatever reason you will reset that statute of limitations and you will have that on your credit report for another 4 to 7 years and if they want to sue you, they can again.
6 years in australia
Depends on the debt though. If it's to the government for example, the limitations may be much longer like 10 years (but then again, the IRS will never call you either, but I think before it gets to that point, the government can start garnishing wages if you have backtaxes that are in collections).
@@HR-wd6cw government department debt, dont fuck with them, civil debt form creditors and telecom provider, fuck them over
Great video
I was set up on a hardship case with one of my creditors. They set up a much lower monthly amount and no late charges, even if I missed payments. Well, I missed several because I struggled even with that lower monthly amount. So, recently, they turned it over to their collections. I talked to a rep there. She was so sweet and understanding, and offered me a settlement of 2/3 less than the total. I was so happy, I put down half of the amount right then and there, with the promise to pay the other half in July (she let skip a month due to a pre-existing situation). I will call her and pay that other half as I said I would. She saved me $93!🙏🏼💕
Had one try after 15 years, that is way beyond the statute of limitations
Thank you very much
This is a reason why I have to pay insane interest rates with a 775 credit score. PAY YOUR BILLS!!!
Nah, that's because of the insane amount of fake money Washington keeps borrowing from the fed.
Yes you're exactly right because it's just little people who charge you that extreme rate don't blame the company whatsoever.. every company out there is screwing us because they are allowed to stop blaming people who don't have money and blame the people who have it all but care not to share
Debt collectors in Ontario are permitted to contact you between the hours of 7 am and 9 pm Monday to Saturday and 1 pm and 5 pm on Sunday and cannot contact you on statutory holidays.
I had an agency contact me by mail a couple months ago trying to collect on a 20 year old debt . Never answer the phone when it isn't a number in your contacts. After a few minutes call the number back and get the company name and type of company with out telling them who you are . Block the number. You can also return any mail to them by telling the post office it is a scam letter, the post office has a bundle is what they call it . Never heard from them again.
Was dumb, bought house at 20, every year mortgage went up, through taxes, or loan fee increase, whatever. Tried to sell, couldn’t. Thought foreclosure would ruin me forever. Turns out I was paying extra 500 a month for insurance in case I defaulted. Part of why it went up every year.
Lost home, but
All debts on it were paid. Apparently that was the intent of lender in first place.
Never went against my credit.
When they phone you say to them politely I'll talk to you on an unrecorded phone line , this stops them contracting with you
About about 25 years ago. I was called on by a law firm to pay off a debt. They wanted access to my checking account. At that time I did not have the knowledge to say no. After the first payment was taken out another was taken out and my back account was bouncing. I contacted my bank and was able to change my account. I then sent the law firm a certified letter saying they are no longer going to have any access to my account and I have sent a complaint to the BAR association in the state they were in and then told them there will be check writing fee for each check I mailed to them. In the letter I also had said that cashing the check would say they were in agreement to the deal. They cashed the check and did not read the letter. That can of worms was fixed. Needless to say. I was able to pay a lot less them what was owed.
How do you find out if your debt has been sold or the agency has been hired by the originator ?
We lost a baby years ago in the middle of the pregnancy, and the hospital boggled some stuff afterwards that could have made it much more difficult for me to successfully have another baby later. To add insult to injury, about 2 years later a collection agency called my husband at his job...we had moved away by then....and told him we had thousands in unpaid hospital bills that we had never once been sent a bill for. I gave my husband a list of the mistakes they made and he called them back and said that first, the bill was too old to be collected and we had never been informed of the debt, amd second, if they wanted to push it we would be consulting a lawyer about x, y, and z that they had failed to do. We never heard from anyone about it again.
In retrospect we should have consulted a lawyer when it happened but we were too emotionally drained to deal with anything more.
It will surely help me in some way in a future as I'm a debt collector too 😂😂😂
A debt collectors called me once and I said I’ve never heard of them, can they provide a contract with my signature? They say they received the file from _____ and I said Congratulations, you own a derivative 😊 he said this isn’t the wizard of oz. I said yeah it is.
You know wet signatures are no longer required and haven't been since 2000 congrats on admitting your a bum and a free loader.
If you do not get a validation letter from them within the first 5 days of contact, you can show that to the court, as its illegal to request it without proper paperwork. This is in Canada, check your laws all the time and make sure you overpower them.
What if they send you back the validation letter? I’m stuck on what to do next. The dept collector is intimidating.
@@Clari022384 That's when you either pay up, negotiate a payment plan or get an attorney involved. If the validation letter contains the correct information, you owe the money and you'll probably wind up paying, either via a court ordered garnishment or voluntarily. A good attorney should be able to find the best option.
@@Clari022384 did you take out the loan?
Following
Please watch this video to the end. I see in the comments some folks who have the impression they no longer have to repay their debts. I don't think that is the message this video was meant to send, as that is truly terrible advice. Although this comments section is full of misconceptions and terrible advice, the video is simply stating to do your due diligence before you pay it, should it be a debt you rightfully owe. Overall, mostly accurate and informative.
Go directly to the place you owe and ask them which collection agency they working with to collect their debt. And then decide if you pay them or the collection agency. That’s what she should’ve mentioned.
As soon as I responded with I have a lawsuit with Verizon and now with the debt collection company they hung up and said we can’t speak to you.
I am charged to pay a school fees for classes that I dis not attend in my former school, I transferred at the beginning of the semester and I have a proof of acceptance letter from my current school and my transcript since I transferred. I got a call from a debt collectors saying that I should pay the school fees of the classes I did not attend and it’s really frustrating to me. What should I do?
this is GREAT ima to take a loan out now!!!
I’m not paying unless it’s court ordered, they’ve been trying to contact me for years at this point so maybe it’s not worth the money to go to court. Either way, nope.
So I’ve been getting called for a 759. Dollar debt and got pre legal notification should I just ignore until it’s court ordered if it gets to that point ?
Will it affect your credit score
@@gilbertzavala863 if it is debt collectors who call you just tell them that you don't have any written contract with them and therefore they are illegal entity who don't have right to contact you and demand anything from you. It worked in my case. Courts are actually also unlawful. It is all a big game rigged. They "lend" you nonexistent money (which they don't have) just by typing numbers on a keyboard(which is lying to you, scamming you) but then demand you to pay them back with your property. This is ultimate form of scam. The WHOLE financial system is based on this scam but people think it is lawful and normal. Try to find and read "sovereign citizen" and "strawman" materials, they teach how to avoid those traps.
@@gilbertzavala863 .. they will take it to court and garnish your wages if you're working. My husband is in garnishment for a medical bill he created because the hospital filed his insurance wrong, never told him, showed up three to five years later with a letter in the mailbox saying he was being sued and that they'd be seeking garnishment.. next thing we know, a paycheck or two later.. bam.. garnishment. We'll be dealing with that for six months all because the fault of the hospital screwed up.
i am on the other side.... i am a welding business trying to get paid over 3000$ from a customer who has ghosted us, wont answer calls, emails, or texts. We've sent it to collections.
You can negotiate. I have negotiated debt that I inherited, successful every time. They will usually take pennies on the dollar.
How do you inherit debt?
@tanyaredfield when a relative dies and you are an executor. You have to settle their estate.
I did a credit check my self and found that I have a collection agency trying to collect a debt from a company that I have never dealt with I contacted them and told them that I wanted a record of the transaction but I have only received another collection letter until I contacted them I have never had a phone call or letter from them how should I handle this now thank you for your time Paul
If a debt shows on your report closed and charged off can it later update to be shown sent to collections and further damage your score?
Yes the best thing is to negotiate with the debt collector
I paid off a car that was in collections. They called my family and scared them. I called the collection agency and was informed that my car was not paid off and that they are suing me.
So, I already made a payment to a debt collector after months of calls. Its a small debt compared to other debts. If I already made a payment, did I prevent myself from being able to avoid paying the remainder owed. Even witht he statute of limitations?
Hi Laurie-Ann thanks you video I feel better, I have a question I am going through disability process now almost at the end. I had to move out of my apartment and move in with a family member because i am unable to work due to a three month stay in hospital with covid. i left my apartment and have to pay the move out fees and two months rent but i have no money coming in and now they have sent it to collections what should i do.
If I have two credit cards and do not pay on one of them and let it go to collections does it affect the other credit card will they cancel it?
Hi i lived in canada and they are collecting my student loan, which really appears on my cra account. Is it true it has ineterest monthly if i dont pay in full?
Can thy garnish if it’s not showing on my credit report anymore
same is it applicable in Philippines
Mom died her mobile home had $5,000 owed the finance company wanted to put $5,000 a year insurance on the loan not the house. I told them to come and remove the home from our land they ended up calling back and said they were willing to accept $2,000 if we paid it in 30 days we paid it off in 3 days please watch these predatory lenders
I just got a letter with a sheriff stamp on the top of the letter and there talking about putting a levied on my bank account I will never co sign for anybody again
I have my wages garnished without being sued. I never received a notice about being sued , so i can go to court. Is that legal? I live in Montana.
How do you know how long the statue of limitations is?
What if any information are you legally required to give a debt collector in order to be able to get information from them.
We have a debt that disappeared when purchased by another company ( the new company did not automatically take payment from our checking account). We were contacted by the collection company that they wanted to settle pennies on the dollar. We could not do anything at that time. They took $3500 then $1500 out of our checking account without our permission. Also, I have no collection on my credit report. Is it legal what they did?
I just got a letter telling me they sold my debt. Then sent an email wanting my new phone number. I have no way to pay this money to this company. The interest was outragous and payments went up every month and i just could not afford it.
Surprised A 'Pay To Delete' letter being apart of the Collection negotiation was not mentioned in this video...
I answer my phone with my business name. When they ask to speak with me, I ask if iI can take a message. They usually say that it’s a personal matter. Which then I reply, “If it’s a personal matter, then you’ll have to contact them on their personal line and on personal time”. “Do you have their personal number?” “I am sorry, I’m not allowed to give that out. Have a nice day.” This has happened twice and I haven’t heard anything for months.
😂 love that one
HELP!! If I paid the original amount that agreed to pay but i had missed a payment date, do I have to pay the late installment fee?
I had a lady call me for an old magazine subscription that I had cancelled(which I had in writing). She said I owed $250 because they kept sending me magazines for the next year. I said that's an awful lot of money for a $12 a year subscription. She sounded very defeated, and hung up.
I went to court and lost so the collection agency set up a payment program which I paid in full according to their setup. Several years later I started getting calls from the same company and it went on for years. I blocked every number I didnt recognize and haven't heard from them in 4 years now. The debt was originally owned by Canadian Tire. It is not on my CR so they can die in a fire. Note this debt was from 2009 and my credit score is now in the mid 850's.
Edit: I also filed a Ministry complaint with the govt about calling more times than they were legally allowed to.
Ask them to show you the original contract and proof the debt has or has not been resold.
If they have the original contract and it has been resold, you may get to see the resale amount for negotiation purposes
Hi, I lost my debt collection case. What should I do now? I barely have any money. Any guidance is appreciated. I'm in Washington State, Seattle area.
When you are able to negotiate a lower debt amount, why is it that they can take the difference between what you owe vs what you settle on and turn it into the IRS 1099 as income?
Because they feel you got free money and that money is considered income so now you have to pay tax on income
You can file a get this canceled out
The lender isn’t making that decision. The govt/IRS is.
They forgave part of the debt and are legally required to report that on a 1099
Because it's income.
@@livinginla200 Yes debt reduction is considered income in tax code.
The 1 thing I noticed that you Didnt mention was the fact that Seniors Dont Need To Pay Off Their debts if they are living off of their Social Security and they fall below or on the line of Poverty. I think this topic would be helpful to those Seniors in this position.
I was helped by the team at HELPS and if a senior has come across this video and you need help with your debt, then you should contact HELPS if this team on this video cannot help you out.
Why would it be OK for someone not to pay off their debt? That’s the same as stealing, even if they’re seniors.
@@canonrebel626 because people these days feel entitled and are free loaders.
I already set up an auto payment for the debt, how can I stop it?
To many people reckless go into debt buying shit they can’t afford or don’t need
You borrowed money. Didnt pay it back. Now you are being scammed because they are looking for that money. I like this logic.
I had a credit card that I paid off haven’t had it since 1998 , and I still have it on my collection. Tell them to send you a letter.
What if they clamp your vehicle to try and force you to pay even though i know they shouldnt unless there's been a CCJ
Does this apply to medical bills? I’ve been disabled for over 20 years and have Medicare, but cannot afford the 20% portion of bills. I am assuming my debts are under $1000. But that’s if it’s not a scam …I’ve got some company calling me constantly with a recording but nowhere does it state my name or any info. I googled the number and came to the conclusion..It is a collection agency for medical debt from all the one star reviews complaining about medical debt that was already paid, but these guys were trying to collect on. I have not received anything in the mail either
I thought I knew all this information, however I had a very small debt, less than $500, that went to collections. I attempted to dispute the collections debt, with proof it has been paid almost a year prior. I sent the proof of payment and I forgot about it. About 9 months later I got notice of a lien on my $500,000 home for that specific debt. I'm still fighting today trying to get it off. It's been almost 3 years.
What happens when it drops off they resell it and they charge by a few cents different amount
I'm really grateful that I came across your video. I've actually been sued by the biggest Junk Debt collectors (Midland Credit Management) and am representing myself Pro Se. I have trial the 29th. The scare tactics are so offensive and unnecessary... you nailed that point. I think outta probably 120 people started out at the beginning that were there thru the same Law Firm representing MCM. I did a lot of research and found out. There were multiple federal cases against Midland. I also had kept in contact with the law firm going on three years now, and have not been able to come to a settlement agreement. Multiple times I was told by the law firm and the debt collector that my debt was purchased for the full amount and that is what they were asking for. I said that I would give them 10% of what they bought my debt for... I was immediately shut down and told that they would take a payment plan for me of $50 a month for about the next three years😂😂😂... luckily, I did my research like I said, and as you stated in your video after seven years, your credit clears. And if I even started one payment, it would reset the clock like you had also stated... very very valuable information and I just wanna say thank you.
I commend you for your honest wealth of knowledge on this subject, and I am incredibly grateful! ❤❤❤
Oh joy. I’m hearing from them currently.
Tell them you don't believe the debt is yours.. in fact write them a letter I think it explains in this video ....or use the harassment thing...I'm going to trial with the law firm they've hired ... is mcm just contacting you or did they hire kohn law firm
@@SpecialKAY421 they haven’t hired anyone for this one… yet
@@gtcam723how things go
@@SpecialKAY421 how did the court case go?
In America we have a thing called a statute of limitations. It ranges between 2 to 7 years and varies by state. It's a gamble, but the odds are likely the debt collector won't file in court. They'll just sell the debt to another debt collector will then try to call you again. Once you have waited the debt out to the statute of limitations under state law you can tell the debt collector to pound sand because the debt is uncollectable under the law. As the video says, don't admit to the debt, but do find out when the debt was originally created. I had a family member pass because of cancer several years ago. They were insolvent. I was listed as the executor of their estate. They didn't care my family member was decreased. When I discovered the age of the debt and the statute of limitations was expired I told the debt collector they weren't getting money based on that. They stopped calling. A few debts were sold to another debt collector, but they eventually got the message and stopped calling and sending demand letters.
They called me yesterday for 86$ from a toll on a car I sold years ago. It's not on my credit as collections. Should I pay it?
I pay Lexington Law to help me deal with debt collectors and the credit bureaus. Now I’m on my way to rebuilding my credit and am already 90% there. By the end of this year, maybe even sooner, all my negative debts will be removed. LEARN/KNOW your rights !!!
Did u wait the 7 years or ?
@@Monztuh This year is 7 years
Lexington didnt do me any good but they took more money from me then my debt was
Rule # 1: Never take on unsecured debt except to provide life-saving medical care to a member of your family.
Do you give person to person help?!?! I’m really in need of help this is gonna help me a lot also!
Okay, if I messed up and answered the phone and acknowledged the debt because it is mine what can I do? This is like the 2nd debt company it's been sold to.