Hello Michael! I just wanted to say thank you for posting all this information on RUclips and on your website. Over the past two years I have been settling a significant amount of debt and have avoided having to file a chapter 13 bankruptcy. So far, I have settled $42,000 in debt for about $10,000. While I am not yet finished, I am nearly done and could not have gotten out of this situation without the help and information you provided.
Hi. Thank you, so much, for the information. I'm presently living below the poverty line and have 2 judgments from creditors. I am expecting to receive about $20, 000 and would like settle these accounts, both about 5 years old. I live in NYS. Will they still negotiate with me? I expect to pay a sizeable amount. Thank you!
You can still settle judgments, but the deals are typically not as low as you can get when you have not been sued. More on settling judgments here: consumerrecoverynetwork.com/question/can-you-settle-credit-card-judgements-like-other-debts-stressed/
Thank you for taking the time out of your day to make this video. It didn't really help me for what I was looking for my bank says they will never talk to a debt collector it's either I pay my bill or it goes to collection. I'm dealing with beyond financing. I hope they're good but I just wanted to let you know. Thank you for. We're taking the time to try and help people way more than what schools or the government will do
I hit a brick wall 17 years ago…I told him I’m not budging! Neither was he! I said it’s a matter of principle! He’s still going strong….and so am I…he’s a triple law firm attorney office! I won’t do it!
As a former collector over 10 years this video is spot on. When people ask me if they should pay my response is for you care about your credit. Don’t let other people who claim that they are ok not paying their bills influence you. I had bad and good credit in my life I’ll pick good credit any day of the week. As for settling he is right medical bill not going to settle better off making payments. If a debt is still with the company most likely they won’t settle they want to tack on much interest and fees as possible before the charge off and charge off doesn’t mean you don’t owe that’s a huge debtor myth. Once it’s worth a 3rd party collection agency you can settle. My advice have money ready to pay and call around the 20th of the month that’s when book close and last ditch effort to boost up your commission check l. Me personally I settle for 15 cent to the dollar at end of month because they had money today and willing to do a cash wire.
Hi Michael, I have the same creditor on two different accounts Chase, I have been sued on both accounts one November 2021 and the other one February 2022, When trying to negotiate a settlement before going to court is it best to try to lump both of those accounts together? They of course are both with Scott and associates attorney. Thank you.
I would approach negotiations at the same time in the same conversations. I sent the forms to you via email after our call this morning. Help is available.
If you are not already late with payments, and have more than 2 creditors, I would try to work through a non profit credit counseling agency to get the lower monthly payments and interest rate reduction. If you only have one or 2 accounts, and with creditors that are easy to work with for the reduction, I would try to get the hardship plans they offer directly to card holders. Some creditors are not great at hardship plans, but offer the payment reduction through the non profit counselors. The larger the lender, the better I find they are at working with their customers, with the exception of Synchrony, Amex and Capital One, at least at the time of this writing. They may soften up with increased defaults from COVID.
Hi, I came across your information today when I asked the question, "Will Capitol One Ever Take Their Lien off our house?" I am a Canadian. I have done two full consumer debt proposals with my creditor Capitol One. They have refused both and were able to get a lien on our house about 4 years ago. I feel quite hopeless at this point. My debt with them is about six years old. I would greatly appreciate help. Thank you. PS ~ I live in Manitoba, I was told that the statute of limitations is 6 years here, but because the house is jointly under my and my husband's name, I was told Capitol One would never give up ever. I am leaning to just leave it alone even if it takes till I die.
Talk to an experienced attorney who represent consumers against banks and debt collectors in Manitoba. They may be hard to find, so ask for referrals if you talk to an attorney who only does insolvency.
Hey, I recieved a mail from a debt Collection attorney warning me to get in touch or else go to court within 20days or so. I called Discover today and they don't want to talk to me, they said I should talk to the collection attorney instead. Mine ($4100 , which is less than $5k) is more than a year since I made a payment. What should I do? Thanks a million.
@@MichaelBovee I'll have loved DIY but I want to know if my only option is through the debt collection attorney or I can still contact discover eventhough they keep redirecting me to the attorney?
Hello Michael. I have a question dealing with a rental lease and was wondering if the same basic rules apply as credit card collection? I had to move before the lease ended and was charged a two month rent fee. The apartment was re-rented two weeks after I moved out. Colorado rental law states that landlords can not double charge for the rental of the same residence. The landlord kept my deposit and charged an additional amount. I did not pay the additional $1500 fee so they sent it to a collection company. Any thoughts or suggestions for this type of situation? Thanks
21% to 26%. I owe $233 to 350 on a few synchrony and citibank. Sears and best buy and jcpenny to be exact. They are all under 500 dollars. I am more worried about the big banks like chase and Mastercard on those I owe over $3000. Any suggestions?
You mentioned in your prior post you may be okay if you stopped paying the smaller balances, so that you could afford to pay the bigger ones. With interest rates that high, you may want to look at whether you can get all of them lowered so that you can afford to pay each account. Call and get a free monthly payment quote from a nonprofit debt consolidation company at 800-939-8357 and press ext 1 when you hear my voice. You will speak to someone live, and be able to get an exact to the penny quote in one call. Let me know how that works out.
Hi, I had a Judgement with a Lawyer via Discover CC in 2011. Now that I'm able to settle, the account is now back with Discovery (no lawyer). However, Discovery is refusing to settle. 1. What might make them willing to settle? 2. Do they usually pass it back to a new Lawyer? 3. Can Discovery satisfy the Judgement themselves? Thanks Michael!
Hi all. (I'm sorry, I don't use this account that often.) I just kept calling Discover and finally talked with someone who was willing to negotiate. In fact, with @MichaelBovee advice, I was able to eliminate ALL of my debt and stay out of debt - even through Covid! I was able to negotiate most of my debt to an average of 50%! I was even able to eliminate some zombie debt, with just a letter! Since then, I have been able to get my Credit to +700, buy a nice home and car with a good interest rate. As a follow-up, I was able to fulfill my promise and donate $600 to a local food bank, in Michael Bovee's name. I can not thank you enough!!!
Hi what about a court ordered fine that has now ended up in collection. Even tho I filed bankruptcy last year they are still coming after me. Is their any negotiating with this type of account?
Michael Bovee yes the fine was listed in the bankruptcy the collection company claims it is not dischargeable for the amount of $28,000 for a criminal case . I got caught with some marijuana and received the maximum fine allowed in 2012
I am not optimistic that you will be able to negotiate something lower. A criminal attorney in your state would be a better resource to answer that though.
I had a traffic ticket that was $75.00, my husband and I both lost our jobs and the acct went to an attorney, with there fees the bill ended up $680.00, it is about 4 yrs or older I paid all but $280.00 is there anything I can do about this balance will they sue me?
This video is very discouraging when compared to other videos about settling debt with attorneys (and when compared to speaking with you on the phone). In other places, you seem optimistic that if I were to allow my debt to proceed just to the point of being sued, then I'll have the opportunity to settle for 40%-50% of the total debt. In this video, the tone is that an attorney who is accustomed to suing feels that he/she has leverage and will have no incentive to agree to a settlement amount. Now I'm scared. My account with AmEx is on the verge of being handed over to an attorney in the Seattle area (do you know if they use a specific law firm here?). I spoke with them today, and they gave me a payment plan offer - which I will share in the video specifically for AmEx. My plan was to hold out for a settlement where I could give AmEx less than the full amount owed, but if they refuse to settle, then I will be screwed and sued! It might be safer to accept the payment plan offer? My debt with AmEx is a business account, but I don't think that matters much with them. I fear that because I am up to date on my personal credit card payments (and I intend to continue paying them) that I will be seen as a person who can be collected from fully and the attorney's office will refuse to settle. Is this a valid fear? Will the attorney differentiate between business debt (a non-profit nonetheless) and personal debt? Thanks for your help!
I still like peoples chances of settling for 50 to 60 percent when sued. It is just a more formal process to get to that number. You have to participate in the process, and it is best done with an experienced debt collection defense attorney. I can help you find one if need be. Just let me know who gets the accounts.
Thank you! I will most likely trust you on this and wait for AmEx to boot my account to their favorite attorney. I will let you know which firm gets my accounts. Will the debt collection defense attorney be the type we've spoken about before who takes 15% of the savings after the debt is paid to the creditor? Between the attorney's 15% and the 10% the IRS will take later, that's a big chunk, but at least it's only on the savings and not the full balance.
No. 15% of savings is what we charge. Each attorney will charge their fees differently. I would be referring you to Kirk Miller in Spokane more than likely. He covers the whole state, so east or west does not matter. You could look him up and talk over your situation in advance and find out what he would charge if you like.
Hello Michael! I just wanted to say thank you for posting all this information on RUclips and on your website. Over the past two years I have been settling a significant amount of debt and have avoided having to file a chapter 13 bankruptcy. So far, I have settled $42,000 in debt for about $10,000. While I am not yet finished, I am nearly done and could not have gotten out of this situation without the help and information you provided.
Congratulations on your success so far Daniel!
Hi. Thank you, so much, for the information. I'm presently living below the poverty line and have 2 judgments from creditors. I am expecting to receive about $20, 000 and would like settle these accounts, both about 5 years old. I live in NYS. Will they still negotiate with me? I expect to pay a sizeable amount. Thank you!
You can still settle judgments, but the deals are typically not as low as you can get when you have not been sued.
More on settling judgments here: consumerrecoverynetwork.com/question/can-you-settle-credit-card-judgements-like-other-debts-stressed/
At the end of the day, they cannot take what you do not make. Especially if your only source of money is SS/SSI/SSDI
Hey! I've been watching your videos and I need help. What is the best time to call and speak to you? Thanks
I guess the answer was never
Thank you for taking the time out of your day to make this video. It didn't really help me for what I was looking for my bank says they will never talk to a debt collector it's either I pay my bill or it goes to collection. I'm dealing with beyond financing. I hope they're good but I just wanted to let you know. Thank you for. We're taking the time to try and help people way more than what schools or the government will do
Who is the bank you are talking about that will not work with your debt settlement company?
I hit a brick wall 17 years ago…I told him I’m not budging! Neither was he! I said it’s a matter of principle! He’s still going strong….and so am I…he’s a triple law firm attorney office! I won’t do it!
As a former collector over 10 years this video is spot on. When people ask me if they should pay my response is for you care about your credit. Don’t let other people who claim that they are ok not paying their bills influence you. I had bad and good credit in my life I’ll pick good credit any day of the week. As for settling he is right medical bill not going to settle better off making payments. If a debt is still with the company most likely they won’t settle they want to tack on much interest and fees as possible before the charge off and charge off doesn’t mean you don’t owe that’s a huge debtor myth. Once it’s worth a 3rd party collection agency you can settle. My advice have money ready to pay and call around the 20th of the month that’s when book close and last ditch effort to boost up your commission check l. Me personally I settle for 15 cent to the dollar at end of month because they had money today and willing to do a cash wire.
Hi Michael,
I have the same creditor on two different accounts Chase,
I have been sued on both accounts one November 2021 and the other one February 2022,
When trying to negotiate a settlement before going to court is it best to try to lump both of those accounts together?
They of course are both with Scott and associates attorney.
Thank you.
I would approach negotiations at the same time in the same conversations.
I sent the forms to you via email after our call this morning. Help is available.
@@MichaelBovee I'll be using your services for sure.
Thank you
Is it better to work with creditors to see if they can lower my payment through hardship program and close my account or debt consolidation?
If you are not already late with payments, and have more than 2 creditors, I would try to work through a non profit credit counseling agency to get the lower monthly payments and interest rate reduction.
If you only have one or 2 accounts, and with creditors that are easy to work with for the reduction, I would try to get the hardship plans they offer directly to card holders.
Some creditors are not great at hardship plans, but offer the payment reduction through the non profit counselors. The larger the lender, the better I find they are at working with their customers, with the exception of Synchrony, Amex and Capital One, at least at the time of this writing. They may soften up with increased defaults from COVID.
Hi, I came across your information today when I asked the question, "Will Capitol One Ever Take Their Lien off our house?" I am a Canadian. I have done two full consumer debt proposals with my creditor Capitol One. They have refused both and were able to get a lien on our house about 4 years ago. I feel quite hopeless at this point. My debt with them is about six years old. I would greatly appreciate help. Thank you. PS ~ I live in Manitoba, I was told that the statute of limitations is 6 years here, but because the house is jointly under my and my husband's name, I was told Capitol One would never give up ever. I am leaning to just leave it alone even if it takes till I die.
Talk to an experienced attorney who represent consumers against banks and debt collectors in Manitoba. They may be hard to find, so ask for referrals if you talk to an attorney who only does insolvency.
Hey, I recieved a mail from a debt Collection attorney warning me to get in touch or else go to court within 20days or so.
I called Discover today and they don't want to talk to me, they said I should talk to the collection attorney instead. Mine ($4100 , which is less than $5k) is more than a year since I made a payment. What should I do? Thanks a million.
Are you able to raise the cash needed to settle the debt at 50% or so? How long would it take to pull that together?
@@MichaelBovee I have $800 saved up , I could come up with another $800 in about two weeks
You are still likely short another 500 or so. And that is if you convince them to take 50%.
Do you want help with this or are you DIY all the way?
@@MichaelBovee I'll have loved DIY but I want to know if my only option is through the debt collection attorney or I can still contact discover eventhough they keep redirecting me to the attorney?
Discover is redirecting you because that is who they contracted to collect. They typically will not work with you directly at this point.
Hello Michael. I have a question dealing with a rental lease and was wondering if the same basic rules apply as credit card collection? I had to move before the lease ended and was charged a two month rent fee. The apartment was re-rented two weeks after I moved out. Colorado rental law states that landlords can not double charge for the rental of the same residence. The landlord kept my deposit and charged an additional amount. I did not pay the additional $1500 fee so they sent it to a collection company. Any thoughts or suggestions for this type of situation? Thanks
I would contact a tenants right group in your area. The double charging for rent is worth pursuing.
What was your settlement?
21% to 26%. I owe $233 to 350 on a few synchrony and citibank. Sears and best buy and jcpenny to be exact. They are all under 500 dollars. I am more worried about the big banks like chase and Mastercard on those I owe over $3000. Any suggestions?
You mentioned in your prior post you may be okay if you stopped paying the smaller balances, so that you could afford to pay the bigger ones. With interest rates that high, you may want to look at whether you can get all of them lowered so that you can afford to pay each account. Call and get a free monthly payment quote from a nonprofit debt consolidation company at 800-939-8357 and press ext 1 when you hear my voice. You will speak to someone live, and be able to get an exact to the penny quote in one call. Let me know how that works out.
Hi, I had a Judgement with a Lawyer via Discover CC in 2011. Now that I'm able to settle, the account is now back with Discovery (no lawyer). However, Discovery is refusing to settle. 1. What might make them willing to settle? 2. Do they usually pass it back to a new Lawyer? 3. Can Discovery satisfy the Judgement themselves? Thanks Michael!
Discover can take your settlement and get the court updated too.
Hello I’m curious what happened 3 years later?
Hi all. (I'm sorry, I don't use this account that often.) I just kept calling Discover and finally talked with someone who was willing to negotiate. In fact, with @MichaelBovee advice, I was able to eliminate ALL of my debt and stay out of debt - even through Covid! I was able to negotiate most of my debt to an average of 50%! I was even able to eliminate some zombie debt, with just a letter! Since then, I have been able to get my Credit to +700, buy a nice home and car with a good interest rate. As a follow-up, I was able to fulfill my promise and donate $600 to a local food bank, in Michael Bovee's name. I can not thank you enough!!!
Hi what about a court ordered fine that has now ended up in collection. Even tho I filed bankruptcy last year they are still coming after me. Is their any negotiating with this type of account?
Was this fine listed in your bankruptcy? Was it determined to be non dischargeable? What is the fine about? How much is it?
Michael Bovee yes the fine was listed in the bankruptcy the collection company claims it is not dischargeable for the amount of $28,000 for a criminal case . I got caught with some marijuana and received the maximum fine allowed in 2012
I am not optimistic that you will be able to negotiate something lower. A criminal attorney in your state would be a better resource to answer that though.
I had a traffic ticket that was $75.00, my husband and I both lost our jobs and the acct went to an attorney, with there fees the bill ended up $680.00, it is about 4 yrs or older I paid all but $280.00 is there anything I can do about this balance will they sue me?
Talk with a local attorney that handles traffic infractions. They will have a better grip on how traffic fines can be settled.
ty your awesome
This video is very discouraging when compared to other videos about settling debt with attorneys (and when compared to speaking with you on the phone). In other places, you seem optimistic that if I were to allow my debt to proceed just to the point of being sued, then I'll have the opportunity to settle for 40%-50% of the total debt. In this video, the tone is that an attorney who is accustomed to suing feels that he/she has leverage and will have no incentive to agree to a settlement amount.
Now I'm scared.
My account with AmEx is on the verge of being handed over to an attorney in the Seattle area (do you know if they use a specific law firm here?). I spoke with them today, and they gave me a payment plan offer - which I will share in the video specifically for AmEx. My plan was to hold out for a settlement where I could give AmEx less than the full amount owed, but if they refuse to settle, then I will be screwed and sued! It might be safer to accept the payment plan offer?
My debt with AmEx is a business account, but I don't think that matters much with them. I fear that because I am up to date on my personal credit card payments (and I intend to continue paying them) that I will be seen as a person who can be collected from fully and the attorney's office will refuse to settle. Is this a valid fear? Will the attorney differentiate between business debt (a non-profit nonetheless) and personal debt?
Thanks for your help!
Edit: I meant to say that some of your videos/articles are optimistic about a 50%-60% debt settlement with AmEx.
I still like peoples chances of settling for 50 to 60 percent when sued. It is just a more formal process to get to that number. You have to participate in the process, and it is best done with an experienced debt collection defense attorney. I can help you find one if need be. Just let me know who gets the accounts.
Thank you! I will most likely trust you on this and wait for AmEx to boot my account to their favorite attorney. I will let you know which firm gets my accounts. Will the debt collection defense attorney be the type we've spoken about before who takes 15% of the savings after the debt is paid to the creditor? Between the attorney's 15% and the 10% the IRS will take later, that's a big chunk, but at least it's only on the savings and not the full balance.
No. 15% of savings is what we charge. Each attorney will charge their fees differently. I would be referring you to Kirk Miller in Spokane more than likely. He covers the whole state, so east or west does not matter. You could look him up and talk over your situation in advance and find out what he would charge if you like.