This guy is 100% legit! I had done a LOT of research on credit repair and basically just wanted someone to verify that my plans were good before moving forward with phone calls and this guy delivered. I was kinda skeptical due to the age of this video, but he actually does answer phone calls! I got a call back the SAME DAY. I totally expected him to sell me something at the end of the call and he did not. I’m actually surprised by how great his service is. Not only did he verify good and bad ideas, he even threw out other ideas I hadn’t considered! I don’t generally comment on YT videos, but this is life changing info. Would recommend 1000%!
I owe money to a debt collector. I want to try and settle. The account will fall off my credit report in July 2024….If I call to offer a settlement, does that restart the 7 year “fall off” period? …
Hello Michael, I’m in the process of purchasing a home. Student loans popped up in underwriting. $3,800 which I can pay but rather negotiate a better deal. How should I proceed?
I see telecom debts like Sprint settle for 50% or less with collection agencies. If it were me I would call to negotiate, and have them send me the settlement letter in writing before I pay it. I cover some of what to say, and not say to debt collectors, in this video: ruclips.net/video/xWV644gSiCQ/видео.html
Hi Michael, I called PRA and on 1st call they were pressing me to make an agreement. That were offering 47%. I want to call back and work with them but I cannot start payments for another 2 months. How do I negotiate this with them? My second debt is in collections with ARS. What are they like to deal with? How low do you think they will go on a debt of $27,662? I was in a hit and run accident last year, loss of work as a self employed person so business has suffered. I can prove true financial hardship. Thank you!
I tried to negotiate my medical balance that went to a debt collector agency whos attn filed a lawsuit in court. I placed an answer and appearance in court day after I received the summons. I offered to pay a 40% lump sum of my original balance $732. They added on court /attn fees totaling $1101.69. I did as you said but the lowest they are willing to go is $969. The supervisor said, “they just cannot go lower than the original balance” but only waived interest and some court fee. It was as if this was a rule. Is this true because it’s a medical bill and not a credit card bill?
I would not call it a court rule, or because it is a medical debt, but it could be one their client has, or just the collector playing hard ball. Medical debts are often harder to settle, then you add the fact lawsuits are harder to settle, then combine that with small balances are harder to settle and get a good reduction, the deck is a bit stacked against a great outcome here.
Hi Michael, BofA $21K BofA $18K Chase $15K SoFi $55K Current on all. I can no longer make the payments as of June 1st. I was going to try to stay current with SoFi but I just can't do it and I am also worried the other collectors would see me making on-time payments to SoFi. Would it be reasonable to settle the BofAs around 90 days out, the Chase around 6 months out, and setup a negotiated monthly settlement agreement with SoFi; all around 30% hopefully? Even if the SoFi can be taken down to 50% and it was 24-36 months it'd be worth it. I am just not sure about the timing for each. Thank you.
You cannot expect a deal, or a good settlement deal, out of BofA at 90 days. You would want to get to just before 180 days. Chase can be done after that. SOFI will depend on the debt buyer or collector they use after charge off if there will be a long term payment like that on the settlement. Keep updating this thread as things progress.
Michael Bovee Hi Michael, SoFi has already begun calling. How long before they transfer it to one of those companies you spoke of where I can determine my next move with them? Thanks.
Michael Bovee Hello, I have a credit union card with a $1000 balance. Should I just pay that off even though it’ll take away from my settlement account balance? Thanks.
Hi Michael. I have credit card debt with Chase that I stopped paying nearly one year ago. I have been getting calls and settlement offers from United Collections since around September. I received a letter yesterday from Alltran Financial about the debt explaining that I can dispute it or, if not, they will assume it is mine. Can you tell me anything about Alltran Financial and do you have any advice on how I should respond if at all? Thanks as always for all you do.
You may not get that low, though it still can happen on Chase accounts in collection from time to time. And you will likely be dealing with a different agency than Alltran.
Hey Michael, I had a $6500 debt with Cap1. They wrote it off and now collections agency Midland credit management is taking me to court. Court date is July 25th. whats your advice to try and settle this?
Now that you are being sued for collection it can make sense to defend the suit to buy time, if you need it. If you can pull together 50 to 80 percent of the balance now, you can often settle without going to court. More on settling when sued here: consumerrecoverynetwork.com/question/can-you-negotiate-and-settle-a-credit-card-debt-if-you-are-being-sued/
@@MichaelBovee would i call midland direclty? do you think there is a possibility to settle for less than 50% maybe closer to 30-40? Also i just realized i said july. I meant January 25th
You typically have to call the law firm suing to negotiate the settlement. Settling with Midland before they go the legal route for collection is often at 50 percent or lower. Now that you are being sued, I would not be all that optimistic of getting as low as 50 percent.
I cover how those banks settle here: consumerrecoverynetwork.com/review-top-7-credit-card-lenders-best-offering-debt-relief/ USAA can often be done at 40% when it have gone unpaid long enough.
This guy is 100% legit! I had done a LOT of research on credit repair and basically just wanted someone to verify that my plans were good before moving forward with phone calls and this guy delivered. I was kinda skeptical due to the age of this video, but he actually does answer phone calls! I got a call back the SAME DAY. I totally expected him to sell me something at the end of the call and he did not. I’m actually surprised by how great his service is. Not only did he verify good and bad ideas, he even threw out other ideas I hadn’t considered! I don’t generally comment on YT videos, but this is life changing info. Would recommend 1000%!
Thank you for the great advice Michael!
Very helpful!
Great video! Wish me luck
Good luck!
I owe money to a debt collector. I want to try and settle. The account will fall off my credit report in July 2024….If I call to offer a settlement, does that restart the 7 year “fall off” period? …
No. Calling, settling, or paying on a 5 year old account should not restart any credit reporting timeline.
Hello Michael, I’m in the process of purchasing a home. Student loans popped up in underwriting. $3,800 which I can pay but rather negotiate a better deal. How should I proceed?
Do you have federal or private student loans?
I have a old phone bill from sprint that is now will afni for 2712 how do I go about negotiating and what is a good number
I see telecom debts like Sprint settle for 50% or less with collection agencies.
If it were me I would call to negotiate, and have them send me the settlement letter in writing before I pay it.
I cover some of what to say, and not say to debt collectors, in this video: ruclips.net/video/xWV644gSiCQ/видео.html
How do I find out exactly when my account will be charged off If I know it’s very close? Can I just ask.
Yes. Most banks will clearly outline that for you when asked.
Hi Michael,
I called PRA and on 1st call they were pressing me to make an agreement. That were offering 47%. I want to call back and work with them but I cannot start payments for another 2 months. How do I negotiate this with them? My second debt is in collections with ARS. What are they like to deal with? How low do you think they will go on a debt of $27,662? I was in a hit and run accident last year, loss of work as a self employed person so business has suffered. I can prove true financial hardship. Thank you!
Who is ARS collecting for?
I commented more about PRA on your other thread.
ARS is collecting for Citi.
Capital one 8600 charge off in 2 days offered to settle for 8000 will they send to collections first or just sue me
They do both. You can schedule a consult with me to talk strategy or settling with Capital One here: calendly.com/debtbytes/15min
I tried to negotiate my medical balance that went to a debt collector agency whos attn filed a lawsuit in court. I placed an answer and appearance in court day after I received the summons. I offered to pay a 40% lump sum of my original balance $732. They added on court /attn fees totaling $1101.69. I did as you said but the lowest they are willing to go is $969. The supervisor said, “they just cannot go lower than the original balance” but only waived interest and some court fee. It was as if this was a rule. Is this true because it’s a medical bill and not a credit card bill?
I would not call it a court rule, or because it is a medical debt, but it could be one their client has, or just the collector playing hard ball.
Medical debts are often harder to settle, then you add the fact lawsuits are harder to settle, then combine that with small balances are harder to settle and get a good reduction, the deck is a bit stacked against a great outcome here.
Hi Michael,
BofA $21K
BofA $18K
Chase $15K
SoFi $55K
Current on all. I can no longer make the payments as of June 1st. I was going to try to stay current with SoFi but I just can't do it and I am also worried the other collectors would see me making on-time payments to SoFi.
Would it be reasonable to settle the BofAs around 90 days out, the Chase around 6 months out, and setup a negotiated monthly settlement agreement with SoFi; all around 30% hopefully? Even if the SoFi can be taken down to 50% and it was 24-36 months it'd be worth it. I am just not sure about the timing for each.
Thank you.
You cannot expect a deal, or a good settlement deal, out of BofA at 90 days. You would want to get to just before 180 days.
Chase can be done after that.
SOFI will depend on the debt buyer or collector they use after charge off if there will be a long term payment like that on the settlement.
Keep updating this thread as things progress.
Michael Bovee Hi Michael, SoFi has already begun calling. How long before they transfer it to one of those companies you spoke of where I can determine my next move with them? Thanks.
@@tosh6445 It can vary, but typically you see that happen after charge off, or more than 120 days late on a fixed loan like this.
Michael Bovee Hello, I have a credit union card with a $1000 balance. Should I just pay that off even though it’ll take away from my settlement account balance? Thanks.
@@tosh6445 I would if it were me.
Hi Michael. I have credit card debt with Chase that I stopped paying nearly one year ago. I have been getting calls and settlement offers from United Collections since around September. I received a letter yesterday from Alltran Financial about the debt explaining that I can dispute it or, if not, they will assume it is mine. Can you tell me anything about Alltran Financial and do you have any advice on how I should respond if at all? Thanks as always for all you do.
What is your goal and time line for resolving the debt?
I hope to have the funds to propose a 25% settlement by May.
You may not get that low, though it still can happen on Chase accounts in collection from time to time. And you will likely be dealing with a different agency than Alltran.
Thanks, Michael. So then would your advice be NOT to reply to the letters I received in the mail from Alltran?
Hey Michael, I had a $6500 debt with Cap1. They wrote it off and now collections agency Midland credit management is taking me to court. Court date is July 25th. whats your advice to try and settle this?
Now that you are being sued for collection it can make sense to defend the suit to buy time, if you need it.
If you can pull together 50 to 80 percent of the balance now, you can often settle without going to court.
More on settling when sued here: consumerrecoverynetwork.com/question/can-you-negotiate-and-settle-a-credit-card-debt-if-you-are-being-sued/
@@MichaelBovee would i call midland direclty? do you think there is a possibility to settle for less than 50% maybe closer to 30-40? Also i just realized i said july. I meant January 25th
You typically have to call the law firm suing to negotiate the settlement.
Settling with Midland before they go the legal route for collection is often at 50 percent or lower.
Now that you are being sued, I would not be all that optimistic of getting as low as 50 percent.
@@MichaelBovee thank you for all your help. Any advice as to what to say to them when i call?
Check out that article I linked to. I cover some basics there and here: ruclips.net/video/xWV644gSiCQ/видео.html
Is it realistic to settle 14 k to 6k
Who is the creditor or collection agency involved?
Michael Bovee Capital one cause discover citi bank
Usaa
*chase
I cover how those banks settle here: consumerrecoverynetwork.com/review-top-7-credit-card-lenders-best-offering-debt-relief/
USAA can often be done at 40% when it have gone unpaid long enough.
Michael Bovee thanks