These People Are Not Your Friends!
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- Опубликовано: 17 фев 2022
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It sounds like he thinks he owes the money to the consolidation company. He doesn't understand they are just a middle man who is skimming his money.
And having lovely chats with the creditors saying here is $50 call you next month! Don’t call the real guy!
Bingo!
If he had a contract it might be a probkem
“Debt reduction thing” is debt settlement. He’s using a company that charges a fee to do a job he can do himself.
Dave is right, these debt consolidation companies make money by charging you fees and it also keeps you in debt for longer if not forever.
It sounds like slavery! 😳
isn't that collection agency?
if collection agency is involved he can't go back and make deals with the creditor
They are literal predators taking advantage of people's financial ignorance. End of story.
"Ah yes, the negotiatior" - General Grievous
You can't spell..
@@Gab1Bv 🤣🤣
@@Gab1Bv and you can't be kind
Hello there
@@bethanyroberts4744 and you can't handle the truth. Burtha.
This guy not understanding the game is exactly why he got into his situation.
and he will be back too.
A lot of people put their piece on the board without even reading the directions.
Not even a congrats on the marriage? 😂😂
🤣🤣
Cause they know what it is. His new “wife” encouraged him to sell his house , so he can move in with her , and pay off her mortgage.
This man sounds like he would give someone his wallet if the guy said, "Excuse me, I am a wallet inspector and need to inspect your wallet to see if it is in compliance."
This guy learned comply without questioning long ago, He has left with lots of knowledge and power over his money and future now
It never ceases to amaze me the absolutely convoluted financial "services" that exist out there. Half of this stuff I never even knew existed before I started listening to these Ramsey videos.
Try working for a bank and seeing these companies on low balance cards. It's like a $350 debt and they're too scared to ask the cc co for help.
Yeah right!! I find these new stuffs and think 'Oh! These things happen out there in the real world? Gotta be prepared'.
The caller wins " tool of the day " award.
Having been in similar situations, and gone through it... Listen to what Dave is saying, trust me. These companies have THOUSANDS of these collections, etc on record, call centers making one call after another. They do... not... care! They want money, and the reps just want a win. Offer them (the collector not the people who made a plan for you) a deal, for example, if you owe $5k, say i can give you 900 today if you can give me in writing this is paid in full. If not, the $900 is going to someone else.
Bet if you tried this, it would work 50% of the time. lol
I tried this once and they would not reduce/negotiate. They required full payment
He isn't going to call the creditors, and he is going to stick to the debt consolidation company.
I've never seen anyone who's is so scared of his debtors that he's afraid to negotiate a deal to pay them off
I was surprised as well.. but it makes sense.. listen to him, he's a married man but he sounds like a boy, a good boy. He needs to man up and be a little more aggressive..
I think the caller is afraid if he stops paying the debt-reduction company that the barrage of collection calls will resume. He doesn't understand that the debt collection company is taking the money he pays them, takes their cut and then doles the rest out on his behalf to his creditors. He even said in the call that his creditors haven't gotten anything from him in a long time. He is mistaken. He thinks he owes the money to the debt-reduction company.
The caller need to grow some balls, really that simple. I don't know if the caller is serious or he's trolling the phone call. The debt is in collections regardless... The caller can negotiate and call it a day.
Ya I was confused at what his deal is.
Dude there are some dipshits out there. I doubt he’s trolling
Before he does anything he should run all of this by an attorney, especially since he is not financially savvy.
Guy paid off his new wife's house before his own debt. 😂
They are married, they both own everything together. There's no "her house" or "my house" any more.
Yeap...what a simp.
@@TR-lh9yz yes but the point you missed was he paid off one of HER debts....FIRST....BEFORE they got married..
Pay attention.
@@TR-lh9yz the house was bought by her before the marriage in the eyes of the law it's hers.
@@TR-lh9yz No, just because you are married doesn’t mean it’s his house too. He paid off her house. If his name is not on the title, it’s not his house.
Why not pay just off the debt if he’s got the money? Caller is a knucklehead.
I know. He sounds like a complete sucker. I don’t even blame the debt company, because they’re just offering a service. And this guy doesn’t really have a good reason of needing to hire them now. I mean he’s got the money to pay his debt, and he’s able to negotiate
Also, is the law going to look at the wife’s house being paid off by him, is it going to see that as her property only if they divorced? Or would they split her house up? It’s kind of suspect that he sold his house and put all his money into hers. She might be screwing him too.. lol
This guy clearly doesnt understand how these debts work or how easy it would be to clean up the whole mess now that he can pay them off.
My mother used to teach me that people will always treat you right if you treat them right. Debt collectors changed my mind
Treating people right does not necessarily mean kindness and respect. If debt collectors are harrassing you and giving you scare tactics and you respond with fuck off then do not disturb mode, you are treating them right and putting them on ignore is the way to get them to treat you right.
Amazing how many grown people don’t understand debt, creditors, collections, etc. But, they’re the ones with all the debt. Just goes to show how sad our country is in educating its people about personal finance.
Its amazing that people will blame their country for buying SOMETHING YOU CANT AFFORD!!!
on purpose. if everyone was fine....the politicians would have nobody to use......
facts they don't teach this in schools. keeping people financial illiterate is the new modern day slavery.
Blame the parents. It's not the government's responsibility
This guy is just really confused. He's in a position many people would love to be in. He has enough money to kick these people out of his life and at a discount and he just doesn't understand how it all works.
"Hey contractors, I'm handling my debt directly and cutting out the middle man. Your services are no longer required." *Click*
He is 100% right. We did this. This is how it worked
He's having trouble understanding that if you say you can pay and want a deal, the COMPANIES whom you owe money to wouldn't sell it to collectors because when they do that, they sell debt for like pennies on the dollar (Could be 50c per dollar, could be 65-70) which is why they can settle with you. They haven't sold your debt and as long as you aren't being ridiculous with asking to settle, they'd rather deal with you than sell your "owed money account" to collectors at a fraction of the value.
Poor guy just got married......it’s over
Nothing poor about him.. gullible...yes..stupid...lol..time will tell.
But chances are higher now a days versus in the 1950s and 1960s that he might not be married to her for life
"debt reduction company" is using a fear tactics "carrot on stick"
This guy has the money to pay off his debt, and he wants to keep paying the scummy company? I don't get his problem. Pay off the debt and be done.
I don't see the issue either. He has the money, pays the original creditor, done.
He honestly might not know if the original creditor still owns the loan or if his responsibility has somehow shifted to the debt consolidation company once he signed up with them. That seems most likely based on his follow-up questions to Dave. Seems like he just lacks full understanding.
And how did this guy get in this situation then? He seems pretty clueless.
He thinks he is under contract to the consolidation company and doesn’t want to get sued for the difference. He isn’t hesitant to pay the debt. He is scared that paying it with void his contract and still have to pay the fees.
@Ben B No, they only collect fees for as long as you owe the money. Pay them off and you owe no more.
There is always a way to complicate your situation.
"These guys are just DOOFUSES" HAHAHAHAHAHAHA
Great advice
Caller is so naive ..
I'm surprised that Dave didn't warn this guy to make sure that the creditors include in their offer to settle letter to him that they all include their promise to not send him a 1099 for the amount that they relieved him of. For example, If he owes them 30 grand, and they settle for 20 grand, once he pays them, the following January, they WILL send a 1099 for the 10 grand they discounted off the debt, and he will have to declare the 10 grand on his federal return as income, and pay taxes on it. The key is to make the creditor declare in their offer letter that they will not claim the loss of the 10 grand.
im always amazed how Americans cant seem to get enough of placing themselves in more debt. "I have six figure debt so let me go out and get married, have kids and buy a home, that will help me with my debt"
I’m in Australia and it’s scary how much debt is normalised. Most people don’t realise they are debt slaves making someone wealthy!
I understand his dilemma. If I'm under CONTRACT with this debt assistance company, and I don't see this contract through to its end...per the contract, than I'm putting myself in harms way if they decide to pursue this in court. No?
No. They can't sue you because you decided to pay your bills directly.
You don't know what the caller signed. Being that these "debt relief" companies are scumbags, I would expect them to put something in a contract that could penalize him for going outside of the arrangement. If it is illegal for the debt consolidation company to penalize him, then that would useful info that Dave would have mentioned, but it wasn't.
I'm still on the side of what Dave said but not the side of internet experts who sit on their high horses and think they know it all, yet don't understand what a contract is.
Don't these companies "buy" the debt? If so, it would already be considered paid by the original loaner.
No, if he does as Dave says and get in writing all,when the debt is paid the assistance company "services" are not longer required or needed, sure they can sue but there is no case there, they will end losing and paying attorney fees, if public backslash doesnt make them to let it go before.
@@sgg17003 that's exactly what i was thinking!!! I had to search through so many dumb comments to find someone who knows what they're talking about. Dave is out of touch. Period.
1:01 aaaah oh OK OK, so in sync guys I love it
I’d be extremely careful in just stopping payments to the consolidation company. Check all the documentation you have with it, and be sure to read any fine print. It’s actually possible you signed something that indebts you to the consolidation company.
hahahaha a fee for the block, i'm dying :)
The debt companies just stop paying your debts. You can do that without them. They can still sue you for the debt. The tough thing is breaking ties with the debt agency.
CALLER U NEED TO GROW SOME
He's a city slicker.
Needs to get a clue, and quick or he will be a permanent sucker.
Why would you call the debt reduction company at all? Just pay off what you owe.He seems confused.
@@saulgoodman2018 No, they didn't. The caller simply has to stop sending them a check and the contract is broken. No need to call them.
Hmmm sounds like he checked into the “hotel DR California”…..
🤣
If they divorce, he just lost his house. She keeps her paid off house.
I’ve never heard of someone who’s so hesitant to pay off his debts
He married money and has never had money before and is acting crazy.
He thinks he owes the money to the debt-reduction company, so it confused him when Dave said to stop paying them and go straight to the creditors. He thinks the debt-reduction company will come after him if he does that. He doesn't realize the debt company is just the middle-man skimming their fee off his payment every month before they dole out what's left to his creditors.
Yea. He sounded confused…
How fortunate are you?
I don't understand this level of ignorance. If you call the creditor and offer to completely pay the debt, why would the creditor get aggressive? Once you pay you're done. It's simple logic.
Also, who cares if they do? Who cares if they scream and cry and swear on the phone as long as they offer you your deal by the end of the call? What a weird dude.
@@saulgoodman2018 No they didn't. They negotiated a lower settlement on his accounts with the creditors and they now act as a middleman for payments. Instead of paying each of his creditors individually, he sends one check to the debt-reduction company, they take their cut and then dole the rest out to his creditors on his behalf.
@@saulgoodman2018 I don't know of a single debt consolidation company that actually pays off your debt. That's an INSANE amount of money and a huge amount of risk to take on. That would be a ridiculous business model to pay off your debts when they know you can't. And what happens when you stop paying them? Nothing. They're not getting money from you so they're not sending money to your creditors. That's on you, not them.
In all fairness, the debt relief company I used was pretty straightforward. When I sold my house and was ready to settle my debt. I told them that and they took care of the rest. I paid the agreed amount to the debt relief company , which was less than what I owed. A month or so later, everything was paid off and it’s was all good.
100% right
this is the most clueless person I have ever heard in my entire life.
It's a doggie dog world cold cold cold..this man like myself was in fear from what friends but mostly family said about debt collectors.
debt CONsolidators lol good one.
He’s afraid to pay off his debt…?
Debt consolidation or debt settlement are scams! You're better off negotiating with creditors yourself
Meh, that's some bad advice. He might actually have a contract with that consolidation company. More information is needed.
Some loan offers allow you to pay off as fast as you want limiting the interest.
He mentioned he paid off her mortgage,I hope was added to the deeds before he wrote that check.
Is National Debt Relief one of these “non friendly company’s”?
Not the brightest crayon
I think the issue the guy was having was not about ending the relationship with the debt consolidation company, but ending it by just no longer paying them. He thought, as would I, that he should call them up and tell them he wanted to cancel the contract.
You can also cancel your cable subscription by just no longer paying the cable company. They will shut off your cable. But if you want to avoid them calling you, you can just call them and tell them you want to cancel your subscription.
Yeah...but, they do still bill you.
@@patriciaalbertson5183 Not if you tell them you're canceling your subscription.
Watch - the guy winds up in collections over this unpaid bill.
I hope he got his name on the deed. Otherwise if they divorce(God forbid) if he isn’t on the deed, he has no claim on the house.
Simped.. Hope their relationship makes it. I’m with John D. He wanted to correct this dudes actions from the get go.
Dave is missing the part where he has a contract with the debt consolidation company. I have no idea what the contract is, but you just can't ignore its existence. Sure he can pay off the creditors; that's not the issue. The issue is that he may owe money to the debt consolidation company. Maybe the contract commits him to pay a certain amount regardless of whether he pays the underlying debt directly, maybe not, but that has to be accounted for.
These types of contracts are usually null and void when payment stops being made. More then likely he is dealing with a debt settlement company. He is able to cancel at any time with any or no reason. They have an account for the payments he’s made that he is legally able to take back when he pulls from the program. He does not owe this company anything. Their fee was 85% of his first 18 payments. He actually already overpaid them
@@barnabusdoyle4930 That's interesting, but he did say the creditors stopped calling once entering into the contract. Wouldn't they stop calling due to getting payments from the consolidation company? I too thought you can't just stop paying after entering a contract but these types of arrangements have never appeared trustworthy IMO.
Paying the creditors versus th debt consolidation company is pointless at this point.
The Debt consolidation company ALREADY bought the debt
That's what Dave forgot here, and Dave is told.this guy NOT to pay the debt consolidation company?? (Facepalm)
Dave...your attention span wasn't on point here.
Let your son handle your calls for a while if needs be ok.
@@motoryzen Now this makes sense.
@@Divine_Beauty-uh9xi The creditors stopping calling him because the debt consolidation company negotiated a lower settlement with his creditors on his behalf and is now acting as the middleman for his payments. Instead of paying each creditor individually, he sends one check to the debt consol people, they take their cut and then dole the rest out to his creditors on his behalf.
You can often get a 50% reduction for a cash settlement. You may have a tax consequence for the amount forgiven. I have helped many folks with this.
So ridiculous he says not to give them access to your checking account. They will never steal any of your money. That's a lie irresponsible people tell to excuse their bad behavior.
He needs to say the same about MLMs
Dumb question is not a personal check giving them electronic access to your account. Your check has your name, your address, bank name, account number, routing number
No.
All they can do with a check is cash it. When you give electronic access you give permission for them to withdraw directly from your account.
This guy is definitely a tech guy!
I can almost hear his math and computer skills
And that's his problem! He should be more. He should take his head out of those papers and actually observe his environment
unless he's into some fetish of getting robbed regularly
Pay it out boo, and be done.
Omg, grow a set bro and handle this!
Seems like if they original company still owns the debt, you could just pay them what you owe*. If it's a debt collector, definitely put some effort into getting them to accept a partial payment. You might also make it a point to actually READ the contract you've got with the debt consolidation company, and see what if anything they can do to you if you ghost them.
If they have access to your bank account, fix that first.
*Unless for some reason you think that they were somehow abusive to you, first.
Send money orders when paying them off
“I have the money to pay the debt but I’m afraid to call”
What happened to men?😂
Goes in debt, BUYS debt consolidation services. FACEPALM
I’ve never had a creditor deal with me. They refuse to come down at all.
Of course they tell you that up front. They want to bully you into paying the full amount. if you let them stew long enough and the account goes to collection, those weasels will negotiate.
@@AllynHin that’s exactly what I’ve tried just to see if it would work. It doesn’t. They flat out will not budge
Stop paying and ruin your trust
What have we become where’s he’s afraid of actually having to pay what HE BORROWED WILLINGLY. It’s insane. Stop trying to twist the system. You’re morally obligated to pay the debt just ask what you owe and pay it. My goodness
About 15 years ago my family got taken advantage of buy some of these people started listening to Dave and did exactly what he said and exactly what he's telling you and everything went smooth
He’s married and doesn’t know this gezzz
Couldn’t they come after him for Breach of Contract? Since he said he signed a contract with that debt consolidation company?🤷🏻♀️
And do what exactly? Lol it would cost more in court fees
Did this guy just give attitude when asked about the housing situation?
But is the debt sold to the company? The original entity owed, may be out of the picture?
His creditors may now include collection agencies instead of the original company. If the original company sells your debt to a collection agency, they have written off your account and are done with you now. Collection agencies are the ones that buy debt at pennies-on-the-dollar. Debt consolidation doesn't pay anything off. They negotiated a lower settlement on his accounts with the creditors and they now act as a middleman for payments. Instead of paying each of his creditors individually, he sends one check to the debt-consolidation company, they take their cut and then dole the rest out to his creditors on his behalf. If he just stops paying the debt-consolidation company and contacts each creditor, he can negotiate a final settlement with each of them individually.
I just entered into one of these debt consult plans my 1st payment comes out march 5th and I'll be saving about 1197 dollars a month.
Look at the fee they're charging you on each payment to provide that service. You can cancel the autopay, remove them from the picture, and now pay each creditor the agreed-on reduced amount the debt consolidation company negotiated for you. You paid the debt consolidation company a fee up front, they provided the service you paid them for (negotiating the settlement). Now you can avoid having them skim off the top every month by handling the payments yourself to each creditor.
@@AllynHin Yeah I gotta give it a little while though cause I just started a 2nd job to start making more money. Word to the wise don't gamble my friends
I don't think he is smart enough to follow thru with this advice. He'll probably pay double what he owes.
Possible mistake in paying off her house. That house was a pre marital asset of hers , if they divorce he might not have a way of recouping that money.
NEVER plan for divorce. That kills marriages. It is now THEIR house.
Never go into marriage thinking about how the divorce is gonna go. That is a massive mistake and a complete mis understanding of what marriage is and how it should be. That mind set is literally why marriage today is such a wreck....
It's a simply thing to amend the deed to include his name. A lawyer can draw up a new deed for less than $100 and you go down to the courthouse and file the new deed for like $25. Then legally the house belongs to both of them. There's also the issue of co-mingled assets if the house was hers when they got married, but was paid off using his money. Laws vary from state to state, but it's easiest to just have a new deed drawn up and filed.
The guy owes the money and he should pay it off. Is it not a bit sketchy for him to ask for a deal if he has the money to pay it off. Write offs effect others in the world
Why didn't he just consolidate with a low interest loan offer?
Why would they advise him to try and get a deal, when he can pay off his debt in full? Is this an honest thing to do?
Because his original debt was sold to another company for much less (the balance written off as bad debt by the original company). The new company holds the debt at a much reduced rate (he owes much less now).
@@jeanine6492 but as long as the balance is not greater than the original balance, he should be ok with paying. Debt collection is a business just like any other....if the grocery store can send us eggs for more than they bought it for.....it is ok for the debt collector to close the debt for more than they bought it for.....as long as it isn't more than the original debt.
Okkaaayyyyyy????
Dave: Presses the caller mute button
Oof. Please do not marry and start a life with someone before you learn how to manage finances 🤦♀️ He couldn’t have asked these things 10 days ago and postpone the marriage at least a few weeks until he figured it out?
If you're a hammer, everything looks like a nail.
I mean they did help mr caller reduce his creditors down to three, mr caller can’t stick to his word
Mr caller can cancel the contract any time he wants by not sending them any more money and he can handle paying off the creditors himself.
This guy doesn’t sound too bright. He’s very naive or maybe a troll. He also got married and paid off his Wife‘S house. I hope he live in a state that won’t burn him if… I mean, when he gets divorced.
I hope he has a long, happy, successful marriage.
Ummmm HOW OLD IS THIS GUY 12????
This should be an easy solution, the caller is way over complicating his issue.
He sounds like he could pay the debt in propane.
Propane and Propane accessories
Painful to listen when John baloney keeps interrupting
Do people not know how to negotiate for themself?
The one lesson you learn from an experience from this is to avoid debt. It's like being bitten by a rattlesnake, and this poor caller was bit all over. Wise people avoid getting bit in the first place, wiser people realize once bitten to never get bitten again.
just replace wise and wiser on your sentences and it all makes sense :)
@@ibarix Nope. While you can gain wisdom from indirect experience such as watching RUclips videos, the best wisdom is gained by experiencing it yourself. The reason Dave Ramsey is a great teacher on the subject of debt is not because he studied it. He is extremely wise because he directly experienced the effects of debt.
The ppl helping him just middle man to help group all the owe
Obviously, It's been a while since Dave has had to negotiate with creditors.
It's been a very LONG while since I have had to deal with creditors....but Dave is SPOT ON. If they refuse your offer of settlement, they lose EVERY ARGUMENT.
@@pattyajones what you said doesn't make sense to me. This isn't about winning an argument, this is about negotiating to get the debt dealt with and off your plate.
Just got married... poor guy just made the worst financial mistake of his life.
Mmmhmm. He sold his house, moved into his wife's house, and paid off his wife's house. I wonder if his name is on the deed/title of his wife's house.
@@otrebla8944 And just wait until she gets pregnant. Does he have ANY idea what it costs to raise a child? It will dwarf the house payoff for his wife's house.
What mistake? He sold his house for a substantial amount, paid off the new marital house and is now on the verge of paying off his remaining debts. How is that a mistake?
@@Jeff-xy7fv In less than a month, they're debt-free and piling up money for whatever comes next. Why do you automatically assume a baby is on the way and will create a financial problem for a couple piling up money?
@@AllynHin it's a mistake because marriage (and divorce), for men, can be expensive. The caller did not call it a marital house; he called it his wife's house, which implies that she's the owner and not the two of them together. It sounds like she's running the show on his dime.
I'm sorry, but this guy is a dope. He will end up exactly in this same position
I did this and settled my debts - most at 50 cents to the dollar. It works!