Stay Strong.

That's RIGHT!!

Dodder what is the mathematical formula for getting the amount on the dollar ?Ex. 10 cents on the dollar or like 20cents on the dollar.

Dodder ok you have answered some ok my question but did you divide $1000 by 10% to get your answer? Like if an account is $29,000 and you pay 5cent on the dollar how do you get the answer?

Good job. !

😂

That is the part people forget. You can be taxed on the non paid amount.

THIS! I wish Dave wouldn't advise his listeners to engage debt collectors over the phone. It's what they do for a living. Send them a registered letter telling them you will only negotiate by mail and they are never to call you. The FDCPA allows you that right!

I'll bet you're one of them.

Exactly 😂

This is dependent on the cc company. Many cc companies will not pursue on a low amount, however, some will such as capital one.

@@peacewithangelamarie yup i know

Why didn't you show up in court?

They sue in the hopes that you don't show up in court and get a default judgement in their favor.

It doesn't matter if you go to court or not the judge will still enter a judgment against you. Going to court is wasting time & extra money unless you can prove you don't owe it!

@@jwalka534 You are wrong buddy. If you go to court you can offer to settle it for less. If you don't show they get everything they ask for.

​@@jwalka534you have no idea what you're talking about. Type of debt, statute of limitations, mitigating circumstances... all can be argued in court for your favor.

Capital one is known for suing for small amts. Sorry this happened to your family.

How did the hearing go.

Éric gggttttffffffffcffffytrtrgtfrtg

Éric gggttttffffffffcffffytrtrgtfrtg VG g

They will sett ok even for much less then that. Your 300 bill they would have settled for 100 bucks at least!

Dude, they played you. You should have settled for about $100-$140. No higher.

How were you able to get it in writing? And did they send the agreement via email or the mail?

Who was it?

how tf do you not have $387 in full hahahaha so many broke people

+JasonfromMinnesota LOL I`ve done that. A debt collector tried to trick me into contract so I said " Do you know what a failed attempt at gaining consent sounds like ? " - then I hung up. The stories on this channel rely on people not being aware of contractual issues and assumes the contract goes one way. I don't use this system. It is corrupt and uses the Fraction Reserve Banking system to fabricate funds by fraud - most are not aware of this system used by ALL banks. This uses fraud to manufacture alleged funds by using a permission slip called a Promissory Note to create an account then assign a figure to that account as listed on the promissory note ( The amount you requested ). No money is transferred for your use but people seem to have a hard time grasping this when they can use that account for goods and services. One tactic they use to gain consent by phone - they will ask " Are you ____ ____ ? " and if you say yes you have contracted with them by not knowing that the person they are referring to is in all capitals and that is not you. Another concept people find hard to grasp. I`m debt free mate and never paid a cent by knowing what they were doing. A cop started teaching me this in 2008 after he quit the force for a number of reasons that were unconstitutional.

:)

Hi Enrique. Out of the blue I started getting calls around 3 weeks ago from someone that wont identify himself yet expects me to give him my berthing date and other details. I answered with my name but there are 4 people I am aware of with my name here in the surrounding suburbs - found this out by accident. This " person " has called 4 of my neighbours already and this morning I received a call from someone imitating my neighbours Asian ex-wife on a number I KNOW is out of state while she is asking for him to call her. As it turned out she was at that very moment ( on my security camera ) parked in his driveway picking up the children. The call was bait trying to get me to phone them back over something I know nothing about and the last case involving financial matters ended early 2010 and we have a 6 years statute of limitations here regarding financial matters. So it may be someone trying to claim on an alleged debt while never providing my request for information to verify it was my debt in the first place. Even then the 6 years has now expired.

Don't tell me. Let me guess. English isn't your primary language.

Ooooh you really showed them. Enjoy your free tax payer money for your “disability”. Your bragging about all the wrong things.

Phacelift ! Eat, yes. Flake out on money they OWE and then brag about not paying it, no! Grow up.

Congratulations on being a loser. You really won big time.

I find this hard to believe you got sued for only 1100$

So? That changes nothing. Send them a letter saying you have other debts, are considering bankruptcy, and $1000 is the best you can do.

How did it go? That seems like a small amount for them to waste time going to court over.

@@DVW1983 they dropped it to $1300/ 108.33 a month

I just watched a video from an attorney in Alabama who talked about. He said if they sue you show up to court and make them prove you owe them the debt. They usually can't because they won't bring the correct witnesses to court.

How do i contact you? I need some advice... thank you.

THIS! Send a Debt Validation letter. Make them prove the debt is valid, that you agreed to it, they have to show you how they arrived at the number they say you owe, are they licensed to collect in your state, has the statue of limitations expired (they don't actually have to show you that one, but it's fun to ask), If they can't provide that information, tell them to pound sand. If they provide it, then offer 25% paid out over time. If that doesn't work, inform them that you have other debts and are considering bankruptcy.....

Pre paid debit card or cashier's check

Tony Llamas a check

Yes. There are laws governing this industry and consumers have rights, just like lenders. If you decide not to use the rights granted to you in the law then that's a bit foolish. You have the right to negotiate a settlement.

You should change your checking account, and then NEVER give that info out.

HONESTO UNO cant do what

@HONESTO UNO There is no law prohibiting when and where you bank .

@HONESTO UNO If they have a team of skip tracers and private investigators they may ascertain a new bank and info but would have to go before that bank with a court order to get that money. If it is a matter of direct deposit,one can have it directed to pre paid debit cards. The greater the debt,the more they will go after you.

@HONESTO UNO Over 2k

Check, money order, prepaid debit card... Just never grant them access to any accounts which you normally use.

Havicc Brine Mail them a bank certified check by postal mail with a letter. Then they have no access to your account.

Eric Garcia no. Just make sure u get a paid in full receipt

thank you Mike, I really appreciate it.

A Rey Call & ask for a lower interest rate. some credit card companies will give you a lower rate if you ask, others you have to threaten to cancel in order to get a lower interest rate

You cant be serious. Become an adult and pay it. You will learn what responsibility tastes like.

It depends how desperate you are for a credit score. You probably wouldn't be sued ever. If you don't need the score buy want it gone offer them 300 and don't budge and make them wait. If you want it off now offer more or pay in full.

Id say let them give you a number that they will settle for. My wife did that. She said ive had a debt with you guys for 5 years. What will you settle for so we can take care of this? The bill was only 387(sad i know). They knocked 87 bucks off.

Angelica Simpson They can also either email or fax the document. They either fax it, or email it to you (whatever method you agree to). Then, you sign it, scan it, and email (or fax) it back to them.

Use a pre paid debit card.

that works! thanks :)

you can do what people did in ancient times - - send them a cashier's check in the U.S. mail.

thank you.

Along with copying the actual CC for personal records and the copy of the Settlement Letter personal records. The mail is always the best route.

Money vs Currency it's just numbers on a screen

@@trevelyne Whatever that means. Money is currency. And it was a lot more than numbers on the screen when the people ASKED for the money. Its realy money when they are asking for it but its just numbers on a screen when they are supposed to pay it back. Convenient.

@@trevelyne Money is currency and vice versa.

Most debt is actually interest, late charges, etc....not the actual principle.

@@ronnieking3848 yeah they are all terms of the loan you asked for and agreed to. Money isnt free. Accountability. Dont get upset at people for giving you what you asked for.

Collectors are stealing actually because they buy debt for pennies.

I wouldn't let that bother you. Do the right thing and have the satisfaction and clear conscience of having done so.

+shaochia vang Debt collectors, lie lie lie.

girzwald3 Yes, after calling them, I told them, " No, i was not going to be giving them my information " I also told them to send me a letter of the debt, So I know how much I owe. They said they couldn't do that either. There was no way I would give someone my bank routing number. That was the first time in my life I had ever come across something where they required me to actually give them my Bank Routing Number..

+shaochia vang What you have done is unknowingly asked them for something that can be used against them in court for a legitimate claim of fraud against your " Person " - Your name in all capitals. If your change your wording and demand to be sent the original unaltered promissory note you actually back them into a corner and change the game more in your favor. If they phone and ask for you by your name DO NOT say yes that is me or even yes. They are fooling you into creating joinder to gain a contract that they are an unauthorized 3rd party to and in which YOU do not have a contract with. I have used a " Conditional Acceptance of Debt Verification Notice " and listed 10 of my own demands and then added - any further correspondence sent to this address in ALL CAPITALS will be sent back to sender unopened. They also phoned both my neighbors and this was an invasion of their privacy. I issued them with my own notice stating that if they wish to persist in making claims to alleged debt without verifying you claim I shall initiate the process of 3 Contraventions of Privacy. They then sent out a bailiff with what looked like a summons but wasn't even a legal document. I took that into the courts and demanded to have a copy of any and all paperwork in reference to this matter. There was no court documents because they never lodged a claim lawfully through the courts but instead tried to use them as a debt collector by " Intimidation and Fraud " - another offence Any documentation was sent express mail back to the sender at their expense. They put a black mark on my credit file which I subsequently personally had removed by providing copies of my own documentation as proof that their claim of alleged debt was unfounded and unproven and also unlawful. Don't be fooled by their assumption of authority. They rely on people not knowing the system and use a Notice as a tool of intimidation. It is NOT a demand for payment. They just make you think it is. If you have not asked a company for any Goods or Services you DO NOT have a contract with them. Don't be fooled into compliance by their tactics. There are a number of ways to overcome this corrupt activity. I could go on but I`ll just add that I am debt free and never paid a cent except for registered mail - an essential part so they cannot deny receiving my correspondence. Google " Conditional Acceptance of Debt Verification Notice " and you may start to see where I am coming from. CHEERS

+shaochia vang Just one more thing. The company I was dealing with was acting on behalf of G.E. Finance and the head state debt collector failed in his job in my case.

Noevilea ;

Dantastic I completely agree. She's essentially getting $30k of stuff for $9K. I am paying every cent of my debts because I spent the money and I have to take responsibility for that.

very simple. The credit cards/banks sell those debts for penny to the dollars to this companies.

Dantastic l.p.

Dantastic My knowledge of it is that as time goes on they are spending more and more money to pay agents to call, send letters, and research your whereabouts. they will eventually take a loss on the full amount if you pay nothing.They have a hard enough time finding people let alone getting them to stay on the line. It is a mutually beneficial outcome for them to settle.

"I don't understand why credit companies are willing to settle" Because typically the debt has been sold off for pennies on the dollar and company that bought the debt probably paid $3000 for that $30,000 debt.. a $9000 settlement means they profited $6000 And the original credit company the collector bought the debt from already wrote it off as a tax deduction and basically lost nothing.

He does teach that. It's the ideal course for one to take. But it's not always the best option for people. If you're getting crushed by debt (especially predatory debt like credit card and pay day advance debt) then you'll never get paid up and out, your creditors make sure of it. So priority 1 is you, settle up your debt as soon as you can so it will stop hurting you. He teaches a list of priorities You are number 1, your needs. Food, water, shelter, health, transportation, and necessary utilities gets paid first. Anything else can sod off if paying it means not paying priority 1. From there you get into responsibilities and ethical financial practice. And then you get into wants and charity if you still have money. An example of responsibilities and ethical financial practice would be learning from your recent fuster cluck,, not getting in that situation again because what you did was still wrong and irresponsible, and getting yourself financially stable.

@@duddude321 in this scenario the caller says she has 9k in the bank but isnt even willing to pay that much back and Dave seems cool with that attitude. If everyone acted like her (not paying bills that they have the ability to pay) then the economy would collapse and the cost of borrowing would become far more expensive. In an ideal world this person shouldnt be able to borrow anything again until she pays what she owes

When it comes to collections unfortunately for you it will go hand in hand with the law.