Can You Negotiate with Creditors on Your Own?

Can You Negotiate with Creditors on Your Own? | DFI30

Рет қаралды 40,093

2 жыл бұрын

Can You Negotiate with Creditors on Your Own? | DFI30 | Ep. 405. You may be wondering if you can strike a debt repayment deal with your creditors without going to a Licensed Insolvency Trustee and a formal insolvency filing. Well, it depends on how much you owe, who you owe, your assets, and lots of other factors. On today’s podcast, Doug Hoyes and Ted Michalos walk you through all the different scenarios in which you could deal with creditors by yourself, the risks to that, benefits, and they discuss when filing a consumer proposal or bankruptcy is the better option. Tune in!
Related Links:
Can I Negotiate a Debt Settlement on My Own: www.hoyes.com/blog/can-i-nego...
Negotiating Consumer Proposals - What Your Creditors Expect: www.hoyes.com/blog/negotiatin...
Bankruptcy Protection in Canada: An Automatic Stay of Proceedings: www.hoyes.com/blog/bankruptcy...
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How to negotiate with creditors negotiating with creditors

Пікірлер: 69

@sedonarose7563 Жыл бұрын

It’s expensive to be poor.

@wellnesscanceradvocate8564 Жыл бұрын

Schools need to teach about how to reduce debt and reduce incur debt .

@mv8984 4 ай бұрын

It really is

@biblestudieswithdomlaf3310 3 ай бұрын

Best comment ever! So true

@barkingspider2007 Жыл бұрын

More legal crime.. The banks, our government, and the current state of the medical and pharmaceutical industries. Thanks for cheering me up. Much appreciated 👍

@wellnesscanceradvocate8564 Жыл бұрын

I made agreement with chase to pay my debt and they turned it into collection agency anyway even though I was making payment on time so they can’t always be trusted.

@mcguireify 4 ай бұрын

At what point in the process did you make an agreement...specifically, were you current, 30 days, 60 days, in default.....also, did you ask for an agreement letter before finalizing everything??

@jimmieblue6262 Жыл бұрын

I negotiated my girlfriends debt on 6 credit cards and won. Easy give them a choice this much or nothing and stand your ground....!

@ganapatikitty 7 ай бұрын

You talked to customer service on a phone or what department?? That's what I'm thinking. I've paid so much in interest. It could be nothing or what I offer.

@againstthegrain9843 11 ай бұрын

Hey Guys, I live in the US. Do you have a list of trustees you work with that I can use in the US that you recommend? Thank you.

@lfuentes4098 6 ай бұрын

Can you do a consumer proposal in CA, USA?

@TheCocoDawn 11 ай бұрын

I have been watching your videos, you are in Canada. I amin Florida. Do you assist in Florida? consumer Prop.? do you recommend a firm here in Broward county?

@td4611 Жыл бұрын

I negotiated over 6 figures in credit card debt with about 9 different companies. These people want you to pay them for something you can do yourself.

@cookiee5272 Жыл бұрын

Your absolutely right 100%.

@kendrabonds6901 Жыл бұрын

Why didn't you just file a 1099A&C

@t.r.lanthierjr.4560 Жыл бұрын

@@kendrabonds6901 show proof that it works

@kendrabonds6901 Жыл бұрын

@@t.r.lanthierjr.4560are you paying on any loans currently? If so there's your proof difference is the bank filed it on your behalf but you have to claim it by filling out the paperwork!

@wellnesscanceradvocate8564 Жыл бұрын

What did you negotiate exactly? I've tried to get them to Lower the interest. Pre covid they would happy do it without questions.

@sterlingandkolerealtydevel1054 5 ай бұрын

Is this only legal in Canada? Or this can be done in all state in the US?

@Shamika-rx2nm 5 ай бұрын

It’s expensive when others chance your life

@mcguireify 4 ай бұрын

Hi,, Is it a waste of time to propose a lump sum pay off (30% of total principle) on a credit card when you are still current with your minimum monthly payments? Do you have more leverage when you are 30 days, 60 days, 3 months, etc....I realize my credit score will have to take a hit.

@With_Love_Lexi 2 ай бұрын

Following

@jeanieologist4456 8 ай бұрын

Man, you guys are interesting and I really enjoy your video but you’re forgetting to mention here in United States. If you settle your debt from what is less than owed they’ll turn that into income with a 1099C and you’ll be taxed on that money on top of what you’ve already paid.

@siouxfalls100 7 ай бұрын

The credit card company did that to me and I just ignored it. The government would be putting thousands of people in jail if this really happened. There's no debt prison. They give credit to anything with a pulse, so I don't have any sympathy for them when people default.〽💳🗑🚮⁉🚮. Our banking system has the morality of a pack of wolves starving.

@watamatafoyu 4 ай бұрын

@@siouxfalls100 What do you mean you ignored it? You owed the government taxes from the 1099C and then you just didn't pay taxes you owed? They literally will throw you in jail for not paying taxes.

@biblestudieswithdomlaf3310 3 ай бұрын

I’m from Canada and I heard about this too

@cwmaxxout805 6 ай бұрын

The Trustee receives more if they recover more they’re not your buddy!

@dakhemyst Жыл бұрын

Does this apply to secured debt such as car loans that are in default?

@mannyboyaztlan5127 Жыл бұрын

Need help let me know . But to your question only if your home or car has been repossessed . And yes those are secured accnts

@JoeMcknart69 11 ай бұрын

am I legally required to tell the negotiator if I have a job and how much I make (especially if I am trying to negotiate a lump sum)?

@Jimfromearthoo7 10 ай бұрын

I love how they respond. I wouldn’t sub to them.😛

@cookiee5272 Жыл бұрын

Call your creditor agree with a settlement of a 3rd or less. Let them do the talking. Don't mention about your investments, remember they record you. They charge way to much and often lie to get the business.

@segunbusari2912 4 ай бұрын

If i own $50,000 but have $25, 000 what is the best way to to pay off the 50k debt. Im still making payemnt on my $50k debt never default?

@marcielynn4886 11 ай бұрын

I have.

@dianneg573 Жыл бұрын

How do I get a debt collector called portfolio off my credit report?

@jrnd3484 Жыл бұрын

ctrl+alt+delete

@thundergod2645 Жыл бұрын

how long can I be sued for a debt if I live in Ohio, 3k for an eviction and 5500 for sprint those are my current debts

@cm1133 Жыл бұрын

You could pay those off with two months driving for Uber just on the weekends. I make $1000 every weekend driving for Uber.

@bethyoung8646 Жыл бұрын

7 years- if judgment is my belief.. Although the judgement falls off around 5 yr and 6mo IF the creditor doesn’t renew the judgement. I had an apt fall off and didn’t know it. I went to court records to pay it in full abs they told me they didn’t renew the judgment and I paid 24.00 to remove it! Nice surprise for me! Most creditors don’t renew

@wellnesscanceradvocate8564 Жыл бұрын

Depends on your states statue of limitations.

@ganapatikitty 7 ай бұрын

What uber area you in? @@cm1133

@kendrabonds6901 Жыл бұрын

1099A and C

@watamatafoyu 4 ай бұрын

Those look like they're for secured property.

@vha3742171 11 ай бұрын

Most credit card company will not work with you. Bank of America, Citibank, Capital One.

@watamatafoyu 4 ай бұрын

I'm looking into debt crashing companies that take a 25% fee to help you settle at like 40% instead of bankruptcy.

@thefunfam1433 5 ай бұрын

Some? Some aomt

@thefunfam1433 5 ай бұрын

Some won’t

@Shamika-rx2nm 5 ай бұрын

It’s expensive to be cursed

@luxboss2388 6 ай бұрын

We live in a credit based economy you have to go into debt before you can have anything or a majority of Americans do, the average person will not save 6 figures to buy a house and car cash it’s just not happening

@watamatafoyu 4 ай бұрын

The majority of people don't even own homes.

@jennybop29 3 ай бұрын

I’m dealing with this one fkd loan and a few more car payments and I swear on god I will work my ass off and never ever borrow money again.

@Shamika-rx2nm 5 ай бұрын

It’s expensive to be forced into hell

@rickyhughes3309 Жыл бұрын

Why would you pay the debt if your credit is already ruined. I will pay it if you given me a written agreement that you will remove the debt from my credit report. Otherwise you gain absolutely nothing from paying it.

@mannyboyaztlan5127 Жыл бұрын

Exactly. But why not get a credit consolidation and same time your utilization decreases and brings your FICO score up😉

@noahzero9380 Жыл бұрын

@@mannyboyaztlan5127 Say that when they seize your banking accounts and garnish your wages 😂

@cookiee5272 Жыл бұрын

You can contact the creditors yourself. These debt settlements charge way to much. Why pay them 20 to25 %. Your creditors will agree with a third or less if you contact them. If your trying to make a purchase or refinance it's best to agree with a settlement and pay it off. Once you pay them off you will see your score go up. Some of these people on you tube don't be telling the true. I wasted money twice on debt settlement and they just dragged it out. They wanted $18,000, that money can go on the agreement. Do it your self.

@wellnesscanceradvocate8564 Жыл бұрын

Because it’s not going to help not paying it . Unfortunately we need good credit .

@jamielc3437 Жыл бұрын

Can the Credit card company take you to court if you don't pay the debt.

@TheCocoDawn Жыл бұрын

How can I call you

@DebtFreein30 Жыл бұрын

You can visit us at www.hoyes.com/ and all our information is available there. Thanks for watching!