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This is true! You don't even have to file bankruptcy. I was in debt 20-some-odd years ago with medical bills, I was laid-off, and had credit cards that I maxed because I was not working. Collection agencies called me every day. I got fed-up with it and told one lady on the phone, "yeah, well come take my car and my house! I don't give a $%#*!" Then she went silent on the other end. Not saying curse at them, but that ended the calls from collections because I calmly told them I cannot pay and will not pay. They don't expect that. They think you are going to cry and send them a little money to get them off your back for a while. That's their game! A lot of people don't realize debt collectors are not working for the people you owe. Sure, the company you owe will try for a while, but they hand it over to private collection companies A.S.A.P. When it gets to collections, whom ever you owe has already wrote that debt off and they sell it to a debt collection agency for pennies on the dollar. Then the debt collector usually adds more fees and interest charges. My personal opinion is this should be illegal! Since these are NOT the people you actually owe money to. But little-known fact, these debt collectors may sue a couple of times, but that is no big deal (if you really don't have the money to pay them, or property, they cannot collect1). If you own a house, you may have to file bankruptcy to get a homestead exemption on your house. But they eventually just give up, when they know you won't send them money, and the statute of limitations to collect the debt will eventually evaporates. However, this time limit is determined by the state. Some states limitations are as little as 5 years while some, like mine, are 15 years. But they usually don't come back 10 years later, although different collection agency may have been passed the debt. So, you could get letters from multiple collection agencies. But ignore them too. 20 years later my debt evaporated, and I have a 750-credit rating with the same credit cards I defaulted on, and I now have those same cards with much higher limits. Credit card companies don't care and don't keep records on you that long. In court deny the debt and ask the debt collector to present a signed agreement that you own the debt. 99% of the time they will not have this. Plus, today, nobody even signs agreements for debts anymore. When is the last time you signed for a credit card? If they cannot prove you owe this debt, the judge will usually throw it out. I know all this because as they say, "been there done that!"
The most important thing to remember is that if your debt has gone to a collection agency , paying them is the equivalent of throwing your money out the window. Your credit score can NOT be fixed by paying off your debt to a collection agency, even if they tell you that it will ...It is one of those lies that they will all tell you. If the debt has been sold to a collection agency your credit score will be damaged. The quickest way to repair your credit score is to pay off your monthly credit card early every month and pay it completely. In a relatively short time they will cancel each other out and your credit score will go up. Don't be stupid. If your debt has gone to a collection agency, it is ancient history.
💚 thank you for sharing this. I’ve been struggling with the idea of investing to build wealth without putting my money towards (and profiting from) things that don’t align with my values-specifically surrounding climate change and slave labor.
I just blocked their number until they stopped calling. Once, I told them that the person who had my number before me died in an accident. I inherited their phone... they hung up on me.
Trust me, this method will not keep you motivated. The snowball method really does work fast, but, more importantly, IT KEEPS YOU MOTIVATED. The interest rate really doesn't factor into this woman's process because once you get the smaller debt out of the way, the payments you made on the smaller debt that is now gone, gets layered on the final debt. THIS METHOD WILL NOT GET YOU OUT OF DEBT FASTER.
My experience. My hell hound collector said “well you shouldn’t have charged it if you didn’t plan to repay”. We paid them thousands and thousands of dollars. I told him, we have repaid anything that we bought, 100x times over, mainly interest . We were out of work. Suddenly. I told him, you know, someday you may be in our situation. A couple months later, AMX did a MASSIVE layoff. It may sound mean, but I hope he was in our shoes. .
Debt collectors tend to be toxic people. They also tend to do just about everything you said they aren't allowed to do and they largely go unpunished for it. And a lot of debt collectors will report old debt as new to the reporting agencies to keep messing with your credit.
More points to remember. All conversations will probably be taped......without your CONSENT. Secondly regarding option 2 where the debt has been 'sold" to a collector for dimes in the dollar? Tell them you have not CONTRACTED with them.
❤️♦️Laurie ‼️‼️‼️🌺 THIS VIDEO IS AWESOME! THANKS!!! TRYING TO GET MY LIFE BACK AFTER BEING CONSTANTLY HARASSED BY SOME VERY HORRIBLE PEOPLE WHO HAVE ALSO CONTACTED THIRD-PARTY PEOPLE TO TRY TO INTIMIDATE ME AND THEM!!! I’ve had many medical surgeries 9 , and recent heart attack, followed by open-heart surgery etc over period of the last many many years, and it devastated me in addition to divorces etc. As you can imagine, I have accumulated other debts as part of this medical situation and life events. Some of this that is obviously a huge amount of medical debt that has gone to collections. ➡️BTW, has the fair debt and collection act of 2011 ever been updated with information we should know/I should know??? I’m trying to find a local attorney that will prosecute these infractions that I have experienced. BUT I NEVER QUIT ! THIS VIDEO GIVES ME HOPE!!!! One of the best debt collection videos I have ever seen. 🎉❤ It sounds like I hear a bit of a Canadian accent also . Am I correct in that? Anyway, thank you and I will watch your free training . I’m in cardiac rehab until about October of 2025 and the cardiac staff highly complimented me for my workouts. Thanks again for taking the time to post this. PS The heart attack just happened April 5, 2024, and I am going to be consulting a orthopedic surgeon to correct the left shoulder area that was significantly damaged in a car crash a while ago but now is in excruciating pain about 70% of the time. Again, thank you very very much Laurie. I’m fighting through all of this and have been doing this for a couple decades with so many surgeries and failures with some of the surgical procedures. Best Wishes Always, Paul
I laugh at the debt collection letters that my husband and I get in the mail from debts that are from 20 years ago. I simply write a hardship note on the letter and send it back to them . They usually stop the harassment
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The method yt videos teaches isn’t really working for fixing your credit and getting rid of negative items off your reports.. *Solvency backdoors* is the solution to all bad credit reports, negative items & finance problems 👌 their name is spelt as *solvency backdoors*
@DowJanesFinancialEducation what do you do when collection agencies sell your account and every time they sell your account it hits your credit? It keeps messing up my credit whenever the score goes up. They keep reselling it to other people.
My ex boyfriend from a long time ago used up my credit card before dumping me. I later found out he even lied to me his real name and had a bunch of criminal records. Long story short I got in like $8000+ cc debt in 2016. I never paid it back. I don’t pick up calls. My bank offered a free credit score report. I knew my credit was bad but checked it anyway. It came back I was deceased😂
Many many years ago, my brother told the debt collector, I put each of the debt collectors name in a hat, sorry, but your name didn’t come up, hopefully next month your companies name will be drawn from the hat. Better luck next month.
