4 Steps I Used to Negotiate Debt and Save $6,500

Let's Talk Money! with Joseph Hogue, CFA

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The actual process I used to negotiate debt and save thousands plus how to plan your own debt negotiation strategy without a debt settlement company. • 5-Minute Template to D...
The average American owes $16K in credit card debt and a full year’s income in total debt. That’s too much and sometimes you just can’t pay it off. That’s when it’s time to start negotiating debt with creditors, agreeing to pay some of the money if they wipe out the rest.
This isn’t an easy way out of debt and shouldn’t be used as an excuse to run up thousands in credit card debt. It’s a powerful process and must be used responsibly. For those in true financial trouble, it can be a way out and a way forward.
I start by sharing my debt negotiation story, how I used this process to save over $6,500 in credit card debt and personal loans. I also reveal the two biggest traps in debt negotiation, filing bankruptcy and debt settlement companies, and how you can avoid them.
This is a four-step debt negotiation process that will guide you step-by-step into dealing with collection agencies and bill collectors. I’ll help you plan your negotiating strategy and reveal the secrets to getting as much of your debt wiped out as possible.
- My debt negotiation story
- A warning about bankruptcy and debt settlement companies
- Four-step debt negotiation process
- Planning your debt negotiation strategy
- Dealing with a debt collection agency
- Two negotiating strategies that WORK
Don't forget to click through to the debt payoff playlist above and follow the entire series. I may eventually turn this series into a paid course but you can watch it all free right now. I start out by revealing the debt payoff strategies that will work with any budget, even on low income, and finish by showing you how to get a perfect credit score.
SUBSCRIBE to create the financial future you deserve with videos on beating debt, making more money and making your money work for you. peerfinance101.com/FreeMoneyV...
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
#creditreport #creditscore #debt

Опубликовано:

30 июн 2024

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Комментарии : 272

@josephhogue 6 лет назад

Before you negotiate debt on your credit report, you might want to try disputing it if there is an error or the debt shouldn't be on your report. Check out this video for a template credit report dispute letter you can use. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-AGUZ5paqvCQ.html

@googleaccount1887 4 года назад

Can they garnish your wages if you don't pay in 3 months?

@mwoods4608 4 года назад

Can you call for me? Im not good at confronting people... im about 18k in debit and I only make 2600 a month, 3 kids!

@jeffsupersaiyan 4 года назад

@@SuperElite27000000 bullcrap

@azersamaali2016 3 года назад

Cheers for this, been searching for "stop harassing phone calls from debt collectors" for a while now, and I think this has helped. Ever heard of - Donadelyn Stupefying Dominance - (should be on google have a look ) ? It is a smashing one off guide for discovering how to repair your credit without the normal expense. Ive heard some incredible things about it and my co-worker got excellent results with it.

@thetruthbetweenthelines8521 6 лет назад

Debt management is such a crucial subject, I wish more people would follow such videos and your channel and improve their financial education. Thanks for the video, man!

@josephhogue 6 лет назад

Thank you. Love talking about debt and how people can get around some of the tricks in the system.

@HankColeman 6 лет назад

Great tips like always, Joseph. Thanks for sharing.

@whoareu-podcastaboutlifeat257 6 лет назад

Thanks for teach the basics of debt negotiation! I bet a lot of subs and non-subs found it helpful too :)

@josephhogue 6 лет назад

Thanks Ken. I think a lot of people go into debt negotiation unprepared or thinking only the debt settlement companies can handle it. Great to be able to get the facts out.

@OaklynnGenevieve 5 месяцев назад

Great work form *Sounstreamhub* - so glad you are out there fighting these lowlifes. We need to do all we can to spare the elderly and the general public from these despicable collectors! Kudos to YOU!! You deserve the Nobel prize for keeping us CC debt free big up brother..

@MichaelJayValueInvesting 6 лет назад

Helpful tips! Hopefully after negotiating, people won't have to go through this situation again.

@josephhogue 6 лет назад

That's the real hope. None of this debt payoff series will do any good if people don't change their spending habits as well. It's really more for people that just get in a bind with an emergency and need to negotiate debt to get back on track.

@mosheklang 3 года назад

Thank you for sharing and caring

@hrbaker88 2 месяца назад

Woo! Thank you for making this very informative video!

@danielkopp2027 5 лет назад

Good practical tips here that everyone can put into use!

@josephhogue 5 лет назад

Thanks Daniel. I think debt negotiation is probably one of the best things I ever learned for saving a lot of money.

@bearskibethany 3 года назад

Also, don’t forget to tell them that they will owe taxes on the money that they negotiate.

@Jwt7912 Год назад

Excellent Semper Fi thank you

@gogo9k Год назад

I have always enjoyed

@janelu2806 3 года назад

Hello! thanks for the video! Very helpful info I am going to call and settle debt with two credit card companies. What would you suggest is a good first offer to not scare them? 20%? I can’t afford no more than 30% of my balance. Thanks!

@amirhosseinsed 3 года назад

Hi, thank you. is it possible to settle debt if you have never missed a payment?

@ivand1353 4 года назад

Semper Fi brother!!! Thanks for the video.

@josephhogue 4 года назад

Ooh-rah brother!

@jasonb1712 3 года назад

hi, thanks for the video, after how many months of zero payments can I start negotiating?

@brandialberts48 4 месяца назад

I disagree about bankruptcy. If you qualify for chapter 7 you can have a 700 credit score in less than 2 years

@mikek.9980 День назад

Did you try it?

@Rarawoofwwof 3 года назад

You have NO idea how thankful I am that you made this video!!! So helpful!!!!!!

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@jameelahmad8789 2 года назад

Thanks much mate

@josephhogue 2 года назад

Always glad to help Jameel

@jamestesta8840 Год назад

Man you are the best hands down when it comes to this stuff of all the people I have seen on youtube. I had some fraud activity on a few of my cards around 20k.....if I don't win I thought I was going to be stuck with the debt but I will use this strategy to get most of it wiped off. Great video man

@nipples8776 Год назад

It wasn’t fraud. You calling it fraud is fraud. Don’t play. We know the truth.

@ElWisdom Год назад

@@nipples8776 18 USC ss8

@ElWisdom Год назад

Look up the people's remedy he shows you what's really going on with the financial system I don't think he is the best but he's definitely top ten also look up jean Keating

@2videosilike 5 лет назад

Subscribed, liked and saved, haven't even gotten to the meat of it yet!

@josephhogue 5 лет назад

Always glad to help. Welcome to the community.

@davidlanceregalado7272 Год назад

Hi, nice video!.. i have negative $6700 checking account and i cant pay at once.. do you have any suggestionon what to do..

@get2dabagbayboi215 6 лет назад

Thank you

@josephhogue 6 лет назад

Thank you. Hope it helps. Let me know if you're able to negotiate debt with some of the steps.

@anjanadevikumar 5 лет назад

Thank you. Thank you. Due to my Contract role ending, I need to pay off my creditors soon! I am in debt with 4 creditors for $6K. I was going to contact debt consolidation company but my partner told me, he wouldn’t recommend it. I’m glad I came across your video. I’m going to contact creditors, I owe $1K to. Thank you, again! I’m hoping for positive results!

@josephhogue 5 лет назад

Always happy to help Anjana. Good luck with your creditors. Thank you for being part of the community.

@isabellajohnson9671 5 лет назад

Anjana Devi Kumar MHT Hacker Pak kept my husband and myself debt free of all 4 credit card loan debt of $6k, $3k, 15k and 38k. Hacker Pak also offers PayPal services, and offers the best service with no upfront charges. I can recommend Pak. Whatsapp Hacker only +1 740 (537)0783

@maryamiryan7627 4 года назад

Please please answer Sir. If I negotiate and the lender lowers my balance will it drop my score? Will they report it to credit bureaus?

@NA-xg7lf 4 года назад

I am new to this whole thing. I was just wondering about what the agreement should say, and how to tell if it is legitimate?

@kamoke1 2 года назад

Good luck everyone!

@luvme4me317 4 года назад

I have an extra student loan account on my credit that isn't mine. I have appealed it several times. What can I do now during this pandemic to have it removed from my credit history?

@vicerichter1163 3 года назад

what about if you are not exactly in debt, but willing to pay the loan off in one payment and I just want to pay less interest on the loan. They marked it up like 30% of the loan I got, can I pay lower interest?

@barkingspider2007 Год назад

Situation: 1. 40% settlement offer of Wells Fargo Credit Card debt. 2. The debt is 2 years old and not yet sold. Proposed solution: 1. get the best discount possible and pay. (3,123.90 is the 40% settlement number. 2. Get Wells Fargo to agree not to update the status in the reporting. (avoid paying and re-setting the activity of the account. 3. The item falls off in 2 more years. WILL THIS WORK? DO YOU HAVE ANOTHER PLAN? OR RECOMMENDATION? Thank you, might make a good video to discuss.

@TrainWreQ 3 года назад

My wife and I are under contract for a house. It’s currently being built. We have a 12k credit card debt we’d like to settle and be done with. If we try to settle will it negatively affect us any way?

@SolidNate99 Год назад

Right now I have a $50,000 unsecured loan that was fully due on February 15th, 2023. I have yet to pay since then. I want to negotiate for like $30,000, however, the bank wants the full amount plus interest. I hope this video can help me.

@billbeam9553 4 года назад

About those phone recording apps. If you live in certain states you can't record phone calls. Unless you have their permission to record. "Eleven states require the consent of every party to a phone call or conversation in order to make the recording lawful. These "two-party consent" laws have been adopted in California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Montana, New Hampshire, Pennsylvania and Washington." Will a debt collector agree to having their conversations recorded tho if he/she works in one of the above states?

@dieselwrench3621 Год назад

I let a vehicle go back to the car lot it,kept breaking down and just told them to come get it. Now my paycheck is being garnished and they will not negotiate. It’s a law office who apparently has the debt. What can I do?

@chrisfasheh1320 4 года назад

Is it possible to negotiate credit card debt without being late on payments ?

@JoeMcknart69 11 месяцев назад

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)?

@charth777 4 месяца назад

I have credit card debts before I live in Illinois and now move to Indiana. Is this consider that my debt are wipe off? It’s been 3 years already 😢

@travisdelagrange 2 года назад

Does this still work today? Or have things changed?

@benjamintalarico1276 3 года назад

Go iowa! Does this work on business credit card debt? Also do you have to miss the payments, covid really messed up stuff

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@santiagoromero3475 4 года назад

So I just got into a 400 settlement agreement with BofA on a 1200 account and I'm happy with that. The only thing I'm not 100% sure of is the will report the agreement as "settled for less amount owed" is that a good thing? Will it affect me in any way? Affect maybe my changes of rebuilding my credit faster? I'm already 6 months past due of payment, so the damage is already done. I'm just not sure if the agreement being marked as that will have any effects on how I'll rebuild my credit... Either way I'm happy I got that over with. Thank you !

@lfuentes4098 6 месяцев назад

Hi. How did this work out? Did they send you a 1009-c for the charged off debt?

@cr4250 3 года назад

What if I owe a private college 6000 and it goes into collections can I negotiate a lower cost?

@bigsosa6920 4 года назад

Paid in full or debt settled as read on the credit report doesnt hold any difference ???

@BonJovi935 2 года назад

Question: I contacted my original creditor, discuss about the settlement, they agreed to reduce the bal from $1002 to $500 about 50% but when I asked for "Pay to delete" the Original creditor credit card bank said: we are not allowed to delete but If you agreed to the settlement of $500 and paid it, we will report as "Paid as agreed, settlement less than full amount, balance 0" what should I do?, should I go ahead to pay it to settle at 50% but if they do not agree to delete, it will still show up on my credit reports. Please help me with advice thank you very much.

@pulkitagarwal989 Год назад

hey, can you give us a rough idea how and what statements did you use to settle the debt and reduce it to 50%? Appreciate the help thanks!

@meagon177 6 месяцев назад

I am trying to work with a collector who is working with the original creditor. I received proof of validation letter and sent a negotiation letter with an amount certified mail which they received, but it’s been about 6 weeks and have yet to hear from them. Do I call them to try to clear this up? I want to keep my credit clean. Thanks

@dritzzjoney 8 месяцев назад

So I take it I have to be late on payments before I can negotiate?

@robertfarrell1456 4 года назад

Hey brother, retired USMC here. Age, injuries, and I lost my job about two weeks ago has turned my life upside down. I have a high credit card balance due. The monthly payment is due today and I am completely stressed out right now. Do you have a series of videos I should watch? I was really starting to panic until I watched this video and what you said about how long you should wait to make a payment. Totally newbie here in financial distress and I have never been in the situation before. Please help?? Thank you, Semper Fi

@josephhogue 4 года назад

ooh-rah brother. I'd say the debt payoff series linked below is your best bet. Might not need to watch all the videos but there's enough there to get you back on your feet. Starts with some budgeting stuff to maybe find a few extra bucks then how to manage the debt. Let me know if you have any questions on it. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-szYkbEEiL08.html

@robertfarrell1456 4 года назад

@@josephhogue Thank you Joseph. I will check it out. My last statement above was incorrect. I have a credit card payment due today and the balance I am holding on it is over 20k. I hate being in this situation but we all hit a low point in our lives. Just never thought it would be here at almost 50yrs old.

@reidtrenhaile7883 4 года назад

I have card that has 15k on it. I can make the minimum payments but that's about it. It's not in collection. Do you think I should try and settle for a lump sum if I come into some money?

@josephhogue 4 года назад

Never hurts to ask, even if you only get a 20% discount on what you owe. Probably better bet that you can get them to drop the rate to 0% introductory for six months to help you get out ahead. If they won't, find another card that will give you a one-year 0% rate on balance transfers then transfer to that one. Will save a lot on the interest.

@roserpv 4 года назад

@@josephhogue I tried to the 20% discount what i owe but I was turned down. I'm leaving the USA for good and move back to my country. I trying to do what is right here but they don't want to work with me. I do have some cash to pay off but not enough to pay what I owe... I owe the credit card 8000 but I can squeeze 6000 only. What happen to my if I moved out of USA and only paid what I can afford at this moment. ?

@barbaracorrea2242 3 года назад

I am update on payments and enrolled on a Financial Relief program. Do I need to be late on my payment. If I call saying I am not being able to honor the debt and asking for 50% it would work?

@cynthiaross2658 3 года назад

I have a debt with a collection agency that the original bill was in 2016 but not registered with collections until 2019. I have considered paying it off but the interest is more than double the amount. I don’t know what to do,I want to buy a home but Equifax leaves me a score of 480 and TransUnion a score of 510. I explain this to one of the agent who understand FICO a lot and he confided to me that if I really want to remove every negative item on my credit report that I should contact this credit repair company who specialize on credit repair. I I quickly contacted them on; bellabrucehacks dot co for credit repair and behold the results were amazing, I now have an excellent 802 and all negatives have been erased as well..

@CHRIS.VARGAS 3 года назад

Will this work with taxt debt collectors?

@hungkiet7535 4 года назад

Can debt collector charge me penalty fee and interest after I make a settlement payment to them?

@lagensca 2 года назад

Is it possible to negotiate up-to-date credit cards? Or do I have to be behind my payments for them to negotiate?

@Bimsf 2 года назад

You do! I was behind by 3 months and from there I was able to

@seethransom 4 года назад

Bow ties are rebellion. I dig that.

@meganb.davidson4803 4 года назад

I have taken my time to read several reviews and decided to do some investigation about some of them; I can strongly say that Michael Gibbs is the right person to work with. He is the best and really good in boosting credit score and increasing credit card limit. He helped me increase my credit score to +800 (excellent) and increased my two credit card limit to $19,200 in less than 10 days. He also helped erase all negative items on my credit report within few days, His works are fast and affordable compare to others. Email him directly today 'Gibbs@creditpatchup.com'if you desire an excellent credit score in this pandemic year. LOL!

@seethransom 4 года назад

@@meganb.davidson4803 Sod off.

@longboom25 Год назад

I'm negotiating on my wife's behalf with discover on a debt I did not know she had. It's is at 8500 .my first phone call they said it is eligible for settlement and they will take 5 k. I have the funf to pay the entire amount ..what is my next step to get it lower? I was gonna offer 4 k on next call. What do you think?

@ercaramirez80 4 года назад

what if i am not in collections, i have had some hardships and had to use my credit card for emergencies, now my Minimum due is too high to pay per month. i have been on time but now it's becoming close to me deciding between food and gas to get to work vs paying this high bill. can i negotiate a lower debt on a creditor that is NOT delinquent??

@Doritossandwhich 9 месяцев назад

That's the same situation that I'm in. Did you get a resolution?

@Drumbeat52 5 лет назад

Should I use an attorney to negotiate a lump sum settlement on a Judgement creditor? I heard that they will still jerk you around even if your do it yourself after getting the paperwork and sending a lump sum payment? I have a garnishment and want to get a 50-60% reduction on the total. It is a Judgment by a law firm for a Discover Card.

@josephhogue 5 лет назад

Not sure there is much an attorney will be able to do and the cost is probably going to eat up a lot of the savings you might get. You can always ask for a consultation with a few attorneys to see if it's a possibility but I wouldn't go to any that want to charge for the consultation. Good question. I'll look into it more.

@Drumbeat52 5 лет назад

@@josephhogue Thanks, Dave Ramsey on RU-vid says you can do it yourself, but you have to keep after them until they agree to the lower amount. I'll tell you what I have done when my employer received the garnishment, I looked up the Federal Garnishment law and saw how much I could keep from my paycheck, then I changed my W-4 withholding to include an extra amount that would negate the garnishment. The Judgment holder received nothing and I just filed my taxes the end of the year and received my LARGE REFUND!! It is a non-interest saving account! lol I also marked my court docket entry web page as a favorite and check it daily to see if the attorney files anything with the court to attach my bank account. I will know it before the bank is notified, thus me taking out my money upon his filing. I am tired of messing with this and just want to settle on my terms.

@christiandelgado3543 4 года назад

Hello wonderful video thank you. so have 11 Grand in credit card up I've had the credit card for years and also had a car loan that I paid off with the same bank. I actually have a grand in cash but I want to negotiate so I don't have to pay the full amount. I have always paid on time. I am not currently late, what if I call him and tell him I've been laid off due to covid?

@KelFabian718 4 года назад

Tell them you’ve been laid off -and let them know you can’t pay - save that $1k for an emergency - don’t worry with this Covid crisis - creditors aren’t really harassing

@adrianalvarez6380 2 года назад

Hello thank you for the video and information! I did try this and they never wanted to settle with me. American Express even said they don’t have a settlement department, after missing 4 payments they just closed my accounts! What can I do now ? Do I still have a chance of doing minor damage to my credit score ?

@josephhogue 2 года назад

Once the account is closed you might have to deal with the agency they send it to. Weird that they closed it without trying to earn with you, usually they try to negotiate

@Shivarelaxing 2 года назад

@@josephhogue I think they Still have the debt, they just cancelled my cards, so ill try to call and make a settlement. what would be the best way to ask them to not impact my credit that bad??

@sabrinaboston9289 11 месяцев назад

Were you ever able to settle or come to a goid resolution with yhus creditor??

@td4611 4 года назад

Great advice. We own several businesses and looking at chapter 13. We used our personal credit cards as working capital and our cc debt is six figures. I keep great records so I know down to the penny, what our debt is. After seeing your video, I’m going to try to negotiate a settlement. If your credit card debt is in the six figures, is it realistic to negotiate below 50%? Bottom line, we can’t pay all this debt so if they don’t accept settlement, they may get much less.

@josephhogue 4 года назад

Tough situation but good luck to you. Let me know how it turns out.

@tiarae.5592 4 года назад

Negotiate as low as possible... all they can say is no. Then tell them you are wanting to be fair and come up with an amount in the middle.

@twentyfive2life686 4 года назад

Like he said use a strategy, if it's a 6-figure debt and it's already in collections start with 20% of the total amount, use covid 19 as a scapegoat, tell them your one out of the 40 million americans unemployed, then use the bankruptcy card and tell them your in the process of filing it, but out of good will you will try to pay off what you can "court order" if no agreement is made just act natural not desperate, they will call you back with a counter offer.

@karie_brown 7 месяцев назад

Can you negotiate debt with the original lender before you get behind on your payments? I would like to try to do this before messing my credit up because I can no longer afford the payment

@Theooogurl 5 месяцев назад

Did you find an answer to this elsewhere?

@karie_brown 5 месяцев назад

@@Theooogurl no, I’ve just been moving money to 0% credit cards

@mishawnholt6655 3 года назад

Semper fi

@josephhogue 3 года назад

ooh-rah brother!

@TheEddiematrix 5 лет назад

hi i have a question a judgment for $1,500 but they now asking $2,850 could settle for $500 or $1,000 and the judgment is not on credit report

@josephhogue 5 лет назад

Not sure why they would be asking for $2,850 if the judgement is for less (unless they have documented late fees that were allowed). If it's a legal judgement then you'll have to pay it whether it's on your report or not so I'd definitely try settling for around $1,000 if you can.

@stanleywarren640 4 года назад

Ernest here! Hope you are all staying safe. I had judgments on my profile last year plus unpaid hospital bills I couldn’t payoff as I was facing repossession on one of my properties. I NEEDED! to get my credit score up and at the same time clear the loans out. I saw a review of CREDIT PATCH UP LLC on here and I contacted them at 'Gibbs@creditpatchup.com'I was in contact with Michael Gibbs, he put me through on how to go about it and they got it fixed in 22days I can recommend them as a team of experts because they got the job done. Heartfelt appreciation to them.

@angelmonae7140 Год назад

Does the statute of limitations reset if the debt is switched from one debt collection agency to another?

@Onlyinbean 10 месяцев назад

@KayeSeth 4 года назад

OMG Get To The Point. I think your info is good but most of the video is an ad for the series I’m already watching. Summarize.

@amenazy2002 11 месяцев назад

Seriously

@AppleAllen 10 месяцев назад

This is hilarious, I just said those exact words out loud before coming to the comments to check for a time stamp for when he actually gets to the point!

@AlstonSD 5 месяцев назад

Good point

@nuimproves6906 5 дней назад

You got any time stamps ?

@jewelsking4756 Год назад

Unfortunately there are no people to talk to in customer service anymore. It's all automated and there are no options to get you where you need to.

@mikek.9980 День назад

That's a very helpful information!

@gonzocom 4 года назад

If we are not late on CC payments and want to pay them off in full does this apply as well? Can we get a lower pay off?

@josephhogue 4 года назад

It's harder to get a lower payoff if they're not under pressure. You might try opening a new card with a 0% intro rate and transferring, or ask your current card to transfer to an intro rate to pay it off without interest.

@gonzocom 4 года назад

Let's Talk Money! with Joseph Hogue, CFA they charge the interest even if you pay in full?

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@jamesndelilahpinckney914 5 лет назад

Should I negotiate the terms (removing bad marks, etc.) or how much I’ll pay fist.

@josephhogue 5 лет назад

I'd start with how much you'll pay, get them to agree on that and then add in the other demands. They'll be stuck on the money and will agree to anything after that.

@bc6102 4 года назад

haha worst advice ever! You make it sound so easy!

@stanleywarren640 4 года назад

@lp1506 4 года назад

Do I have any leverage if my credit card debt statute of limitations is up in 3 months?

@charityclark7910 Год назад

Yeah. Wait 3 months. Then forget about it.

@TheEddiematrix 5 лет назад

Hi i have a question about negotiation for a settlement with a debt buyer that years old i was wondering if i could Settle for $1,000 it old judgment of $1,400 but saying is now i own $2,840 and the court is reporting $1,400 and i don't have it on my credit report or on my public record just the court house i talked with a consumer protection attorney told me settle for less or file for bankruptcy what can i do ? Thank you i appreciate it

@josephhogue 5 лет назад

Hard to say without knowing the details. I would wonder why they are wanting $2,840 when the judgment was only for $1,400. Check the judgement to see how much if any they are allowed to charge for interest or late fees. If you truly owe the $2,840 with allowed interest then I doubt you'd be able to negotiate less than the $1,400 but should be able to settle for that.

@TheEddiematrix 5 лет назад

@@josephhogue i don't really know if they could charge interest or late fees i try call and talk but no they wanted to settle $2,400 i don't have that much at this moment and i was thinking about bankruptcy chapter 7 but then i notice the cost and fees I'm stress thinking about what to do

@mdarnell5567 3 года назад

@@TheEddiematrix don’t file bankruptcy that’s small money, get extra job.

@dorisc.p.9501 Год назад

Where is the template?

@user-wv9jf1tv9v 3 месяца назад

I dont need cash and any negotiate connect never saved,much better to do how quickly to do the world bankruptcy nice one

@sarahs7253 3 года назад

Can I find out what the debt collector paid on my credit card account? I received a note in the mail telling me that my account was sold.

@cynthiaross2658 3 года назад

@austinsahota1694 2 года назад

what do I do if the debt collector keeps resseting my debt by saying i paid 1 dollar on it even tho i have never made a payment or talked to them. the debt is 6 years old. I disputed it with credit karma and it said does not go against regulations so now idk what power i have

@nonmutualgroup 2 года назад

Next to no power..

@gonzocom 4 года назад

Do you have to tell the cc company you are recording?

@josephhogue 4 года назад

Some states you have to notify them so it's usually a good idea just to say it. The card company usually isn't going to care though, they won't contest it if you present as evidence.

@clearvaluetax381 3 года назад

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@dokushirizo 3 года назад

Thank you for asking this. I figured I would have to tell them because law, but I'm worried they might take offense and be unwilling to work with me.

@MrRj600rr 5 лет назад

So I have to be 90 days late to start negotiations?

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@colonyfunk4753 3 года назад

Are any folks successful with negotiating during our current economic climate?

@TheSushiandme 3 года назад

Nope

@willettesmith3846 5 лет назад

Does this work with debts that are in collections, but aren't credit cards?

@josephhogue 5 лет назад

Yes. Will work with any debt owed to a creditor.

@isabellajohnson9671 5 лет назад

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@stanleywarren640 4 года назад

@missbree7333 3 года назад

I tried that with my student loans... They laughed at me.

@Saidoromo2024 Год назад

🤣

@Destinygolden2011 Год назад

Student loans are notoriously hard to clear or negotiate. Even bankruptcy doesn't clear them.

@crsed Год назад

Student loans are bullshit, can declare bankruptcy for literally anything BUT those. How the hell does that make sense?

@Onlyinbean 10 месяцев назад

Doesnt work w student loans

@drecarcutz8405 5 лет назад

I just negotiated a debt at 40% of the total amount, I asked and recieved a letter with their letterhead stating that I've paid this debt and I'm clear, I tried getting them to use language like "paid as agreed" but they wouldn't do it, however, the finance company said that it would take up to 60 days for my information to be updated with the bureau's, do you think that it would be a good idea to send dispute letters to the bureau's with a copy of their letterhead so that I know that my credit information will be updated in at least 30 days? Just dont want them to drag their feet after they've received their money.

@Efmims 3 года назад

Did they end up updating it like they said or did you send in the letter?

@carsonparker33 2 года назад

Did you have to default a few months before they would even talk to you about negotiating?

@mslisalove1912 3 года назад

Hello trying to find great info I wanted to find another route than doing freedom debt relief

@argentinogil3213 3 года назад

I’m glad you saw this first. I did freedom debt relief for over a year and it was a complete waste of time. They were taking over 50% of what I paid them every month as part of their fees. It would have taken me 4 years to pay off all my debt through them. Thankfully, I negotiated all of my debt and was able to agree to 30% for almost all of my outstanding debt. Just do it yourself, you’re much better off. Good luck.

@daisyalvarado7225 2 года назад

@@argentinogil3213 hello I was wondering if I can get some advice from you.. I’m 14000 in credit card debt with different creditors I want to settle half of my debt at least any advice

@sabrinaboston9289 11 месяцев назад

@@argentinogil3213do you have to be late on payments first before you can negotiate? Thank you

@feppsrph 3 года назад

If I want to pay off a credit card that I'm not behind on but it's causing me to run short monthly, can I negotiate on the amount I owe so I can lay off immediately

@sabrinaboston9289 11 месяцев назад

Were you able to negotiate and resolve this? I'm in similar situation

@marthabaker5216 4 года назад

I tried to negotiate with midland and the guy said they don't negotiate they just kept wanting me to set up a payment and now the guy calls me on his personal phone so my caller id won't show it can he do that

@josephhogue 4 года назад

You can file restraining order against him for harassment or sue the company. They aren't allowed to use personal resources like that.

@marthabaker5216 4 года назад

@@josephhogue thank you for all your help

@SuperCheco33 5 лет назад

Would this work if with smaller debts too? Say around 4,000?

@josephhogue 5 лет назад

Absolutely. Any size debt is something the agency or creditor wants to collect so you can use it as leverage against them.

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@daveforeman6931 2 года назад

Attention people receiving Social Security as your only income- YOU ARE JUDGEMENT PROOF. Federal law protects you and they cannot get 1 dime from you legally. Use this information as a tool if you desire to settle and feel better about giving them something.

@bellaaguirre1248 4 года назад

Would that work for tickets I have 8 thousand dollars of unpaid tickets what number is realistic to start negotiating

@josephhogue 4 года назад

Mmmm, maybe? If you go to the court date for the ticket, sometimes you can please it down a little. That many though...

@119jle День назад

What D azz gets $8000 in tickets. Home you went to prison?

@richlaw5136 2 года назад

What do you do when companies charge you for services that you never got or charged you money that you weren't expecting? I paid $200 a month in health insurance, went to the doctor and only saw a nurse practitioner.. got 2 Bills in excess of $400 that I wasn't expecting. Same thing happened to me at the dentist. And a university charged me $1200 for registering for classes and dropping within a week. People suck.

@RD-rc4mu 5 лет назад

How about negotiating with no late payments i.e. prior to the 90-day mark? Can you explain that you are having an incredible time paying it off and will soon be unable to?

@josephhogue 5 лет назад

With something like this, it helps to reach out to as many creditors as possible. Not all will take your deal but I've found usually about 1-in-4 will deal with you. You might not be able to get a huge discount on the amount you owe but usually a good 15% to 20% off if you agree to pay all at once.

@RD-rc4mu 5 лет назад

@@josephhogue Thanks Joseph, although of course, I wish I could negotiate it down further I do appreciate the quick response!

@gonzocom 4 года назад

Let's Talk Money! with Joseph Hogue, CFA this is what I want to do and can pay in full. Calling now wish my the skill it takes to negotiate this 🤞😄👍

@jamesndelilahpinckney914 5 лет назад

I've missed the last 5 months of my credit card payment due to losing my job. They've given me extensions but I still haven't been able to pay haven't found full time work yet. When should I ask to settle? When they threaten collections, now, in another month?

@josephhogue 5 лет назад

They'll usually pass it to collections after six months so now is a good time to negotiate a settlement if you can. Tell them you've got a loan from a friend and can pay off 40% now if they'll take it. They'll usually try getting a little more tell them best you can do is 60% (might have to adjust the numbers for what you can actually cover) and they'll usually take it.

@isabellajohnson9671 5 лет назад

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@fredh4385 4 года назад

Should i negotiate before my account gets charged off or after?

@josephhogue 4 года назад

Definitely before. The creditor will only get maybe 70% or so of the account value so if you offer that much, most of the time they'll take it.

@blackpanther4785 4 года назад

Fred H *I've been in debts for a while now and almost lost my car and house due to my loan and credit card debts, ruma_telecom11 on !g helped me clear my debts and funded my account, the dude is Awesome*

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@conservativematters9010 3 года назад

I withdrew my 401k which is $140,000. remainder of my 401k funds, I haven't work in two years. now I owe them 14,000 cuz I was unaware of The 10% penalty. I have $31,000 left in my bank account from the 401K funds. This is my only source of income. Can I settle this debt at a lower price?

@charityclark7910 Год назад

You owe the 10% to the IRS, not the financial institution.

@immachine1565 9 месяцев назад

My debt wasnt fair the stuff i bought is a quarter of the price now

@juanmagana3191 4 года назад

What if the creditors say they can take legal action? What should I do?

@josephhogue 4 года назад

They're just trying to scare you. They'll send it to collections but there isn't much they can do beyond that.

@juanmagana3191 4 года назад

Let's Talk Money! with Joseph Hogue, CFA what should I do after it’s sent to collection? Sorry this is all brand new to me😕

@Oscar-fi1ev 4 года назад

@@josephhogue They can sue you for the debt and get a judgement.

@becuteforme 3 года назад

@@Oscar-fi1ev I was sued by mine and I live in Texas.

@Oscar-fi1ev 3 года назад

@@becuteforme It happens. Not financial advice but there's no shame on bankruptcy if your debt is too deep.

@ttwarrior1 5 лет назад

Confused. Another vid u recommend consolidating. This u said don't

@josephhogue 5 лет назад

Maybe I wasn't clear in this video, I do recommend consolidating debt. Worked really well for me after destroying my credit. I think you can try negotiating first, maybe promise to pay off your loans immediately and then use a consolidation loan to do that.

@TheSushiandme 3 года назад

Im so screwed... i don't make enough money no more... thanks corona

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@geno816 4 года назад

Doesn't debt negotiation ruin your debt(credit*)?

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@rogerrutherford1179 2 года назад

Just call them and offer them less its that easy no need for over thinking it

@sabrinaboston9289 11 месяцев назад

Do you have to have stopped making payments first, before they'll negotiate?

@rogerrutherford1179 11 месяцев назад

@sabrinaboston9289 well when I did it all my stuff was already in collections and those companies buy the debt for pennies on the dollar. Knowing this I offered them I think .25 on the dollar if they didn't go for it I told them that I would just use my money to pay off other debt. You got to be an asshole. Also disputing though credit karma works to.

@jakeflane2218 3 года назад

Well, I figured out how to do my company does it, time to go in it myself. Jk

@lml03647 4 года назад

Where's the play list?

@josephhogue 4 года назад

Check the playlist menu on the channel. Here's the first in the series ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-szYkbEEiL08.html

@stanleywarren640 4 года назад

@clearvaluetax381 3 года назад

WIRELESSHACKER on instagram he's my life saver and i can't imagine my life without him God will keep on bless you 🙏..

@jayness760 4 года назад

Does negotiating debt hurt your credit score?

@josephhogue 4 года назад

Only if you stop paying debts before negotiating.

@jayness760 4 года назад

Let's Talk Money! with Joseph Hogue, CFA What about negotiations even if I’m up to date on all payments.

@jessthompson9802 5 лет назад

I have three credit cards that are all maxed out. Two are 5K and one is 1500. Someone gave me a check for 5K the other day. Do you think I could pay it all off with the 5K?

@josephhogue 5 лет назад

Probably not going to get them to take less than half of what you owe, especially if you're not behind on payments. You could probably pay off one of the $5K and the $1,500 with it though.

@jessthompson9802 5 лет назад

Let's Talk Money! with Joseph Hogue, CFA OK thank you. Do you think it would be reasonable if I offered 3500 on the 5K? I will tell them id pay it that day. Or should I go down to 3000?

@josephhogue 5 лет назад

I'd say start at the $3,000 to give yourself room to negotiate but be ready to accept $4,000 if they'll take it. Getting a 20% discount on your debt is pretty good.

@isabellajohnson9671 5 лет назад

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@stanleywarren640 4 года назад