Can You Negotiate with Creditors on Your Own? | DFI30

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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/...
Negotiating Consumer Proposals - What Your Creditors Expect: www.hoyes.com/...
Bankruptcy Protection in Canada: An Automatic Stay of Proceedings: www.hoyes.com/...
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How to negotiate with creditors negotiating with creditors

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12 сен 2024

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Комментарии : 72

@sedonarose7563 Год назад

It’s expensive to be poor.

@wellnesscanceradvocate8564 Год назад

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

@mv8984 7 месяцев назад

It really is

@biblestudieswithdomlaf3310 5 месяцев назад

Best comment ever! So true

@stevenchapman5810 Месяц назад

@@wellnesscanceradvocate8564 who do you think funds the schools? follow the money

@barkingspider2007 Год назад

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 Год назад

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 6 месяцев назад

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??

@againstthegrain9843 Год назад

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.

@mcguireify 6 месяцев назад

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 5 месяцев назад

Following

@lfuentes4098 8 месяцев назад

Can you do a consumer proposal in CA, USA?

@td4611 Год назад

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 Год назад

Your absolutely right 100%.

@kendrabonds6901 Год назад

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

@t.r.lanthierjr.4560 Год назад

@@kendrabonds6901 show proof that it works

@kendrabonds6901 Год назад

@@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 Год назад

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

@jimmieblue6262 Год назад

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 10 месяцев назад

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.

@TheCocoDawn Год назад

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?

@jeanieologist4456 10 месяцев назад

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 10 месяцев назад

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 6 месяцев назад

@@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 5 месяцев назад

I’m from Canada and I heard about this too

@sterlingandkolerealtydevel1054 7 месяцев назад

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

@JoeMcknart69 Год 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)?

@Jimfromearthoo7 Год назад

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

@Shamika-rx2nm 8 месяцев назад

It’s expensive when others chance your life

@cwmaxxout805 8 месяцев назад

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

@dakhemyst Год назад

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

@mannyboyaztlan5127 Год назад

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

@kendrabonds6901 Год назад

1099A and C

@watamatafoyu 6 месяцев назад

Those look like they're for secured property.

@thundergod2645 Год назад

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 Год назад

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

@bethyoung8646 Год назад

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 Год назад

Depends on your states statue of limitations.

@ganapatikitty 10 месяцев назад

What uber area you in? @@cm1133

@dianneg573 Год назад

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

@jrnd3484 Год назад

ctrl+alt+delete

@segunbusari2912 6 месяцев назад

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?

@cookiee5272 Год назад

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.

@marcielynn4886 Год назад

I have.

@vha3742171 Год назад

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

@watamatafoyu 6 месяцев назад

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

@thefunfam1433 8 месяцев назад

Some? Some aomt

@thefunfam1433 8 месяцев назад

Some won’t

@Shamika-rx2nm 8 месяцев назад

It’s expensive to be cursed

@Shamika-rx2nm 8 месяцев назад

It’s expensive to be forced into hell

@luxboss2388 9 месяцев назад

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 6 месяцев назад

The majority of people don't even own homes.

@jennybop29 6 месяцев назад

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.

@rickyhughes3309 Год назад

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 Год назад

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

@noahzero9380 Год назад

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

@cookiee5272 Год назад

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 Год назад

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