What to Say, and Not Say, to a Debt Collector 

I've heard that when a debt collection works on commission it's better to work with them at the end of the month because they have goals to meet. When they have goals, they need the money by the end of the month. So when trying to do this it's been difficult for me to get something in writing in time for me to get them the payment by the end of the month.

Exactly the type of information I needed. Thank you for sharing Michael Bovee.

First, make sure the debt collectors can't find you. Don't use your real address when registering to vote. That's how many d/c find you. Don't have magazine subscriptions from big-name magazines. Never tell your card issuer your real address or phone number. Go paperless billing online. Never "update" your contact info "for security reasons" this has only one purpose: To sue you. Seven years ago I walked away from 44k of debt having credit cards initially with 6% interest rates then jumping up to 28% having never been late in paying. So, screw 'em. They asked for it. Then my credit score was in the toilet. I took all the money I saved and bought a car, made 5 payments, then paid the car off in full. This made my credit score jump 200 points! Now, I'm debt free with great credit.

The first thing to really do before giving the debtor any information is to request sent information proving that it's your debt to begin with whether it is yours or not. There are too many debt collector scam companies out there looking for vulnerability. You can tell them it's you but don't admit to it until you see the proof.

This is great! I do these things you advise. You've also given me some great tips I didn't realize. I'll keep watching!

Thank you. My debt is from breaking a rental lease. Total 1600$

Eleven debt collectors have disliked this video ;)

This info is GOLD. Thank you for these videos

Hi Michael, Let me start by saying that I think it super cool that you have this channel to help people with their debt problems. I got into some deep credit problems about 5 to 7 years ago and for the most part they have all aged out. I do have one account that was originally a Capital One credit card which has been sold off to Portfolio Recovery about 4 years ago($1,097). It is still active and not set to be removed from my credit reports until 2019, so I would like to do something about it because the subcontract company that I work for part-time has some new requirements for their employees which require stricter qualifications regarding ANY delinquent credit accounts. So basically I will not be given any job offers from that company until I either pay off the account, or set up a payment plan to pay off the account (and I will need to provide proof in writing). Other than that company I used to get part-time work from I do not have any income from employment. I am going to school online and I am living off of my student loans (so obviously I assume that Portfolio Recovery is aware of this when they look at my credit report and see the GESLI(?) $23,000 account loan). I had not heard from Portfolio Recovery regarding the payment of this Capital One account in about 2 years, and I recently contacted them about setting up a payment plan (without letting them know that it was for a job requirement). The customer service guy that I spoke to told me that I needed to pay the full amount and that they would not offer me any extended payment plan, so I told him to go pound rocks because I did not have the ability to do that. Now today, out of the blue, I received a letter from them in the mail with some payment plan options. One was for the total payment of $878 to settle the $1,097 debt, the next option was a plan which would have me pay them $78.00 for 12 months, and the third option was to pay $33.00 for 33 months. As I said I do not have any income but a friend has told me that he would loan me $500 if I can get them down that far for a total settlement. So my question is this, can I get them down that far and what can I do to ensure myself that I get a letter stating that I have paid that account off and have them say so to the credit bureaus? Thanks so much.

Great Information! This is my first time to battle this and need all the help I can.

Needed to hear all this. Thank you.

Michael, your videos have been a godsend. I was on the phone with someone from Capital One just today, and it was a nightmare. I am in a situation where I have multiple credit cards (capital one, Amex, Target, Walmart, Amazon, Belks). My wife has a medical issue that has recently caused her to be unemployed, and it is going to be a permanent situation, and a permanent loss of income. I have literally never missed or been late on a payment on any of these card, my capital one card being 6 years old. I am current on all of them right now, and have not let a single one lapse. I asked for a lower interest rate and was denied, and the best the lady at the Early Assistance Dept. could do was lower my payment to $76 a month and shut down the account. I was irritated because I have been such a good customer, so I thought they would be more helpful. but I now see, after watching some of your other videos, that my desire to always pay on time may be working against me. I get the feeling that I was being worked. The outcome I would like is this: I have to get this high interest credit card debt off me and start saving, paying as little as possible. I've got three kids who need for me to be able to continue saving for their college tuition. Right now I am flat broke because of the credit card payments; without them, my family would still be able to live comfortably, though humbly. Having a great credit score is not as important as it may be to some (I already own a home, two cars, and have family that could cosign with me if I ever needed another loan), so essentially, I need to get out of each of these debts for as little as possible. I have three questions for you: 1) On average, how long would I have with banks like C1, Synchrony, Citi, and Target before they lawyer up and file a law suit against me? 2) Is there any way to know if they are about to file a law suit, but haven't yet? Would they contact me first, and give me a chance to negotiate? I imagine once that happens, then my options for lower payments are reduced. 3) How could I connect with you, or someone like you, to help me navigate this process? If it is affordable, I would appreciate the help. Thank you.

Michael, AWESOME information and insight into the world. Keep it up!

What if the debt collector has been hired by the merchant. How do you negotiate that.

Don't pay anything! It will restart the statute of limitations on the debt!

i had a credit card back in 2007 and could not pay on it now im disable and all i get is welfare and the debt collector is trying to sue me by default. i told them all i get is welfare because i have third stage cancer and i have not worked in a year he told me he is still suing .... im scared now and feel i need to close my bank account ..

A "debt buyer" is not a "creditor".

Thank you for these valuable information.

If they buy the debt...sounds like it now belongs to them and they can pay it! LOL! For...I just keep paying what I can afford to the company I contracted with. I didn't contract with those collectors and I don't pay them, especially with all the scammers out there!

they can add things to your credit report only related to the debt, how are they able to look up your credit without you authorizing them legally?

Once your debt is turned over to a collection agency your screwed so why pay anything

I really appreciate your advice. I realized that I was being sued for a debt only because I started to receive numerous letters from lawyers who were interested in representing me. My debt exceeds $15,000. Do you recommend hiring a lawyer? If so do you have a list of reputable lawyers who will not seriously add to my debt?

I am so intimidated to call yikes!!!! Maybe I should call u instead

Yes I would love to do on my on because I don't like the debt consolidation company they try to get more money out of me thank you for your help

Damon chrysler. it hasn’t prevented me as of yet per say but that’s what I’m trying to avoid. I’m fearful that if I go forward and try to buy a house in the near future that this will prevent me from being able to do so and I don’t want to begin the process, find a house and have this husky the process. I’d like to put this behind me so I can move forward confidently.

My son was in the military. He was killed in 2012. We paid off all the debts we knew about (not sure if we had to, but it seemed the right thing to do) and we were not co-signers on any of his debts. Well, 4, 5 up to six years later, we get calls from debt collectors on bills we didn't know about. Most were good about it, wrote the debt off. A few we found to be scams and obviously we ignored them. A few we could not determine if they were legit, or scams, and they were persistent, aggressive and hostile.

Hi Michael-thanks for this informative video! It really helped.

Thank you for this informational video!, I owed about $10,900 in credit cards, i just finished paying all of them in three months, but i have a collection from capital one for $3490, I called them several times to settle for $1500 and denied me, they would only go for $3000. I live in NY, THANK YOU SO MUCH for your help!

I owe $2300 capital one. Received a court notice from the sheriffs office today. At the top of the court documents it does Say capital one but it is signed and from a Law office by the name of cooling and Winter which says they are capital ones attorney.

Ncb management on an old auto loan. How would you deal with them.?

is it true that the creditor would rather deal with the person directly or would it be easier for them to sell it to a debt collector?

Contract Callers keeps calling me for a debt I don’t owe. Xfinity Charged me for cable I didn’t consent to. When I canceled my internet I was told I would receive a refund of 293.12. They say I owe over 70 dollars for the cancel fee due to having cable.

Best thing to say to debt collector is NOTHING!, Don't answer unknown callers on your telephone. Change your telephone number to an unlisted one and never answer ANY calls you don't recognize the number and even then you could be dealing with a spoofed caller ID incoming call.

I currently owe $1k on my phone bill and growing unfortunately. Only way I paid the monthly charge before was because I had a job at this time of getting the new phone and I currently am jobless, unable to pay this bill and worried it's going to escalate to a debt collector. Any advice would be appreciated

I heard that they have to agree to whatever you put out there or the debt is paid in full is that true?

These videos have been very informative. Do you have a video on how to defend yourself after being served papers? The do’s and donts of defending yourself at a mediation? Or would the advice on this video suffice?

There seems to be conflicting advice on You Tube and all I know as a business owner is when I received an additional invoice for $1,700.00 dollars from my workmans comp insurance I asked for an accounting of how they arrived at that figure ( which I never received or was justified ) I got the run around. About 8 months later I started receiving calls from a collection agency. Whenever they called I told them I didn't want to be recorded nor would I verify any information about myself. Each time they insisted that they needed to record me in order to speak with me I told them that it was their problem not mine. After about 5 or 6 calls they gave up calling me , then I started receiving official letters from an attorney which I promptly threw them into the recycle bin. I never verified any of my information or allowed them to record me and I haven't heard from them for about 3 years now.

What do you do if the so called debt collector is threatening you or using foul language?

Wife made a Discover loan before she passed. She passed before first payment. I tried to make payments but Discover refused. They sold to DCM services. They (DCM) are now trying to collect but I don't want to talk to them. Should I consult an attorney? They will probably sue me. Original loan was $25k. I have the means to pay just not sure after discover sold the debt. I live in community property state and did not sign anything on that loan. Again, discover refused access to me and wouldn't let me pay.

What if you signed a paper to pay 50 a month but have lost job since then, what can I do?

How much does Midland typically settle for?

Capital one, I missed one payment so far.

Would I be able to settle a payday loan if it has been reported to a lawyer or debt collector who is treating to put the debt on my credit report?

I recently was involved in a auto accident and at the time did not have insurance and about a month later I received a letter from afni collections telling me that ameriprice (there insurance) made a claim for $4,058.34 from damages and believes they are entitled to recover some or all off the money from me which I'm guessing through afni, I've never delt with anything like this before and wanting to know my options

Is it better to just try and contact the original account that you owe?...

Lvnv funding llc 1 year and 9 months is how old the debt is

1 Year behind on bal of $2500 small signature loan. Bank ended up writing off and zeroing out and sending to collector. Wakefield associates. I'm not sure what to expect but I would like to negotiate bal down tremedously.

thanks buddy. You are a good guy.

I'm always polite

I see banks set up a percentage on the dollar of how low they can go (4:45), how do I know how low Banco Santander can go and can I break that threshold? I think everything is negotiable in life.... Isn't it better to get 20% vs. than nothing?

I owe an electric company which they sent to a debt collector can they use that to go against my credit?

I have a debt with chase for $17000 due to divorce ,12 months late how low can chase go with this debt? Can I settle by myself?

I was served by Velocity for a $7200 collection. Would you know what percentage they usually settle for before I call them? What would my best option be to get the best rate? Thank you so much. This is a great video!!

Hi, love your channel, thank you for providing this information, invaluable! I have a debt collection agency Phoenix, that accepted my offer, but they said they will only Email the acceptance letter only if I do check by phone. Is this normal?

Good common sense information that most people neglect to tell you about talking to debt collectors. Got two to remove the listings from my credit report but they still haven't sent me a letterhead agreeing to the settlement offer I proposed. Still disputing another that could not verify what the acct was for.

Last week I got a knock on the door, a sheriff handed me a summons. The wife is being sued for medical bills. One of the doctors hired a lawyer. Am I to late to try and nego. with him ? She has been in and out of the hospital five times since Aug. diabetes. So far she has lost 3 toes and part of her foot. So she was not able to work. The last time she went in was for a blood clot. Seems every time we think she is getting better something else happens. So far they have repoed her car and camper. Not sure what to do, this is only one of several medical debts. She is a nurse and we went to the hospital she works at. So they know our phone number and address, The phone rings off the hook and the mail box "bill box" is always full. I believe she said all together she owed $ 70,000. Should she file bankruptcy or what ? We live in Ga.

Verizon says its 2200 what are my odds with trying to get it to 500 or so?

What is the best settling mount for discover card? Its an old judgement since 2006.

I have arranged minimum installments with MBD debt collectors but my balances are increasing. I asked for statements but they never sent me

Hello Michael, What are your thoughts on Contract law? When a collection company calls you, asking them to give you proof of how much the paid to aquire the debt. I would appreciate you guidance and knowledge in this area. Thank you

Hello! National Credit System, 1K, and 10/2015

My original charge was 71 dollars for a stained carpet at an apartment, and now it's been in collections and is now 7000 dollars. What should i do?

What do you do if the debt collector tells you they didn’t buy the debt but work with the company they say you owe money to? They told me they didn’t buy it but we’re representing them because they are their clients.

Devastated financially due to the current corona virus and the govt. shutting us down. 1) 2 months behind can I negotiate with the credit car company or should I let it be sold to the debt collector? 2) either way is 30% of the bill a possibility for them to take? Looking forward to your answer.

so there's no benefit to paying in full vs settling for lower?

I am selling a lot that is attached to my property. I have 2 credit card judgements that are 8 and 9 years old from BB&T and Discover. They will have to be paid and I need to try to negotiate or I will actually owe money at closing. What is the best I can expect they will accept? The sale does not show up on Zillow when you enter my address, so I'm hoping the collectors will not know about it.

Karma report i have 8 collection 4 out of 8 less then 5 month the rest 1 year to two years 3400 dollar total medical bills. It recommend to settle or paid in full i have an increase of 21-25 point added to my score is that true

I heard that settlement is as bad idea. Why is this?

What would be a reasonable settlement for a $600 debt?

You are the most valuable person I have listened to by far thank you. I will be calling

I was thought to never admit that that's your debit. You can say this how much money I got I got 4 or more collections you can pay but you choose them cause that collection if taken off as advised by the mortgage lenderl, it can be the deciding factor for you to be approved for the home your looking at. You can still ask to delete the collection from your credit if you paied them back as agreed upon. They might counter with saying it's illegal but in reality it is not illegal. You can go above the person you talking to and could ask for their supervisor. If they agree always ask to get that in writing that they wil delete the collection from your credit reports. Deleting the collection is gonna pump up your credit score.

Are you familiar with how much TMobile and Comcast would settle for ?

What should I negotiate with American Express now transferred to nationwide credit and the debt total is 13356.00

Hi Michael, Thank you for creating this video! It's super helpful. I have a private institutional loan that just went into collections and received the letter on the 17th of this month. The collector is COAST PROFESSIONAL INC and they are seeking $13,478.81 which is something I definitely do not have. Just trying to learn more about what I should do because I feel pretty stuck...

Can you help me settle with portfolio recovery

I know it's not a better set up, but what about paying it in full so as to not deal with the hassle of the rest being written off as income for me? Mind you I don't have anything astronomical but I have a debt or two I just can't pay in one payment.

Great video! I HAD A $6K BALANCE WITH CHASE AND IT HAS BEEN SOLD TO NATIONWIDE COLLECTION, INC (NCI). I HAVE SENT A VALIDATION OF DEBT LETTER...WAITING FOR THEIR RESPONSE. MY QUESTIONS ARE WHAT TO DO NEXT AND WHAT % SETTLEMENTS SHOULD I AGREE TO?

@MichaelBovee, Thanks for sharing Great Ideas & Info.

I was with Liberty Mutual Insurance through the pandemic. Had a bit of hard time paying. Had policy canceled on Jan. 18 2021. It looks as though I still owe them money. Never received anything about a final balance. Anyhow when I pull my credit report they put 2 account in collections totalling 3100 dollars. I would like to try and settle and get them removed from my credit report.

At what point could a collection account that's been sold twice can become a judgment? That's what I'm worried about

Do you know how low a hospital will go? Apex Collection agency has taken over

I'm getting harassing calls from Amex ...multiple per day, and now they're making multiple callls to relatives too. This morning both myself and a relative received calls at 6 AM. Multiple calls at work too...is there a way to stop that?

Do you have to wait until it goes into collections? You miss several payments? Or can you just be paying and then say let’s implement this planned negotiation prior to missing payments with the assumption you won’t be able to make future payments from a foreseeable hardship

Have a balance with americollect and credit bureau data in Wisconsin. No idea where the balances came from. Any idea what to offer?

RGL late as of 8/20/20 Bal $3476.71 with 386.36 interest I need help with this. I get upset very easy and I have really bad anxiety.

I got a bill in the mail yesterday for a doctor's visit from about 8 years ago that I had insurance for the time that is no longer active. This is the first time that I've been informed that this bill wasn't paid by the insurance. I don't know if I should even bother responding because currently the statute of limitations to take me to court is already all over but if I call and say anything about my other insurance I'm opening myself up to be sued if they are unable at this point so long after to get it from the insurance.

It's an account I didn't realize hadn't been paid when I move out of the country. I'm moving back to the US and will be renting an apartment and don't want it to impact the possibility. I may just go ahead and pay it in full since it is the only negative thing on my report.

Is debt settlement more effective with an attorney, or is the net result about the same doing it yourself?

Good afternoon, I have a judgement against me that is over 10 yrs old. The company I’m dealing with is Pressler and Pressler in nj. My question is this, when I try to look up the judgment online with the judgment case # I can’t find it anywhere. It seems to not exist. I’m on the nj court web site and I see other things from 1997, but not this case. I just can’t find it. Do you think they didn’t renew or file for extension.

Question: Would telling a collector that everything costs, on average, about twice what it did 15 years ago but my Social Security checks have not increased significantly over those same 15 years be a good excuse as to why I recently quit paying my CC bills?

It is not that easy just to borrow money. Some people have no credit or family.

Citibank has offered a settlement at 40 % of the original bill. Is it realistic to ask for a 20% settlement? I am 6 mnths behind in payments.

Michael, I have 5 different collections. Please let me know if any are 'real' and what your next move would be... negotiate or let it fall through ? 1. Portfolio recovery- $2,216 (2years, 5months) 2. Enhanced recovery co - $1,211 (1y, 7m) 3. Credit solutions corp - $ 1,011 (1y,3m) 4. Midland funding - $733 (3y,3m) 5. Ad astra recovery services- $315 (3y, 11m)

My Bank account frozen. The money is in the account to be paid in full. I have call the debt collector(Mariner Finance). First call i offer to pay off by credit card. they denied it. Second call I ask they to take it out of my bank account. They again denied it. They want to leave it frozen unit March. is that legal. Why do they refuse payment? What my best option now.

Do you help with VA and university debt collection issues?

My issue with trusting any collectors is how do you tell a legit debt collector apart from a scammer who wants your information for malicious intent? Example of this that I'm talking about are those people who impersonates the IRS and lie that you owe them money in order to steal your info.. It would be nice to tell real debt collectors apart from identity theft phishing scammers.

I had a company America express call me about 10 years ago and wanted me to pay my bill which over the 30 years had accumulated a lot of interest & ext.. I had paid this card off YEARS ago so I did not oue anything. They told me they need a cancelled check or something to prove it after all those years I don't hang on to stuff like that for 30 + years. I called an attorney he asked if I had paid anything to them no I don't oue them anything, my attorney contacted them and that was it. What these companies are doing now is contacted the older generation and trying to get them to pay for something they no longer oue. Please be careful

Hi what could I expect to settle for on a 3.5 year old debt through Jefferson Capital Systems for verizon wireless totaling $2,000?

Hi Michael, I’ve never been late on any payments so I’m really surprised that I got call today from a debt collector asking my full name, address and last four of my social security number. When I told the woman on the phone that I was not going to give her that information because there are scammers and that I would like to know what her call was about she told me ok and hung up. I have no idea what to do.

Hi 👋🏼 and thanks for the tips. I have some questions and not sure what to say on a public forum. But simply, it’s been several months since I’ve been able to pay my creditors. I have MS and my health has sharply declined. I haven’t yet started the talks for payoffs yet but I need to 🤦🏻‍♀️ Any useful info on the creditor’s behavior towards payoffs could help. It’s kind of you to offer help in your videos. I appreciate it greatly.