I've Got A Collector Threatening To Take Me To Court

Ron is with us in st. Louis hey Ron welcome to the Dave Ramsey show we are good afternoon how the heck are you better than I deserve sir how are you well I'm better than I deserve probably okay so I'm a recent graduate of to you last fall and I've knocked out several debts I'm on my last one and it's got a serious negative connotation to it and I just I hate that I have it there and I want to talk to you about it and I'm excited to hear what your plan of attack would be on it okay so okay so this is actually two debts that are combined one was a medical and one was through it for a car loan that uh that they got lump stick together and got sent to the collection agency in attorney handles this now it's okay so that these he works law and he does collection agency on the side or what but okay so this thing was how did they get lump together a car loan and a medical well I don't exactly know um I know that it went to uh one collection agency they were handling both of them and then it got sent to another collection agency okay so but they were from separate lenders they weren't together that year I got combined they're not combined they're two separate accounts with one collection agency okay right but he has color he has combined them both because I've asked you know because I paid enough to where I thought one of them would have been paid off and they said no these are together it's all just one total so if I if I have time I want to break down each one so I have one question on the medical one it was like a thousand dollar debt and when I asked and these are old I mean when you talk about having student loans sitting around as long as a pet you know my first few debts that I paid off one was a student loan from 2001 and one was from 1997 so old is this debt this debt is roughly ten years old okay so he's bought the debt as a debt buyer is what's going on or he's representing a debt buyer and they have chosen to combine the debts and so one was a thousand and one knows how much the other one was for a car that during my it completely irresponsible financial days I let the insurance lapse because I had the loan on it the bank contacted me and said if you don't put insurance on it we will force place it on there for you right well me being stupid I said okay that's fine I'll just keep making my payments they're going to tack the insurance on the end well I don't know how much longer it was but I got into a car accident totaled the car called the bank they said nope you don't have any insurance on this car I said no wait a minute you told me you were going to force place it well they backed out of that and they stuck me with with with the remainder of the balance which was about nine thousand dollars so uh we have a ten thousand you have ten thousand dollars and old bad debt how much have you paid off with the other debt I paid off about eight thousand dollars on the other debt so this is my life the step there was this collector right how much of you know they don't nothing how much we pay down the ten thousand dollars with this collector uh here's the thing i-i've made minimum payments over the past ten years not with not with any kind of religiousness okay so this thing was Court judgment was entered for $11,000 over the past ten years this thing is ballooned up even with minimum payments being paid this thing has ballooned up over almost a seventeen thousand dollars do you have any money I have my thousand bucks in the bank yeah I'll pay this guy another dime don't pay him another dime and and start saving money as fast as you can save money this is the last one in your debt snowball and once you save up six thousand dollars and call and offer to them as a settlement in full I came in to get past the gatekeeper at his office okay that's okay just call them and say I have six thousand dollars when you want some money call me and hang up what what if he what if you what if they take me to court and garnish my wages right they they could but if you call them like everyday and say I have six thousand dollars when do you want some money call me and hang up oh by the way I have six thousand dollars have you heard the rumor I've got six thousand dollars you want some money call me and hang up they eventually will call you and you will get on the phone but you're dealing with a clay you're dealing with a debt buyer and what they are is a machine you're you're a widget in a factory this is a on a scale of one to ten this is a ten in your life on a scale of one to ten in their life it doesn't even show up they don't even care this is like your like fingernail clippings okay they don't give a rip and so you just need to stay in their face but you got to get some money first before this comes right you need two settlements if you know if you don't sell this as a lump sum it's never going to go away you can pay thousand dollar payments the rest of your life they're gonna keep adding crap to this I just make this up as they go these debt buyers are crooked as a dog's hind leg man I just make up crap and say I knew you were going to say something about saving money on the side and what I was prepared to do is make my minimum payment and then keep stashing like no don't make any chairman don't make any payment stop making payments okay and just say I'm going to pay you I'm gonna set up with you and a lump sum but you got it you got to come up with like six thousand dollars really really fast well I was thinking that was gonna be more than that I said I said like understand he probably he probably paid a nickel on the dollar for that ten grand he probably five hundred bucks for this that's where that's what he's got into it plus his man-hours and his overhead and whatever else crap but you know what do you make a year well I I officiate some what do you make a year about forty okay cool just a simple now just save up you need to work as fast as you can get on it get on a tight budget like we teach have a big garage sale and you need to scrap up six grand as fast as you possibly can because sometime in the next hundred and twenty 180 days he's going to get pissed again and go back and do something you're going to fall out of his little factory over there into the judges lap again and you need to have the money before then and start offering him about 25 or 30 cents on the dollar cash on the Barrelhead and you can settle this get it in writing because you can tell these people are lying if their mouths moving I'm telling you this a filthy business you're dealing with filthy but you're the guy in paid the bill either in ten freaking years so it's time to get with it and get this thing out of your life but you can pay him minimum payments and mess around with this the rest of your life and you'll never it'll never be gone you need to settle it settle it as a lumps unsettlement and offering 6,000 bucks eventually in you know 1012 conversations they eventually will take it but you're just going to have to stand firm this is what I have this is all I have my financial adviser told me not to give you anymore payments to give this as a lump sum this is all I have I'm sorry I can't do anything else my financial adviser told me and because she I just did and so you're not lying and and just tell you know just stand your ground stand your ground you can keep adding to the lump sum if you want to as you keep saving money but when you get up five or six thousand dollars start making them an offer you might start at two but just keep adding to it just make them cash lump sum offers and stop making them payments because they've added they've quadrupled this thing they've added so much crap to it not just simple interest and not just late fees they've added legal costs that aren't even there they've added all kinds of stuff to this it's an unscrupulous business believe me they're just hoping to get something out of you and you owe on something so this will settle it get it in writing in writing or don't give them any money and don't give them electronic access to your checking account this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show

Channel: The Dave Ramsey Show

Views: 233,174

Rating: 4.8395762 out of 5

Keywords: I've Got A Collector Threatening To Take Me To Court, dave ramsey live, dave ramsey show, dave ramsey, debt free scream, dave ramsey debt free scream, dave ramsey live stream

Id: YPINI0Kh4zM

Length: 8min 13sec (493 seconds)

Published: Sun Nov 27 2016