NEVER EVER PAY COLLECTIONS AND HOW TO GET AWAY WITH IT

what's up everybody as Steven Williams founder and president of the credit repair shop calm in today's video we're going to talk about never paying collections there's a video going around YouTube and the guys up there giving bad information about never paying debt collections and never paying collection this which is incredible but people get to say these things because what they're doing is just selling ebooks and mp3s and you know membership videos they never deal with people real customers on a day to day basis they never see the consequences either face to face or talk to people over the phone from not doing what needs to be done now I agree you should never pay a collection that you don't have to even one of a even a debt that you had from the past that you know is yours you should always run it through what I call a validation process and let me tell you you know some of the misconceptions about what this guy was saying on his video he said the first one was never pay a collection we all know that in reality there are some collections that you could potentially have to pay and I'm gonna walk you through step by step to see if that would happen for you the next thing is he claimed that the reasons why a debt collector can come after you is because when you're on the phone with them soon as you answer to you and they said is this so-and-so and you say your name that that allows them to be able to collect the debt from you absolutely not absolutely not this is horrible information that this guy's given to people just because you say you are who you are on the phone does not allow a debt collection company to say oh this debt 100% belongs to you what usually happens is that a person says it's them in a nice answer questions from the debt collector the wrong way and if you've been watching my video you know that you want to establish the relationship between you and that debt collector and I'm going to talk about that in this video another thing that showed me that this person doesn't know what he's talking about is that he actually said he gave an example of a t-mobile bill that one of his customers had gotten and the debt collector bought that bill for $20 obviously this guy has no clue about what debt collectors buy debt for they would never buy $200 t-mobile bill for $20 no way they would buy it for maybe at the most $1.00 to or $0.50 or $2 if they were nuts but they usually buy these in bulk they would never t-mobile would only sell millions of dollars worth at one time they would never if they would never be able to get $20 per the other thing misconception that he talked about with charge-offs he said when when the company charged off the debt they're gonna write it off on their taxes yes they're gonna write it off on her taxes but what he did not know or understand was that it is a requirement by law for these companies to take this off the books because these are publicly traded companies and they must take that asset off the book they cannot t-mobile cannot say that they have all of these users and still use that as even though those users are in collections for not paying their bill they cannot use them as an asset so this is a protection to people like you and I that invest in these types of companies on the stock market to make sure that they're given adequate accounting records that's why they do the charge-offs and so it's it's a legal process that they have to do for lenders to do a charge off usually in six months now let's just go back because I thought you know I'm real here I'm very real let's just go back whenever any of us got into trouble or something didn't work out the way that we thought that they should if we look back in our past is because we didn't either face our fears if it was something that we just didn't want to deal with or we didn't tell the truth and what I'm telling you when you're dealing with collections is that you need to face the fears of dealing with that collection number one which is to look at and read the entire document that they send you because when you do that and you tell the truth to yourself about a I got a deal with this then you start looking for solutions I think that when people face their fears and when people tell the truth about a situation that then they can start looking for solutions because if you're not being truthful truthful with yourself your mind is gonna constantly just be in like a puzzle that's just all thrown on the floor and pieces if you can imagine that but when you are truthful with yourself and when you face your fears you deal with that you put that that's like all that's a picture you understand that picture and that allows you to move forward with solutions which is what I'm all about now the when this individual said that when you cook when they call you on the phone and you admit your name to the dead that that you actually that that debt is at can go straight to you just by doing that that is not true what happens this is the process this is the process just in case you don't know you're gonna get that a letter in the mail this is called a Dunning letter which is the legal term for it you're gonna get that letter in the mail that letter is gonna be a collection letter and it's gonna state a few things on there it's gonna say who the original creditor was the collection agency that's trying to come after you and then it's going to say what the debt is account number and it's gonna have a paragraph usually at the in the middle where most people don't continue reading - that's gonna say that you have 30 days to dispute this debt if you do not believe that is yours or the balance or any part of it you have 30 days to do it that is where people fall off it not by it calling the debt collector on the phone you can actually call a debt collector over the phone and tell them your financial situation and they will choose not to come after you for that debt and when I say tell him your financial situation not if you're working what I'm saying is if you're let's just say you're unemployed let's just say that you are disabled that type of situation and if you watch my other videos I'll talk about that use the solution so you know the situation and then you and then you look at the solution solution can be depending on your financial situation now if you're working it doesn't matter if you're working a low wage job or any type of job that is not the solution that you want to go to you just want to identify with the debt collector what's going on so let me just be very clear if you're disabled unemployed really no income that could be garnished you would call that debt collector and let them know your situation if you are not in that situation you would not call it a debt collector you would respond to the letter that's why it's very important to watch my videos that I'm telling you the solution so now you you before you send the letter to them responding to that 30-day letter there's one thing that you got to change that you got to check right away right away and you need to have your credit reports to do this so if you don't have your credit reports there's a link below to a website that I refer people to WWE - number three scores comm link is below this video go there look at when that collection that original creditor account charged off look at it because what you want to do is you want to now look at that and then go to your state statute of limitations laws for contract law for contracts right there if it is passed the statute of limitations for your state every state is different if you don't know you can either type it up online or go to my website the credit repair shop calm in the search bar go to my blog at the bottom it click on the blog in the search bar type statue of limitations link will come up and then you can look at the top I put them on there for every state if it falls below two statute of limitations for your state you simply have to do this on a letter you inform them and you say such-and-such collection agency for third information on the letter at the time I'm informing you that this debt with the original creditor whoever they are account number whatever they put on there is a court is passed at your limitations according to my state you put your state and that I that I request that you cease all collection activities or I will report you to the proper proper authorities in my state which would be your state attorney general because they're coming after you for debt that you do not have any legal obligation to pay that step number one if it is not past statute of limitations then we go to step number two which is to do a full validation of the debt this is where you want to see the relationship between the original credit and the debt collection company you cannot assume that the debt collector purchased a debt like this individual was talking about do not assume that because there are a lot of companies that will hire a debt collection company and they will allow them to collect the debt you know make the calls collect the debt collect as much as they can and get a commission on it or they just do a retainer and then they collect as much as they can you know on the outstanding debt so you need to find that relationship you need to do a validation first to see what the relationship between number one then they are between you and there and they're gonna say that they either purchased a debt or that their assign the debt from a debt collector another debt collector or from the original creditor once you start putting those pieces together then you start to move forward on the next solution which is that depending on what they come back with if they come back and say well we purchased a debt then you need to request all of the original information paperwork contracts charges if it's a credit card everything to make them prove that you owe the amount of the debt they can't just give you a bill and say oh you owe $4,000 on this old credit card they cannot do that they have to maintain all of the records from whatever company they purchase them from if it's repo they have to show you the auction statement they have to show you your original contract you need to review your original contract make sure that there's no discrepancies in there make sure that there was no insurances that would pay the auto lender for payments that were missed or for if the loan went bad there's all these types of insurances that these companies are buying now and a vehicle could be paid off you get they could sell it at an auction for more than what you even knew about they must give you all of that information so you can determine which direction you want to go with the next solution if it's a medical bill what is it deductibles was it for the services that you wanted to have done it wasn't done it at your hospital that's in your networking email it was an accidental billing that happened to me and my wife they tried to charge us 1700 bucks saying that we're out of networking my wife was in that hospital it was a mistake so all of these things when you're looking for solutions you gotta get all the information in front of you so you just start seeking out the solutions on every step but I have plenty of videos that will walk you through those there so if if you need help oh one Latin one last thing the debt collection companies that I was getting the information from I think they caught on to me they did not send out they sent out one which was would a payday loan company five hundred thousand but they make it they're making everyone log in so I think they've caught on to me telling you guys and girls about the debt that's being released on the market so I'm making I'm stepping on some toes by letting you know what's coming each month or or even each week what's being purchased out on the market so I'm gonna do some digging I'm gonna figure out a way to be able to get that information back again so we can let you know what's what's what's happening with debt and then also thinking positive remember we talked about it my statement is not going to be the same for you moving forward you are going to make changes perception is reality if you start to think positive about your situation think about solutions your solution will come to you and you will be successful all to do is start thinking positive and don't let negative thoughts dominate your mind is it it might it's not possible to not have any negative thoughts what is possible is to control those negative thoughts to control how you allow negative thoughts to control you all you do is cross the mountain and think positive just start envisioning the way you want your life to be if you have collections coming after you start envisioning yourself working out deals to get rid of these collections and that does not mean pay in the collection that means running them through a process to see what's going to be the solution to potential solutions for dealing with debt collections so if you need my help reach out to us the credit repair shop com the link is below also the link is below for getting your credit reports and scores you need to see what's on there that's like step number one of starting your credit repair journey is to get those credit reports and scan through them like you're looking at your paycheck you want to know every detail about that that credit report to make sure that it is true and if post your comments please subscribe to my page share my channel with other people here on YouTube so you know you know your friends and family this is great information as real information so until next time this is Steven Williams founder and president of the credit repair shop calm thank you

Channel: The Credit Repair Shop

Views: 268,797

Rating: 4.9200716 out of 5

Keywords: debt collections, debt collector, charge off, write off

Id: 1Y7bxfCZirM

Length: 17min 4sec (1024 seconds)

Published: Fri Oct 25 2019