Never Pay Collections Or Charge Offs

do not pay collections [Music] all right guys welcome this is the credit game i come to you every single day and i'm going to tell you something this topic is going to be by far the most exciting and um uh most beneficial education video i've done to date okay so you guys are going to love this you're going to want to stay to the end on this one very very important if it's your first time on channel do me a favor hit that subscribe button smash the like on this one i'm sure i'll have thousands of likes on this one because this one here is very dear to my heart and is something that i went through early in my stages of credit when i was in the 500s and in the 600s uh and now at the a27 credit score mark but that's why i hold it very close to my heart here's my um here's my topic today do not pay collections okay let me explain why and i'll explain some of the tricks and tactics and things that these collection agencies are gonna do okay so first of all you have to understand they're just trying to get your money okay so why are we not paying collections let me explain what happens let's say that you owe a debt to verizon okay cell phone carrier and let's say that debt is 300 what happens is verizon after a while will actually take that debt and at the end of the year they will charge it off on the taxes and it's called a charge off okay so basically they charge it off they take that debt that 300 and they sell that debt to the highest bidder okay now this is where the charge off company comes in and is able to pick up that 300 debt for pennies on the dollar she's like three or four cents okay so now we're talking about under 15 bucks abc collection company has now just picked up this 300 debt okay you see where see where i'm going here now here's the deal what's going to happen from here is when it goes to charge off status you're going to be harassed you guys know this to see the phone calls you come in from the 800 numbers and the numbers that you don't know who they are right constantly brass and harassing and then it's non-stop the letters right their job their only job is to collect money why because they just picked up a 300 debt they bought the debt they bought the debt from verizon that 300 debt for 15 bucks anything they collect over that 15 bucks is a win for them that's why they're able to pick it up for pennies on a dollar but the question is this did you ever sign a contract with abc collection answer that question first have you ever signed a contract with abc collection or did you sign up with verizon where did you put your signature at okay now the second thing is and here's where you'll be dead in the water here's your first tip okay never admit because they're gonna try by phone or letter to who you are the minute you admit that i'm john smith when they call you you pick up the phone hey john how you doing okay now obviously there's a lot of john smith's right but there are unique names my point is this the minute you admit by phone and or by letter legally you are then bonded to pay that debt because you're saying hey it's me now they just got you on a recorded line why do you think it's recorded that's why these calls are recorded so they can get you in that period of time to admit to who you are hey john how you doing um and you're like who is this and you're like oh this is so they're they tell you who they are whatever whatever uh we're just checking to make sure that your address and verification um you're on a recorded line and we wanted to make sure that it is you you are dead in the water now there is a thing called statue of limitations okay what i want you to do is make sure you get and know for your state because each state's a little bit different a lot of them are like around five years three years some are seven years know your state limitations okay because after the limitations for them collecting they cannot legally collect any more the really cool thing about this is if you look at your collection letters that come in the mail there's very small print okay that will be on the letter that will tell you when they can collect two it's very small for the reason they're it's very small they don't want you to see it but also after the statue of limitations for collecting on that debt it'll say as well this statute of limitations has passed and this debt is no longer owed okay so make sure you're looking at your letters because it'll tell you exactly what you got left and it'll tell you if it's been passed for your statute of limitations for collecting on that debt thing about it is this if you end up paying a collection charge off okay prior to the statute of limitations then what happens is it resets another seven years so if you pay it prior say you pay your statute limitations for them to collect that debt is in five years and you make a payment even a small payment not even a full payment even if you make a small payment you're not only admitting to it that's yours okay but it also starts the seven years over on your credit report for them to then collect even further and now you have a seven year debt on your on your credit report okay so either way you have to think about this if you pay it this is the biggest mistake people make is they start paying these these these charge off companies okay again they don't have any legal right unless you verify it by phone or by letter if you pay it now you have a paid collection and most people think this is where the education comes in most people think oh i paid this collection oh it's now it's i gotta pay guys now you have a paid collection and by now you paying a collection guess what doesn't happen your score does not go up your score does not go down but uh you have a satisfied collection on your credit it's called satisfied now you're satisfied okay you've made whole to a company that you didn't even owed in the first place okay now what are your options okay what are your options i can either pay it and now i have a paid collection or maybe i should just wait for the statue of limitations to pass don't answer the phone calls on a recorded line and or agree via letter or phone and yeah i get it some it's harassing and people don't want to deal with it their only job is to keep calling you that's what they want you to do they want you to pick up hey this is so-and-so uh you know surgery uh calling from a recorded line this uh one to talk to john real quick not sure who john is you got the wrong number that's how i would answer the call just in case you answer the call and they tell you that that's how i would answer the call now i'm not an attorney i'm not giving you legal advice it's for educational purposes only but i'm going to tell you if you guys are paying charge-offs if you're paying these collection charge-offs you you don't have to okay you never signed any paperwork okay and yes they are there's going to be people that watch this that say well it says it verizon that they can transfer the debt to another company and then you're still legally minded to the other company horseshit no you're not okay the law is the law and until you verify it via phone or letter you're not legally binded because they cannot prove that that is you okay if you don't verify it via letter or phone how are they going to know it's you there's a million john smiths how are they going to note you okay so know your statute limitations stop paying these charge off collections okay wait for the statute of limitations to pass then you don't legally owe it either way okay but if you're like this person that says you know what i just want to pay these collections so i can have them stop calling me what i would suggest doing in a case like this is just contacting us we know the law we know the the fcr regulations we know what can be removed what cannot be removed legally can be removed statues for each date like if you need help removing this stuff if you're going to pay if you're going to pay it anyway why don't you pay a reputable company who's already knows exactly how to get it removed for you legally to do it the right way okay so that way you don't have a paid collection because again remember when you go and you purchase a house purchase a car try to get credit cards if you make that payment you now have a satisfied collection the collection just because you pay it does not come off your credit the collection still stays there it just says paid and what sense is that that makes no sense to do that so if you're going to make the payment which is dumb telling you you had time but if you're going to make the payment why wouldn't you just take that money and let us handle the actual removal of it the legal way the right way the fast way and now instead of having a seven year collection that's going to be on your credit because you just paid it you can actually have it removed the right way because we know the law we know what can be removed the negative obsolete unfair unduly negative collection charge offs that are on your credit that you're not obligated to pay okay so that's what we can help you with watch this video over and over and over again i'm telling you guys something that i made this mistake early in my literally when i was in the 500 i was making i was making the payments and i had to wait okay until i figured out the credit game to be able to remove it from my credit okay that's why i was able to go from a 515 to an 827 so fast because i learned the law i learned what i can do what i can't do and now that's what i teach the world so if you've got collections charge offs late payments inquiries we can help you with that this is what we've been doing for nearly a decade now okay we've got a phenomenal phenomenal system called the credit game call me if you need help with it other than that i want to share with you one more thing a lot of people don't they don't understand that by paying it it's actually making it worse if you make a payment even if it's a small payment you're admitting guilt don't answer the phone don't admit to your name wait for the statute to pass but know your state's limitations that's your limitations for that collection debt okay it's waited out or if you don't want to wait years for the stuff to come off your credit call me that's what i'm here for 904-420-7772 904-420-7772 don't pay collection charge-offs give me a thumbs up it helps we appreciate it we love you guys we thank you for watching credit game every single day i'm bringing it to you and again i'm gonna tell you to subscribe it's your first time here i bring this content and dad to you i know this video will do really well because a lot of people and that's why i hold it really close tomorrow a lot of people don't know what they can and cannot do i give you the education to help you guys out to change your lives okay because without credit this is an adult toy okay sandboxes are for kids credits for adults okay what is it costing you to have bad credit right now think about that what is it costing you right now to have those collections on there it's costing you high interest rates it's costing you not getting a good vehicle it's costing you higher payments on your on your home or it's cost you not being able to get a home and have to rent in the in the slums okay maybe it's costing you not being able to start your business or get business credit cards it's costing you so much more because you don't understand credit here's the deal this is what we do day in and day out okay so if you need help humble yourself drop the ego and say you know what 904 4207 772 hey this is what we got man i got a lot of people out there um you might even get lucky and get me but i got a lot of people out there on the floor that are willing to help you this is what we do day in and day out we want to help you to stop and learn the credit game to understand that we can help you remove the negative obsolete information help you add trade lines to put the positives on and then educate you so you never go backwards again okay i've been in the 800s now for years never because i learned the credit game i went from 515 into the 800's and never went back because of the platform i put together let me share that platform with you call me today i'll give you a free consultation no harm no foul what's going to cost you it's going to cost you 15 minutes on the phone if it's not for you it's not for you if it's for you we'll put something together we'll make it work 904-427-7772 this is mike from the credit game i'll talk to you guys tomorrow

Channel: The Credit Game

Views: 323,774

Rating: 4.9364185 out of 5

Keywords: never pay collections or charge offs, removing negative items from credit report, disputing negative items on credit report, get negative items off credit report, never pay collections (remove collections from credit report), never pay charge offs, fix my credit, boost my credit score, The Credit Game, never pay collections, remove collections from credit report, do I have to pay debt collectors, verizon debt, credit game, tradelines, piggybacking, authorized user, credit repair

Id: IOaxzcIWjiM

Length: 14min 32sec (872 seconds)

Published: Fri Aug 21 2020