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Tracy Hunter : I had a credit card debt that went to collections a few years ago. When collection agency called I didn't answer so next thing I knew they filed in court to sue me for the debt and I was served court papers. I requested the collector show me the contract with my signature on it as part of the required discovery in any court case, which of course they couldn't provide. I had no contract with the collection company I had a contract with the original company but not the collection company. They couldn't show any mutually agreed upon contract and therefore I had no obligation to pay them, nor did they have any right to demand payment from me. Case dismissed. Sad thing is that not only did they have no contract with me, the statute of limitations had also run out, but had I not known these two facts the judge would have allowed them to go right on ahead and sue me and win a judgement. That judge would have sat there and granted that company a judgement against me after the statute of limitations ran out if I had been ignorant to the law. The courts say it's not their obligation to inform all of us regular citizens of the laws. Very sad. Just remember we elect judges!

Dawn Murphy : Some people will even go to the extreme of suicide when they are in financial ruin, as was the case with one customer of the bank I underwrote for. Please know that bad credit is not the end of the world. To have bad credit simply means you may not get additional loans, and simply have to live within your means... (which once learned is very freeing). Please know that there is a light at the end of that tunnel. Simply take one day at a time and you will land on your feet. Don’t listen to any judgmental people either. Know that you are not alone; there are a lot of people struggling out there.

Leticia Salinas : It's 7 years in most states. Bad debt will be on your credit report regardless of whether you "admit guilt" or not. If you cant pay it off 100% immediately with the original creditor then dont touch it. If you make a $1 payment after 6yrs and 11month then the 7 years starts all over.

Dawn Murphy : I used to be a loan underwriter for several banks. He is right, the fact that an account went to collection is a negative to a loan underwriter, regardless of if you paid it at a later date. I’m not advocating people to not pay debt, just stating if you pay it thinking you are cleaning up your credit and will be rewarded with loans at a later date, this MAY or MAY NOT be accurate. If you struggle financially, I would recommend putting you and your family first, not a wealthy financial institution.

prince_of_golf prince_of_golf : The 1k dislikes are debt collectors 😂😂😂

Jerry Ostrowski : I never paid a collection in 20 years. I pay everything in cash if I can't afford it I Don't buy it.

Yanet rodriguez : Omg why is this in my recommended videos ....😳 lol....😂😂😂...YouTube be calling me out ????

Oliver North : i ran up over 50k of debt on credit cards, i was hassled for almost 15 yrs, just ignored all letters and phone calls, never admitted to anything. Seems like they finally all gave up. Out of the blue some attorney sent me a post card to be part of a Class Action lawsuit against portfolio recovery associates, and i got a free $100 from the lawsuit. Meanwhile, my credit rating is over 800 now and have a 30 yr mortgage at a fixed rate of 3.37%. I smack it son. I smacked it good boy.

Clyde Barrow : He has some good points BUT: They do have the power to collect because they own the debt and it is transferable. Never admit to owing the money. Never make any payments or EVER GIVE YOUR BANKING INFO! The statute of limitations only applies if you haven't paid at all. They have so long to collect, and then they legally can't. They also must take you to a court of law and be granted a judgement to collect from you.

sassy britches : All these people talking about "stop living beyond your means, stop using credit cards" have obviously never had medical bills... Yeah, I'll just drop dead and stop going to the doctors, thanks. Not everything is about living large. Tons of people are just trying to stay alive. As if going to the doctor is a luxury.... You think anyone WANTS medical bills???

CobraDove : even better is you do not have to identify as the legal name on the birth certificate. The state-created that name and owns it and holds it in their office, the state created that name and owns it and holds it in their office, whoever holds title to something is also liable for it, unless of course you volunteer to pay. Why don't you call your trustees on that fact and start getting them to do their job which is offset the charges for that legal name that they hold and put signature to. This is disclosed as your inheritance in the Bible. Jesus saved you if you choose it, all debts are paid... This is what is meant, however most are deceived and are still debtors.

Sakeena Wade Ali Khan : I didnt pay mine. Just waited 6 years and it fell off my report

Melky on the go : Actually you are correct but very incorrect. You probably worked in collections or debt consolidations but you don't know much about the legal part of it or litigation portion. They owe that debt now, regardless if they bought it for 5 bucks. If the debt still under the statue of limitations and they know where you work, or live they can sue you and if you don't show up in court then you will have a judgement against you and they will garnish your wages. They won't do that for debt of 500 bucks or so but if you have an unpaid credit card of let's say 5 thousand and it's still under the statue of limitations they may go thru the whole process of filing a lawsuit to get that from you. I've worked in collections, banking, DEBT consolidation offices and the legal portion too... if you know that is out of the statue of limitations then completely ignore them. If is 300 bucks or so. Don't worry either but if is in the thousands you may want to acknowledge it. Don't call but do it in writing. Never give your phone number. Never say where you work. And never give your physical address to anyone just a P.O. Box. And at the post office don't give your address to the post office. Give your old address to the post office. Because sometimes they may use a form to ask the post office where you got the P.O. box to force them to give you the address you put on your application. I say this because you don't want to get served. If you owe 3000 k and is still under the statue of limitations. Offer a full settlement of 1200 for a full deletion of the debt. Not in payments because if you do it in payments they will take the first 3 payments and then they will send it back to the creditor and they will sell it again to another debt collector. They have to mail you a letter stating that this is a full settlement. Learn the statue of limitations of your state for different types of debt.

Takesha C : I paid two collections. After I paid the first my score went up 17 points. The other I made a settlement on and score went up 31 points. That may not be much to some and you may have 7 years to wait for it to fall off. If it’s a small amount settle that and move on. Everyone’s credit history, and situation is different. It’s one thing to work for the collector but that’s just one side. But to each it’s own.

Eva Marshall : I never paid collections in my life. After watching this video, I'm surely glad I never did.😊

RS1 : I'm not sure I agree with this video. In my case I had many things in collections. My credit score in 2016 was around 580 after I paid my collections it jumped to 600s in Sept 2017.. today Sept 2018 my credit is at 725. What I have learned from all this is that credit is a bunch of nonsense and I feel stupid for falling into the credit is life mindset. Simply put from now on if I can't afford to pay it off on the spot.. that means I can't afford it. But because I had a decent credit score in 2014 I was able to get a nice house. However I am currently regretting it, and realized my mistake. But I am saving to have enough money to buy a house cash. Might take a few years but it'll be worth it.

John : But if I don't pay up won't this negatively affect my credit rating? Is it worth it to avoid paying a debt if it ruins your credit? Or is this advice mostly for people who have bad credit already?

Sarah Lee : Sorry, but the bible commands us in Romans to "owe nothing to anyone". We are to pay what is owed and any comittments we agreed to. "It is better not to make a vow than to make one and not fulfill it." It also calls us to settle our court matters quickly this is for our own benefit. We are to obey God not man

Mr. Salteez Nuttz : Because of this video, I've never paid Predatory Credit Collectors.

Morgan Cozart : I owe a bank 600 dollars but i believe they charging me more because of late fees. Basically it’s over an dispute. So what happens next? What should i do? They gave me a time to pay i didn’t pay will they take money out my bank account if i open one? Will they snatch my taxes?

Jerry Thomas : “Obtain their dream homes and dream cars”..........😂😂😂 . Credit is not obtaining anything. It’s going in debt. The American slave baby. The American way! That’s why most Americans can’t come with 500$ for an emergency.

Renee Washington : I've asked them How much they acquired the debt for which is usually pennies-on-the-dollar. I told them I'll pay that... crickets, followed by a click.

Seydy Viera : Lol !! We went to school together !!! Happy for your success! Ray!!

Tony Stark : 3.4 dislikes have to be idiots or debt collectors

Henry Sullivan : I had a debt where I owed money to my old karate school I used to go to 3600 dollars I had calls and letters from collection agency which I figured something was not right so I disputed the balance and a month later it was taken off my credit report that's another way to get rid of collections

W4sabiNinja : Hey, guess what....apply that exact knowledge for when the IRS tries to make you pay that *ALLEGED* debt. Now realize that the IRS is an over glorified collection agency. Want to challenge ANY collection agency including that IRS one? Challenge that letter you receive that says you owe this alleged debt. Challenge it by requesting a fully verified assessment of the alleged debt pursuant to title 15 of the FDCPA - Fair Debt Collections Practice Act. Make sure you state that if they do not provide this proof within 30 days of receiving your letter, then all communication needs to cease and desist or they will be found guilty for harassment. If you're crafty, you can force them into a contract if you know what you're doing. Remember this... *EVERYTHING YOU SIGN OR AGREE TO IS A CONTRACT.*

jack daniels : this is an incredible and useful information.. i was in the dark..!!! does this applies to european countries as well? thank you..!!!

Jeffrey Fuentes : Bro people like you is what makes me think that there are some people in this world who care about the struggling man and woman. Highly appreciated brother 👍🏻

Joe R : Get the Mr. Number app and it'll block the number from calling you because it's most likely been put on a list of "Potential Scam" callers.

Sr Chalice : This man is doing Gods work. Pay attention humans, this is how you can be freed and take back this planet from the children of the lie. Just remember, there is billions of us and millions of "them". We already won by numbers, we need to start act like it and stop being sheeps. What this man is doing is how we should all be treating information for the masses. We can all be free, my fellow man.

lovejoy9592 : Rule 1: Don't answer the phone if you don't recognize the number. If you answer the phone and they want your name, ask who's calling and say "wrong number." Rule 2: If you get a collection agency letter (sometimes disguised as a law firm), do not respond to the letter, do not acknowledge you received the letter. Rule 3) Yes, there is a statute of limitations for when an unpaid bill goes to collections, and a lot of agencies will not take you to court for smaller amounts. Rule 4) Don't panic! There are ways to increase your credit score. Rule 5) If you owe a bill, the agency will try to contact you again for payment even after the 5-7 years have passed...ignore them. He's right. When you admit to a bill, you've reactivated that account again.

frank rumble : This is a long video... no one needs to know.... BUT.... this video guy should have told everyone to NO TO CONTACT NOR SPEAK TO COLLECTION AGENCY (EVER !!!!.) do not respond to any mails nor phone calls of collection agencies. After 7 yrs...( in Canada) your owed account will be back to ZERO...( R1 Credit) start again applying for Credit Cards...

Jason Barefoot : Why was this video recommended to me? Youtube's calling me out or something lol.

Gabino Limon : Ok I am dealing with that right now. But in my case the sheriffs came and. Serviced me

Aaron Shensky : I am NOT paying collection agencies. Thank you Sir!

idek why : how's ruining your 'credit keeping it real with your credit? I have friends that talk about getting a loan and never paying it back. I just don't understand 😂

Bobby L : You don't need to pay collection agencies, and you also don't need to pay any credit restoration agencies. Just do your own research on state and federal consumer rights. It's really not hard at all. Collection agencies take advantage of the unknowledgeable consumers and use fear tactics to try to get you to pay them money that you don't need to pay. They threaten to call your work, your family, your friends, and some even make threats to have you arrested ( which is illegal for them to do). You also have the legal right to demand that creditors/collection agents "cease & desist" from contacting you, and they have to obey or they can face fines. You have to write them a "cease & desist" letter, and make sure you send it certified mail so that you have proof they accepted delivery. Do not acknowledge in the letter that you are the person they seek or that you owe them any money. Just order them to cease & desist contacting you regarding the "alleged" debt that they calm that the person they are naming owns...etc. You also have to understand that it's rare that collection agencies would ever go through the time and expense to get a court debt judgement on your debt anyway. It's just not worth it to them considering that they only paid pennies on the dollar to acquire your debt anyway. For them it's all a crap-shoot... They can buy up say... 100 debts, each at mere fraction of their original value, and if they can trick, bully or scare even 30% of those 100 people into actually agreeing to pay them the full original value of the debt, then it could make up for the other debts they won't collect on. And some of these of credit restoration agencies are garbage too, and just as bad as the collection agents, because they take advantage of the situation too. You don't need them, you just need your own will and determination to educate yourself on your rights and how to deal with debts on your own. Remember that there are laws governing the tactics the collections agents can use in order to collect debts. Many collection agencies predatory and scam agencies too, and don't follow the rules. If you know the rules, and you find that they have violated them, the agencies can face fines and law suites, and that can even put money in your pocket.

kingdro mega : Bro I don’t know you and never seen any of your videos. This was the first... I want to tell you that I have so much love for you for this. This was so honest and helpful! I appreciate you and I am a subscriber now

Marshall Mom : This is a VERY INACCURATE video. Not all debts that are charged off get bought by those collection agencies. Those debts are usually very old and out of statutes. If a bill is still in statutes, the agency just collects the debt for a percentage fee. Not all agencies buy debt. This video is very misleading and can cause serious issues for people who follow this 'advice'. You may just find yourself being sued and garnished.

alfonso nuno : how bout being a grown man fcn pay your debt

Esther Bains : But. What about when they garnish your wages....

Yolanda Summers : *To keep your bank accounts from being garnished, if you are highly in debt, create an LLC. Very simple to do. That's a 'limited liability corporation.' Mississippi is the cheapest state to do it in. It only costs about $50.00 there to file incorporation paperwork. Texas costs around $392.00 but Texas of course has more benefits that I won't explain right now. Then open a bank account in that LLC's name. Then take the money out of your personal bank account and put it In the business bank account.  That way the bank account cannot be seized for your personal debt. It literally shields the debt from creditors garnishments because the business is an entirely separate entity than you. When Mitt Romney said that 'businesses are persons' technically he was right and this is why. The law looks at them as totally separate than the person. Especially LLC's. This is how powerful LLC's are.**Also, they may come after your wages but if you are friends with your employer or you work for a family business have them terminate you and bring you back on the next day. This way the garnishment is no longer valid. It's only good for 'one duration of employment' and not when you are let go and hired back (which creates another duration of employment). It becomes invalid  then and the company must go through the court again to seek another. And it takes months to file a garnishment. If you work for family or friends you can simply be terminated and rehired in perpetuity to stop the garnishments. And don't EVER pay a bill with your personal bank account. There is a reason they give discounts for your account information. they keep this info forever and pass it on to collection agencies. Get a cheap prepaid card and pay all of your bills that way.*

KWMASTERBARBER UNIVERSAL DIALOGUE : GREAT INFORMATION MY BROTHER ‼️ May the lord almighty continue to bless you, your family & future in JESUS name 💯💯‼️

Panther God : Thanks man, this was helpful! I've been researching this online, but all the websites try to scare you into thinking that these collection agencies can ruin you, when they don't have much power.

Maria Rossi : All of the dislikes on this video are from people who work for collection agencies.

yves dust : Thanks son very much appreciated. ✌

showgirls around the world a dancer family : what about school loans and hospital bills?

Dennis Clayman : I never did ! I've always known 001spyagencies

Just Janet : So would I be smart to NOT PAY collection agency for MEDICAL bills? I am one of millions of Americans with no insurance, go to an ER for an abscess tooth and walk out with an $1100 dollar bill to get 12 lousy antibiotics!! However, I recently tried to apply for a credit card online and was denied as it said " you have too many collection accounts"