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Why Consumers Should Hire A Debt Coach Before Negotiating With Collection Agencies

In April 22, 2013
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I’ve been involved with debt settlement since 1997, far longer than most people working in this industry. Yet I still have to shake my head in amazement at some of the idiotic stuff debt collectors say. Read More …

9 Comments

  1. This is a no brainer.
    Use Charles and his expertise in order to navigate yourself out of debt and the nightmare of having to do this on your own.
    he has helped me tremendously!

  2. Thank you Charles. Everything well taken. What a life we “credit score” live in. So many of us “think”, and know, we don’t want to spend money and save(which is good). But to establish(spend money)credit, we have to spend(which is bad persay). It’s like an oxymoron. I’m still laughing(crying) when the appraiser said “You have to get these 3 things fixed FIRST, to qualify for the loan”. Well duuuur, if I COULD fix them, I wouldn’t need a loan. It’s also like a new car salesman saying, “Sure, I’ll take your trade-in BUT, ya have to buy new tires,fix the windshield,new engine, and a paint job,then I’ll give you a $5,000trade-in credit.” It goes against all our morals to “purposely” spend money when we’re trying to save BUT, in the Credit Score scheme of things,….the opposite works. People just have to know their limits,or,then it’s too late. THANKS Charles, advise well taken.

  3. Many folks ask WHY an old “bad credit” charge off is still on their report EVEN after 7 years. I have 4 credit cards still on there with a comment of “estimated year come off: 11/2015″. Date opened:09/19/2003… Balance:$0…Pay Status:Account paid in full/charge off…Date Updated:09/30/2009…Date Closed:04/13/2007***…Date Paid(charge off?):08/28/2009. My comment is, I do believe folks are misconceived into believing from the day of open the 7 year time frame starts. I have 3 other credit cards saying the same thing (I used them for our wedding,we paid everything) I have stellar credit (Paying on house since 1985, no missed payments, many 2-8,000 accounts paid off from 2005-present). BUT, my 3 credit scores are 655 and VERY hard to obtain a Refinance.

    • David, my understanding is that negative entries can be reported for up to 7.5 years from the point of *default*, or 7 years from the date of charge-off, which should be the same calendar date either way. Certainly, the “date opened” would have little or nothing to do with that reporting period, so I’m sure your assessment that many people are fooled by this is correct. If your score is only 655, it has to do with more than the negative entries though. You probably have very little positive history flowing to the report, other than your mortgage or car payments. If you do not presently have unsecured accounts that are active, your score is being lowered by the lack of recent activity. Consider getting 2-3 secured cards, or perhaps even small limit unsecured store cards to get started on boosting your score.

  4. Great posts and responses like the one you have written here is exactly why whenever anyone approaches me about settling debt, I automatically reach for your information.

    Keep up the great work Charles!

    • Lou, thanks for the kind words.

  5. Thanks for the kind words, Charles!

  6. There are two camps in collections. One camp, which comprises of about 90% of the industry, view consumers who don’t pay their bills as deadbeats.

    The other camp, which unfortunately only comprises of the other 10%, view consumers and their situations individually and realize that consumers are behind on their bills because they have to be.

    It all starts with perspective and that perspective comes from the top. So until the management of collection agencies is populated by the 10% that maintain the “problem solver” perspective, this attitude will continue to exist in the collections industry.

    Which is a shame for everyone.

    • Jared, thanks for your comment. Jared is being modest, folks. He is a former champion debt collector, one of the 10% who understand that consumers generally have a financial reason for being behind on their bills. He’s been doing consumer debt settlement for more than a decade, and is one of the very few third-party negotiators I would recommend without hesitation. Jared’s approach to debt settlement is unique in that he offers “simultaneous settlement” for clients positioned with sufficient resources for him to step in and negotiate settlements on ALL of their unsecured accounts at the same time. If you want someone else to handle the negotiations for you, then please visit his website and request a consultation.

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