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Thank you Steve dealing with collection agencies is stressful enough but.
I didn't know you really owe them money some debt collectors are flat out frauds personal finance expert Dave Ramsey joins us from Nashville.
Hope you look out for your own money banks that I'm very quickly before -- -- emails on -- -- I've had people send me emails letter saying you all the money I paid the money but I still continue to get him.
What's over that.
Well -- you've got a whole arm of the debt collection world has gone completely rogue they're trying to collect on bankrupted debt which means the that is not -- anymore but try to collect the debt from people who don't -- it any at all never -- it just the same name.
And so you've got to really ascertain if this is a -- -- Situation is really your debt before you even begin to talk about negotiating on the -- are paying the right OK let's -- a couple -- Janet Wisconsin says my credit card companies agreed to settle with me.
For much less than I -- This sounds too good to be true how -- I know it's for real and by the way Dave once you do settle for less than you well can someone else come after you for the balance.
Well they can come after you for the balance if you don't get written proof of that you've done the settlement properly so.
Two rules when you're settling with a credit card company remember that the credit card.
If a credit card collectors lips are moving they're probably -- And so you really have to get it in writing this is a -- -- coming industry.
So get it in writing and allowed no electronic accessed your checking account ever.
They -- freaking clean out your account so do not allow them electronic access to your character and get it in writing -- you know it's real knives to devise a moment to Aaron in Arizona says I've.
I have around 20000 dollars in credit card debt from five to six years ago.
I was gonna file for bankruptcy but then I never did.
Now I've been told not to pay them unless they get a judgment against me because it can't collect on debt that is well within seven years.
Is that correct.
Well a statute of limitations.
It is in place in some states.
Honestly if there's are ways around those in a lot of cases and yes they can collect it may or may not show up on your credit bureau after seven years but what I would do is tell ya hey you -- the money.
-- -- from a moral stand -- ought to go back and address this be ought to clean up your credit.
And seeing just don't want this -- -- what the least opportune time one of these gases that's to get after you.
So I would go back and systematically go through settle with them in writing.
No electronic access your checking account right -- -- -- right now in elementary Jake in Texas what do I tell discover when they keep calling me.
I don't have any money to pay them right now and it's making me nervous.
They might -- What do think about one.
Well eventually they Wilson -- they they usually don't sue in the first six months to a year or sometimes even longer.
With a major credit card companies the big deals as the federal fair credit were.
A federal for her debt collection practices act protects you they're not supposed to -- -- except between 8 AM and nine.
PM they shouldn't call you work if -- asked them not to -- asked them in writing.
So you can prove that you didn't.
So you can cut some of the hassle -- on any abusive things like threatening to have you arrested that's completely illegal and against federal law and obviously not true we don't have debtor's prison.
So just calm down and work out a plan to get your debt -- but don't let yourself be abused all right -- great stuff great great advice there.
Thank -- -- -- your brother.
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