Also in this playlist...
This transcript is automatically generated
Thanks very much talk about debt drama imagine getting a phone call from -- credit collector demanding payment for money.
You don't even oh well it's happening across the country last -- -- the FTC received nearly 200000 complaints about debt collection calls.
But you don't have to be bullied anymore.
-- to shed some light on how to deal of credit collectors as personal finance expert and bullying expert Dave Ramsey can -- a few days.
Good morning -- to -- -- I'm doing great so I understand some of these calls are happening down in south.
-- legally to know their rights correct.
Well absolutely these calls are happening all over the US and as you said the Federal Trade Commission it's -- it's a huge deal -- -- number one thing they are.
-- getting complaints from right now in the first thing you need to do is you really do need to know your rights and that the federal fair debt collection practices act as federal law.
And it protects the consumer against an abusive collector that is out of control.
There's several things you need -- though there a good place to go you've been abused as a website called collection collection bully.
Collection bully dot com all right because -- many of these cases people actually don't even know any money.
And they get these calls and under threat of arrest -- they feel like oh my goodness senator give my payment information and they're paying out money.
To people who are just run away with it so one of your other point is to communicate but don't be abuse.
Well exactly if you owe money and you know you -- money it's good to communicate with a collector even if they're burning out of control.
But don't let him cuss -- you don't let him threaten to take your child's pets don't let them.
A threatened criminal action don't want to call you in the middle of the night call -- -- -- found that work and -- statue in these kinds of things and so you really have to put it in in place here.
-- I'm gonna communicate but I'm not going to be abused what about all deals in writing.
Well once you're going to settle a debt that you do actually know be sure you get it in writing because the problem -- with credit card collectors -- -- -- And they'll promise you that they get a deal for 300 dollars to sell the -- -- they'll take all the money out of your account.
Which leads us to the last point and that is never allow our collector electronic access -- your checking account but clean you out.
Could good advice there also never give -- I was reading some of the information that some of these calls they ask for your Social Security number which you should never -- out.
Over the phone or online right.
Absolutely that could very well be a scam it's okay to give them the last four digits in case it's a a legitimate collector in their called the wrong person with the right name and that can get him out of your life but don't give -- your whole Social Security number -- -- Let's get into an email to help out a viewer here Jason from -- had this question.
I'm getting collection calls for an outstanding medical bill but it's not mind they -- my Social Security number to prove it but I didn't give it to them.
Do you think I've been a victim of identity fraud we thank.
No I don't think so in this case I think what you're getting as you discuss some -- as one of these debt buyers they -- A very old that they're calling everybody in the United States that has your name trying to find the guy.
And so I again I would -- the last four digits of your social and see if you can get rid government that doesn't work.
Then go to the Federal Trade Commission website file a complaint on.
All right Dave Ramsey always great advice that have a good rest of -- week preconceived.
Thank you coming up.
Filter by section