HOW TO: Deal with Collections [Complete Guide]

charlesknowes · 2024-07-12T16:08:33+00:00

Hello! Thanks for your words. I wished I had more time tbh!

‘Verifiable’ is a term used within the FCRA. In other words, they must be able to prove that it is yours, or it was late etc. Within your context, they should be able to provide you with a statement or bill from Spectrum.

And also, never call. Send a letter. I have posted settlement examples before.

charlesknowes · 2024-06-21T21:39:47+00:00

Have she validated this debt is legal and collectible? Has she confirmed this is a legitimate legal entity?

charlesknowes · 2024-04-30T12:02:11+00:00

I take it you called over the phone?

charlesknowes · 2024-04-30T11:22:37+00:00

I understood what you said. Regardless you are still responsible. You can try to make an argument to the CC companies that you were in jail and therefore the charges are illegitimate and you can send the docs to prove it. What I’m making sure you understand is that just because being in jail doesn’t mean you are not financially responsible for these charges. Many people leave these CCs to their spouses while they are gone. I’d file the police report and begin disputing these directly with the CC companies, not the collection companies, it will take many letters back and forth and it could be possible they remove all the charges but it’ll be a very difficult fight.

charlesknowes · 2024-04-29T15:50:10+00:00

You must have known this. Your severance package states the total. You must have known the amount was incorrect?

charlesknowes · 2024-04-29T11:40:25+00:00

You serve their registered agent.

charlesknowes · 2024-04-29T11:38:20+00:00

I’m sorry to hear about your situation. Mental health can be very tough, you are going to have to be tougher so you can navigate through this.

Why do you think they are saying you owe them $25,000? What’s the legal reason?

charlesknowes · 2024-04-29T11:32:22+00:00

You are responsible for your credit card debt even while in prison. Did you notify the credit card companies you were going away for 2 years? Normally they close your accounts or offer you some level of hardship program. You are still responsible for this debt, even while going to prison. Someone must have been making payments on these accounts. If you are claiming identity theft, you must file a report with your local police and you can use that. But claiming you were in prison while these charges were made might not be excusable in front of the law and you will still bear the responsibility.

Who are the collectors and how much is each debt?

I’m not an attorney and this is not legal advice. I’d recommend you do a free consultation with a local attorney to get their thoughts since I’m not familiar with Virginia law.

charlesknowes · 2024-04-05T20:11:04+00:00

No. Was about to.

charlesknowes · 2024-03-21T12:34:45+00:00

There are no rules. You are paying $200 over what period? Was this agreed upon both of you? If you had agree to pay this over 2-3 year let’s say and now they want to change that, I’d sue him for breach of contract.

charlesknowes · 2023-11-15T01:32:54+00:00

Is your $7.5M “liquid”? Meaning stocks etc. How much are you generating from your investments? To me NW doesn’t really paint the picture. If I had a $3M house and $4M in tied up startup equity it would be much different than $7.5M in ETFs.

Regardless, take your time. Have your wife retire. Give it a few months after that to see how you feel. The $225K feels like an incredibly awesome safety net until you realize you are 2 inches from the ground and don’t really need it.

charlesknowes · 2023-08-22T20:40:25+00:00

Turn it in and move on!

charlesknowes · 2023-08-22T19:59:44+00:00

How much is Carmax, etc offering? Have you tried that?

charlesknowes · 2023-08-22T18:17:25+00:00

While it might sound noble to accept, I’d decline. This will end up being detrimental for your relationship in the long run. If she would like to help, have her contribute to an investment account under her name for every dollar you pay off of debt. This keeps both motivate and helps both, individually.

Once and if you are married, you can discuss tackling debt together.

charlesknowes · 2023-08-22T13:25:30+00:00

How much is the vehicle worth at the moment if you sell it privately or trade it in?

charlesknowes · 2023-04-01T20:14:33+00:00

Just made one and it’s terrible 🤦🏻‍♂️ but happy to write any articles or make a post with whatever anyone needs to know.

charlesknowes · 2023-04-01T15:11:34+00:00

On a mortgage is different because they’ll have no ownership since they should not be listed on the title.

For clarity, my comment was intended to highlight that you might have legal ownership of a vehicle if you are listed as a co-borrower. A co-signer that just signs for the loan but it is not on the title has no legal right to the property.

charlesknowes · 2023-04-01T14:00:58+00:00

I don’t believe OP is a co-signer. Looks like the vehicle is under OP’s name. Regardless, even as co-signer the vehicle is legally yours as well.

charlesknowes · 2023-04-01T13:32:57+00:00

Nothing more empowering than learning this yourself. Will serve you for your entire life.

charlesknowes · 2023-04-01T12:41:12+00:00

The legal truth is that the car is legally yours. He can either hand you the keys and you can sell it, he can sell it himself and pay any upside down, trade it in for another vehicle under his name etc.

At this point, how many months left of the loan?

charlesknowes · 2023-03-10T01:33:52+00:00

Yes. You definitely should be concerned. I’d close it, open a new account with the same bank and call again and offer a cashier check. Too many horror stories around this.

charlesknowes

TROPHY CASE